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Why Private Medical Practices Should Consider Outsourcing Their Back-Office Tasks

By working with a dedicated professional services firm, private medical and dental practices will be able to utilize the industry’s best and most advanced financial management software tools. They’ll be able to rest easy knowing their financial history is meticulously organized and ready for review.

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By working with a dedicated professional services firm, private medical and dental practices will be able to utilize the industry’s best and most advanced financial management software tools. They’ll be able to rest easy knowing their financial history is meticulously organized and ready for review.

Running a private medical or dental practice can be a bit of juggling act. Doctors, dentists and their medical support staff operate in a very competitive landscape, all while navigating high overhead costs in the form of expensive equipment and supplies and working through endless piles of paperwork. And of course, that’s all on top of the daily challenges of treating and keeping your patients satisfiedconstantly looking for ways to bring in new patients, and continually enhancing the practice as whole. For many leaders of private medical practices, there’s simply not enough time in the day to think about anything else.  

That’s why more and more private practices across the country are deciding to outsource their “back office to third-party professional services firms. 

Back-office tasks – responsibilities like bookkeeping, billing, payroll processing, IT, strategic tax planning and other accounting methods  are incredibly important to the long-term success of any business. They’re also very complex and time-consuming. To complete them efficiently while ensuring compliance with local or federal accounting regulations will require a dedicated team of high-level financial professionals.  

However, it’s important to remember that, for many businesses, it’s not always necessary to keep that dedicated team of financial professionals in-house. Here are just a few of the many benefits private medical and dental practices can realize by outsourcing their back-office responsibilities.  

Outsourcing can help save time & money.

The challenge is simple: Between their relatively high annual salaries and the costs of benefits, hiring a team of full-time financial professionals is expensive – and, in some cases, wasteful. Just like financial services firms would rarely feel the need to hire an in-house doctor or dentist, most medical practices have no reason to hire a full-time team of employees to handle their back-office tasks.    

By leaning on a third-party professional services firm to handle the complex and time-consuming back-office tasksmedical and dental practices won’t need to worry about creating and maintaining IT infrastructure, managing payroll or preparing for tax deadlines. Most importantly, they’ll have the time they need to focus on what matters: Their practice and their patients. 

Outsourcing can help ensure efficiency and compliance.

As a medical professional, treating patients is what you do. It’s your job – your calling – and nobody does it better. The same holds true for financial services professionals: Bookkeeping, accounting and strategic tax planning is what they do.  

By engaging an outsourced services firm, you’re gaining access to a team of qualified, highly skilled financial professionals who have years of collective experience in meeting deadlines, avoiding mistakes and adhering to all compliance regulations relevant to your practice. 

Outsourcing helps accumulate the data and resources needed to grow the practice.

It is impossible to achieve sustainable growth without a clear picture of your business’s financial situation. Well-kept, highly detailed financial records help spotlight inefficiencies; show which doctors are creating the most profit for the practice; and provide the practice’s leadership team with the concrete, trustworthy data they need to advance their long-term goals. 

Good news: Creating clear financial pictures for their clients is, quite literally, professional services firms’ core competency. These firms already have the staff, resources and infrastructure in place to accumulate, analyze and store all of the financial information your practice needs.  

Outsourcing helps organize the practice’s financial history 

Nobody can predict the future. But with the right processes, anyone can prepare for it.  

Whether it’s a merger & acquisition situation or simply putting together a strategic succession plan, there will be a time in which private medical and dental practices need to review or disclose their entire financial history. In many cases, that’s decades’ worth of tax records, financial statements, employees’ W2s and countless other pieces of financial information. Your outsourced services partner will put your practice’s real-time data at your fingertips, accessible whenever and wherever you need it.  

By working with a dedicated professional services firm, private medical and dental practices will be able to utilize the industry’s best and most advanced financial management software tools. They’ll be able to rest easy knowing their financial history is meticulously organized and ready for review. 

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