Retail healthcare, including urgent care centers, pharmacies, clinics, and physician practices, faces unique financial challenges. Managing financial records, compliance, and strategic planning can be overwhelming. Outsourcing accounting tasks can simplify these challenges, allowing healthcare providers to focus on what they do best — caring for patients.

Reasons to outsource retail healthcare and physician practice accounting

Expertise and specialization

Outsourcing provides access to a team of accounting professionals who understand the nitty-gritty of retail healthcare and physician practice finance. This expertise enables them to ensure you stay compliant with healthcare regulations, reducing the risk of costly penalties.

Cost efficiency

Think about the savings. Outsourcing reduces the need for a full-time, in-house accounting team, cutting down on salaries, benefits, and training costs. Plus, services can be scaled to fit the organization’s needs, avoiding fixed costs.

Freedom to focus on what matters

When someone else handles the books, there is more time and energy for what really matters —patient care. Streamlined accounting processes free up resources, allowing for better service delivery.

Advanced tools and technology

Outsourcing firms use the latest accounting software, providing accurate, real-time financial data. They also implement strong security measures to protect financial and patient data.

Simplifying month-end close with outsourcing

Month-end close can be a headache, but it does not have to be. Outsourced teams can handle the month-end close efficiently, providing timely financial reports and ensuring all transactions are recorded accurately, reducing errors and discrepancies. They manage the close, ensuring compliance with financial regulations and easing the burden on the in-house team. Regular, accurate month-end closes provide consistent financial insights, aiding informed decisions. These professionals can also assist with budgeting and forecasting to help plan for the future.

Common concerns outsourcing can manage

Many issues impacting business leaders today can be managed with effective outsourcing. For instance, if data security is a concern, businesses can choose a reputable outsourcing firm with strong data security protocols to protect their information. If losing control over finances is a business’s biggest worry, communication and transparency with the outsourced team can ensure leadership is in command of financial decisions. This seamless collaboration between the in-house staff and the outsourced team boosts efficiency and drives success.

Examples of success in outsourcing retail healthcare and physician practice accounting

A chain of urgent care centers and a network of physician practices decided to outsource their accounting, including the month-end close. As a result, they reduced costs by eliminating the need for a large in-house accounting team, stayed compliant with healthcare regulations, improved their focus on patient care, and ensured timely and accurate month-end closes, providing reliable financial insights every month.

How Citrin Cooperman can help

Outsourcing retail healthcare and physician practice accounting offers numerous benefits. From specialized expertise and cost savings to more time for patient care, outsourcing can be a game changer. Advanced technology and improved financial management simplify the complexities of healthcare accounting, including the critical month-end close. Choosing the right outsourcing provider ensures data security, control over finances, and smooth integration with your team.

If your business is ready to simplify your accounting, consider outsourcing so you can focus on what you do best — caring for your patients.

To learn how Citrin Cooperman’s Business Process Outsourcing Practice can help your healthcare business simplify its accounting process, please reach out to Partner and Healthcare Industry Practice Co-Leader Kieran Higgins at khiggins@citrincooperman.com.