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Accounting & Billing Channel

Accounting and Billing

How to Prepare a Cash Flow Analysis

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It’s been said that cash is king, and that couldn’t be more true than when it comes to running a medical practice. An accurate cash flow analysis will help you determine how much inflow, or cash, is needed to balance your outflow, or the expenses of running your practice. A cash flow analysis looks at […]

In House Medical Billing vs. Outsourcing

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The choice to conduct your medical billing in-house, or to outsource your medical billing to a medical billing company, is one of the most important decisions you’ll make for your growing healthcare practice. There is no right or wrong answer to the in-house vs. outsourcing battle, since there are pros and cons to each approach […]

Capital Funding Needs: Pre-Opening, Opening

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In order to obtain working capital to start your medical practice, it’s important to specify exactly what that capital will be used for. By defining your needs in terms of pre-opening, opening and ongoing operational expenses, you’ll be able to find a capital funding lender that’s right for you. During pre-opening, you may need capital […]

How To Estimate Staffing, Payroll, And Benefit Costs

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When you open a new medical practice, some of the biggest costs you’ll incur include hiring staff, choosing benefits, and investing in a payroll company. It’s important to have an accurate picture of the amount of each expense so you can budget the other areas of your business. First, determine exactly what type of staff […]

How to Find a Medical Accounting Firm

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Working with a medical accounting firm will assure the financial health of your medical practice. But when you’re first starting out, how are you supposed to find the right accountant for you? With thousands of medical accounting firms to choose from, a quick search online is sure to overwhelm you with endless choices. Here is […]

How To Choose A Medical Accounting Firm

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Choosing the right medical accounting firm will help your medical practice thrive, but it will also free you up to focus on providing your patients with the best care possible. A good medical accounting firm will be able to do all of the following: Provide you and your practice with monthly and annual financial statements […]

How To Choose A Medical Billing Company

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  When choosing a medical billing company, it’s important to line up all the usual suspects. These are the services a medical billing company must provide in order to make outsourcing profitable for your practice. They include… The generation and submission of claims… Carrier follow-up…. Payment processing… Patient support and invoicing… And transfer to collection […]

How to Find a Medical Bookkeeper

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Finding a great medical bookkeeper for your new practice is a breeze when you ask for referrals, search on the right websites, and vet your applicant with reviews and testimonials. Start by speaking with your colleagues and friends in the healthcare industry. Find out who they use for their medical bookkeeping, and how happy they […]

Unlocking the Mysteries of Medical Billing

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When an unpaid medical bill is mysteriously rejected by the insurance company, Sherlock Doc is on the case! Sherlock Doc knows that medical billing is the process a healthcare provider goes through to submit and follow up on a medical claim with an insurance company. Medical billing is performed by medical billers, who may or […]