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Blogs by Jane Gilpin


The One Financial Report Every Healthcare Practice Must Have

February 19, 2019 / by Jane Gilpin posted in Small Business Advice, Bookkeeping Services, Downtown San Diego, Healthcare

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At Supporting Strategies, we stress to small-business owners the importance of acquiring a basic understanding of key financial statements. From balance sheets to cash flow statements, we cover just about every financial report a business might need.

For the most part, healthcare practices are no different from any other type of business. A healthcare practitioner needs to understand, say, a profit and loss statement. However, one financial report that all practitioners must be familiar with is the accounts receivable aging report.

Why the Healthcare Industry Has Different Priorities
Although governed by the same accounting principles as any other business, healthcare practices face unique challenges. Government regulation, for one, including compliance with the Health Insurance Portability and Accountability Act (HIPAA). If you operate a healthcare practice, it's critical not only that you understand HIPAA laws, but that your bookkeepers and/or accountants do as well. (Here's one example of why this is so important.)

Suffice to say that if you want to avoid violating privacy laws, and the financial penalties that can result, you must carefully monitor the information you enter into the bookkeeping system.

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Give Your Healthcare Bookkeeping System a Checkup

February 5, 2019 / by Jane Gilpin posted in Small Business Advice, Bookkeeping Services, Downtown San Diego, Healthcare

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Is your healthcare practice's cash flow suffering from clogged arteries? Take our checkup and find out.

Open Your Mouth and Say "Aargh!"
Most practitioners enter the healthcare field because they want to help people, not because they want to run a business. But failing to observe good business practices can create cash-flow problems that impede your practice's ability to provide quality care. Furthermore, insurance reimbursements and a thicket of regulations make healthcare an especially complicated business.

The complexity starts with third-party billing systems, which have become as much a part of healthcare as jokes about hospital food. Any healthcare provider who accepts insurance as payment is required to submit a bill with a current procedural terminology (CPT) code to the billing department. While larger hospitals typically have an in-house billing department, most smaller practices outsource that responsibility to a third party.

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