Healthcare Accounting and Bookkeeping Outsourcing Services - CapActix
Healthcare – another most prominent and sensitive industry in the world. Healthcare is the vast industry to deal with and manage in an organized manner. Especially for the accounting and management, the industry is lacking sometimes for the accurate results. The healthcare industry is different from the other industries comparatively and as we know, the modes of the accounting system are altering over the time. Also, the operational costs of the healthcare industry are rising consistently. Hence, managing the proper balance of costs and incomes are the only way to achieve better profitability in the business.
Also, this business cannot compromise with the quality of service as this one is dealing with the human lives, so using the quality parameters in all the aspects ranging from staffing to equipment is indeed mandatory.
Most of the healthcare practitioner spends a huge amount of time taking care of accurate records and finances. Medical Industry has their unique accounting challenges and requirements.
We, at CapActix, assist in maintaining the adequate accounting system which in turn helps to reduce operational costs, increase in profits, time-saving and allows you to manage the business more effortlessly and optimally.
Inventory is the crucial part in the healthcare sector. As the industry cannot bear to keep the stock if they are already an out of date or even about to expire. The healthcare sector inventory should be up to the mark in terms of all the quality aspects. Same as the industry cannot bear the fact that the inventory is out of the stock as the requirement would be immensely prompt.
Managing the inventory of such a sensitive business is challenging and that’s where the accounting solutions provider like CapActix plays the vital role. It is important to keep track of expiry date and optimum stock level required to be kept at a place. An imbalance between sufficient medical supplies and other stock on hand required, keeping high volumes of stock is going to waste due to the expiry date.
Effective management of Inventory allows precisely estimating and managing your stock requirements with the accurate recording of the batch with expiry details. Also, following the first in first out system in case of the healthcare industry to avoid a loss on expired medicine and cost of destroying for expired medicine. Apart from that, it is also important to keep track of sample medicine received and given to distributors.
We keep separate and easily accessible stock rooms and accounting software with advanced inventory management features that provide accurate stock on hand reports. You should also undertake frequent stock takes to ensure the accuracy of your stock reports
Our Healthcare Accounting Services
- Setting up charts of accounts which prevail as a norm in the healthcare industry
- Recording of sales/cash revenue/receipts from patients/customers
- Recording of rental income for rental equipment
- Tracking of transactions for calculating doctor wise revenue and distribution of medicine
- Recording and keeping track of the expenses of the respective medical care facility
- Keeping track of transactions for managing patient’s insurance policy
- Identifying and recording major assets used in hospital for extensive treatment
- Verifying and recording bills from vendors
- Payment to vendors
- Processing employees’ pay and update payroll file
- Processing other tax related reports
- Recording depreciation and other adjusting entries
- Entering Bank Transactions
- Month-end or year-end closing entries
- Invoice scanning and storing
- Invoice processing & approval
- Expense allocation
- Online payment approval
- Payment Processing
- Handling of vendor inquiries
- Recording payment from customer
- Reconciliation of revenue on monthly/quarterly basis with PMS/POS system and identifying variances if any
- Reconciliation of merchant deposit on the basis of merchant statements, providing collection reconciliation on monthly basis and identifying any short/excess deposit
- Customer aging
- Collections management
- Cash forecasting & reporting
- Balance sheet
- Income statement
- Trial Balance
- Cash flow statement
- Bank reconciliation report
- Detailed general ledger report
- Fixed asset account managements
- MRO Regional distribution report
- Bank book reconciliation with your bank statement
- Credit card reconciliation with your statement records
- Sequencing of checks
- Balance sheet reconciliation
- Payroll setup
- Payday calculations and direct deposits
- Payroll taxes calculation and form filling
- 941, 1099, 940, 944, and quarterly state tax returns
- Reconciliation of Payroll with Quarterly returns