By Bradford Jones, CPA, CVA, CMA, CFF

Covid challenged every assumption ever made. This was especially true for the healthcare industry. Systems and the healthcare providers themselves faced their breaking point. Even the weaknesses among non-core functions like accounting and finance departments came to the surface.

There’s no doubt about it: the “new normal” in the healthcare industry will involve outsourcing. Outsourcing in various areas of the industry is providing a variety of benefits — from cost savings to improving the quality of care.

How Does Accounting Outsourcing Help the Healthcare Industry?

Running a healthcare practice is more complicated than ever before. The industry is consolidating. More and more practices are working more closely with hospitals. Reimbursements are declining and costs are rising. Regulations are changing. Increased administrative responsibilities translate to less time spent with your patients.

Plus, it’s never been more difficult to maintain a team of capable people to meet the comprehensive and ever-changing needs of your practice.

Organizations in the healthcare industry that partner with accounting and finance outsource (FAO) providers gain access to accurate, timely, and relevant financial information that enables data-driven decision making and significantly better outcomes for all involved.

Healthcare-Specific Problems an Expert Accounting Outsource Provider Can Solve

Healthcare practices are working to keep up with:

• Staff shortages
• Fast-evolving government regulations that impact the operations of medical facilities
• Demand for tech innovations to drive efficiency and adhere to budgetary constraints

Many providers consider outsourcing the accounting function after a problem arises.

But by proactively partnering with an experienced accounting outsource provider, healthcare organizations can really move the needle for their practices by:

• Analyzing practice performance for actionable insights
• Using industry experience to proactively identify and solve potential problems
• Adding an objective perspective that uncovers both problems and opportunities
• Tapping into a scalable workforce with deep industry and tech knowledge that can deploy as needed
• Protecting patient data
• Driving patient satisfaction and maximizing collections via quicker processing of billing and claims
• Maintaining tax compliance and identifying tax credits and deductions
• Allocating more time on core activities

How to Find the Right FAO Provider for Your Healthcare Organization

Operating a finance and accounting function inside your healthcare practice can quickly become overwhelming — especially when budget and staff are limited.

Outsourced accounting helps to ensure that decision makers in the healthcare industry have access to consistent and accurate financial information.

Plus, when you find a reputable outsource provider with healthcare accounting experience, you tap into specialized expertise typically unavailable within the constraints of small organizations and scarce resources.

But, here’s the thing: you’ve got to find the right outsourced accounting provider.

To properly vet an FAO provider, check that the provider has:

• Be sure the provider has experience working with providers like yours.
• A proven tech strategy. Ask about the software and tools they use to manage finance and accounting processes. The provider should be able to explain how they plan to integrate with your existing systems, if needed.
• The ability to scale with you. Can the provider respond to the changing needs of your practice?
• Data security and compliance protocols. Assess the provider’s data security protocols, adherence to regulatory requirements, and compliance certifications.

When you work with PBMares, you can expect us to check all the boxes above. You can also expect us to provide:

• A highly disciplined and structured process
• A team with specialized industry expertise
• A completely virtual, paperless, and non-intrusive experience

Learn More

At PBMares, our outsourced accounting services make your life easier and your practice stronger. Our experienced finance and accounting professionals deeply understand the healthcare industry and the accounting hurdles you face.

Contact Brad Jones today to learn more about what you and your organization can accomplish when you outsource your accounting and finance functions.