Healthcare & Medical Accounting
Increase your practice’s profitability and efficiency through our Healthcare Accounting Services.
Healthcare – another most prominent and sensitive industry in the world. Healthcare is the vast industry to deal with and manage in an organized manner.
Advinance: Outsourced Accounting Services for Healthcare & Medical
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 outsoucing healthcare accounting is the only way to achieve better profitability in the business.
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 outsoucing 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, 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.
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, 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.
Compliance & regulatory expertise
Standardized financial reporting and compliance with the help of an expert
team.
Cost Savings
Save money and time by outsourcing accounting to specialized accounting expertise.
Improved Financial Management
Make informed decisions for your healthcare businesses with real-time financial data and insights
Who we serve
At Advinance, we tailor our accounting solutions to fit the unique financial needs of digital businesses—from online stores and marketplaces to SaaS platforms—helping them stay compliant, organized, and ready to grow.
Fast Food Franchises
Service Franchises
Education Franchises
Retail Franchises
Health & Fitness Franchises
Hospitality Franchises
Happy Clients
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Year’s Of Experience
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Certified Experts
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Inventory Management
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 healthcare accounting service provider like CapActix plays a 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.
Managing the inventory of such a sensitive business is challenging and that’s where the healthcare accounting service provider like CapActix plays a 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 medical 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
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 medical 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 Outsourcing Services
Bookkeeping
- 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
Accounts Receivable
- Recording royalty and franchise fees of multiple location franchise business.
- Reconciliation of revenue and identify the discrepancy if any.
- Collections management
- Cash forecasting & reporting
Management Reporting
- Balance sheet
- Income statement
- Trial Balance
- Cash flow statement
- Bank reconciliation report
- Detailed general ledger report
- Fixed asset account management
- Franchise wise profit analysis
Payroll Processing
- 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
Account Payable
- Invoice scanning and storing
- Invoice processing & approval
- Expense allocation
- Online payment approval
- Payment Processing
- Handling of vendor inquiries
