Healthcare Accountancy Service
Our team of expert Healthcare accountants are here to support you
Accounting for Private Healthcare Growth
Accurate accountancy is an integral part of the overall success and sustainability of any business, and private healthcare is no exception.
It can be easy to focus purely on your patients and the excellent service you are providing them, but for your practice to grow and flourish, your financial elements must be in good order.
The Designated Medical Accountancy Service ensures effective financial management, accurate billing, tax optimisation and transparency of your financial reporting allowing you to make decisions around cost control and budgeting. Our team become part of your business and can help advise you on financial decisions and investments as and when you need.
The benefits of working with the Designated Medical Accountancy Service
Financial Management
Managing your finances effectively ensures you are confident in covering your operational costs, invest into equipment, hiring new staff and expanding your services. Our healthcare accountants will help create budgets, track expenses and identify areas where savings can be made.
Regulatory Compliance
The healthcare industry is heavily regulated, and private healthcare businesses must adhere to various laws and regulations. Our Accountancy Service ensures that financial practices are in line with these regulations, helping your private practice avoid issues, penalties and ensuring maximisation of available tax efficiencies.
Medical Billing
Accurate and timely billing is essential to the success of a private practice. It is paramount to keep on top of insurance company reimbursements and patient payments and maximise your cashflow. Visit our Medical Billing (link) page to find out more information.
Financial Reporting
Our healthcare accountants can prepare financial statements that accurately reflect the financial health of your private practice and ensure future tax planning.
Profitability Analysis
Determining the profitability of different services your practice offers, can aid in strategic decisions regarding service expansion or potential increase in staffing.
Cost Control
Our Healthcare accountants can analyse cost data to identify areas that maybe inefficient and recommend ways to reduce these costs without compromising the quality of your patients care.
Fraud Prevention
As in all businesses, fraud can occur in healthcare. Designated Medical’s accountancy team can introduce internal controls to detect and prevent fraudulent activities.
Tax laws
Can be complex and differ based on the nature of the healthcare services provided, and the structure of the business. Our Designated Medical healthcare accountants help healthcare businesses navigate these tax regulations, minimising tax liabilities and maximising deductions.
In summary, a private healthcare business must have experts within their financial team who understand the healthcare sector in addition to being qualified accountants.
Get in touch and start your conversation today
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