Physicians, dentists, and other medical practitioners can be very accomplished in their field of study, but because medical accounting and finance require a different skill set to ensure a profitable practice, often they struggle financially even though they are excellent practitioners. For this reason, Account International (AI) provides medical accounting solutions and financial management tools to ensure your medical practice runs profitably and smoothly.
In today’s environment, many medical practices must do more work with fewer employees—and just when additional regulations from the Affordable Care Act must be followed. To complicate matters, many medical practitioners are reluctant to discuss financial matters, especially on a regular basis. This sets the stage for lost revenues, inadequate internal controls, inappropriate handling of cash, inability to comply with federal and tax regulations, and a greater risk of fraudulent activity.
Medical practitioners can maximize their revenue and profit generation when they understand what impacts their bottom line and when they communicate regularly with trusted financial advisors. As a trusted partner, AI’s medical accounting services provide a layer of oversight and management over the service-to-payment process.
Our financial management solution is founded on two basic tenets:
• Maximizing collections and
• Establishing and maintaining internal controls
Typically, these two tenets—collections and controls—suffer when there are significant demands on time, a lack of expertise or proficiency of personnel, an issue of trust (between principal and staff), and/or an inappropriate organizational structure. Our approach—based on the corporate best practices associated with cash and receivable management—allows for collections to be maximized while maintaining the integrity of internal controls.
A general framework of point of discussion with our physicians typically include:
• Practice management;