04. February 2023

A New Perspective on Outsourcing Bookkeeping and Accounting Tasks by Nursing Homes

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The hidden cost of Bookkeeping and Accounting

For a healthcare providing organization, the real cost of getting all its bookkeeping and accounting tasks done goes far beyond paying for the personnel and software. These tasks have a hidden cost that we often fail to notice as it does not have a pecuniary association. It is more of a metaphorical cost, and is paid in terms of time. Simply put, the many long hours that healthcare organizations typically spend in keeping their books straight and updated, make accounting and bookkeeping tasks uniquely ‘expensive’.

For Nursing Homes, this can quickly snowball into more serious problems. Nursing Homes and related facilities are highly specialized places of service. Patients visit them to get specialized, individualized and high quality care. So, in such a scenario, one cannot afford to spend too much time on accounting and bookkeeping matters while neglecting actual patient care.

Having said that, the fact remains that bookkeeping services are of much importance for any healthcare business. Books needs to be maintained properly, invoices processed, and balance sheets balanced accurately. These are also important in the context of paying taxes to the government. So, is there a solution which will let providers have more time in their hands without compromising the quality of their bookkeeping and accounting efforts?

Making a smart switch

The answer lies in strategic outsourcing of time-intensive and labor-intensive bookkeeping & accounting tasks to specialized service providers. This is a rapidly growing trend across Nursing Homes in the US, a vogue that can be safely attributed to the many benefits of such an act of delegation. With the aid of fast Internet connectivity and web-based accounting software, healthcare providing organizations are engaging professional bookkeepers, inventory managers and certified accountants, along with skilled CAs, CPAs and tax consultants, at rates that are surprisingly affordable.

 

There are many services that providers can choose to outsource. Some of the most common ones include ledger posting, following up on payment, generating and managing invoices, handling bank/credit card transactions on behalf of the client, managing payroll, payment reconciliation with bank and/or credit card statement and many more. Quite simply, it has emerged in recent times as one of the most effective ways to streamline billing and accounting operations, and keep your business safe from any unpleasant financial irregularities. 

Josh Knoll


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