Healthcare
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 by outsourcing healthcare accounting is 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 Accounting has its unique challenges and requirements.
We, at Ascentry, assist in maintaining the adequate healthcare 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.
Increase your practice’s profitability and efficiency through 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