Check out our professional bookkeeping tips on best practices for running your practice of medicine more efficiently and improving cash flow. Healthcare and medical practice bookkeeping can be complicated. Working with insurance and third-party billing companies, as well as preparing financial information for your board, requires specialized knowledge in bookkeeping for doctors and healthcare practices. Here's how you can improve cash flow while also providing your CPA and board with timely, accurate data. Bookkeeping is a time-consuming task. It can divert your attention away from providing care to your patients and deplete your valuable resources. Fortunately, there are a few things you can do to simplify the bookkeeping process for your medical practice. By following a few simple guidelines, you can save time and money while also ensuring that you always have access to the most accurate and up-to-date financial information. 4 Medical Practice Bookkeeping Tips: 1. Eliminate paper use. Going paperless is a great choice for not only the environment but also for your medical practice. It can help you save a significant amount of money on paper and ink. Furthermore, sending electronic invoices to insurers and patients reduces the need for physical document storage and shortens collection time, improving your cash flow. 2. Make use of cloud accounting software. A cloud-based accounting software programme is ideal for keeping all of your data safe and easily accessible. You can access your financial data from anywhere and on any device when you use a cloud-based programme, giving you complete financial visibility at all times. Software such as QuickBooks Online and Xero are excellent choices, particularly for smaller practises. 3. Make your chart of accounts unique. Your chart of accounts is critical to the organisation of your transactions and the presentation of reports. Many businesses begin by using a standardised chart of accounts, which prevents them from gaining valuable insights from their financial statements. Medical practises have unique income, expenses, and liabilities that must be properly classified. Create revenue sub-accounts for various types of services, such as physician wages, staff wages, PPE supplies, and equipment depreciation, to name a few. Before creating your chart of accounts, spend some time discussing these factors with your accountant. 4. Make use of your EMR for accounting data. When selecting an electronic medical record system, look for one that is simple to integrate with your accounting software. Your EMR is an important data source for your clinic, and you should use it to collect revenue and billing data. There are numerous EMR systems on the market, including the Jane App, Cliniko, and Juno, that can help you with a wide range of tasks, including scheduling, charting, invoicing, and billing. Get in touch today for your more health and medicine bookkeeping needs.

1. BOOKKEEPING
FOR
PHYSICIANS

2. It includes financial
involvement with the patients
in terms of payment received
for the services, testing and
other medical administration,
etc.

3. we must maintain the books of
accounts in such a manner that
it can solidly show about the
cost, inventories, and profit. By
this, we can have an idea about
taking necessary steps to grow
in this profession.

4. THE FIRST STEP TO MANAGE THIS IS
TO MAKE SURE THAT THE BTHE
FIRST STEP TO MANAGE THIS IS TO
MAKE SURE THAT THE BOOKS OF
ACCOUNTS ARE UPDATED
PROPERLY. ALSO, ALL THE INCOME
FROM PATIENTS, OVERHEADS,
EQUIPMENT, MEDICATION, LABOUR
COST, ETC. IS RECORDED IN BOOKS
OF ACCOUNTS. OOKS OF ACCOUNTS
ARE UPDATED PROPERLY. ALSO, ALL
THE INCOME FROM PATIENTS,
OVERHEADS, EQUIPMENT,
MEDICATION, LABOUR COST, ETC. IS
RECORDED IN BOOKS OF
ACCOUNTS.

5. Simple Accounting
Method
To make sure that the
books of accounts do not
consume a lot of time and
work simply

6. WE AT MERU
ACCOUNTING
Understand the profession of
physicians and we are
committed to help you in
securing your financial goal in
sync with your medical practice
by taking care of the challenges
and providing you with a clearer
view of your finances.

7. Get in touch with us for a free
consultation on business advisory
and so that we can serve your
profession by adding value to it.