By early 2024, US healthcare expenditures reached close to USD 5 trillion, up 7.5% from just 12 months ago. However, rising insurance complexities, stricter tax laws and increased patient demands are making it tougher for healthcare businesses to manage their finances than before. Whether you run a small clinic, a dentist setup or a multi-specialty facility, financial management is a concern you can not afford to ignore.
That is where specialists in financial matters come in. If you are feeling weighed down attempting to balance your books and also offer great patient treatment, you need an accountant that knows the healthcare industry inside and out.
In this blog, we will try to help you understand how you can find an accountant and when to hire one. You will also learn why specialized healthcare accountants are important to help you develop and safeguard your business.
Steps for Finding an Accountant for Your Healthcare Business in the USA
Here are some easy but effective steps to help you find an accountant for your healthcare business in the growing US market:
Step 1: Understand Why You Need a Healthcare Accountant
Healthcare accounting is not the same as general business accounting. You have insurance payments, federal programs like Medicaid and Medicare, HIPAA compliance, payroll for physicians and nurses and therapy expenses to manage.
All of this requires someone who knows finances and also the regulations concerning US healthcare.
Without an accountant, you could :
- Lose out on reimbursements.
- File taxes wrongly.
- Face cash flow struggle.
- Not pay vendors & staff on time.
- Risk legal trouble during audits.
A great accountant deals with this for you personally, so you are able to focus on treating patients as they deal with your numbers.
Step 2: Determine Your Actual Accounting Needs
Before you hire an accountant ask these questions to yourself :
- Do I need only tax preparation services or complete bookkeeping help?
- Do I need somebody to run payroll?
- Am I going from cash to accrual accounting?
- Will I need monthly financial reports?
- Am I planning for expansion, funding or mergers?
Clarifying what you need will help you narrow down the right candidates. A solo practitioner might be able to handle your books if you are small, but a complete accounting outsourcing team or firm may be needed if you are growing or have complex finances.
Step 3: Search for Experience in Healthcare Accounting
Not all accountants are equally good. Some specialize in healthcare while someone may specialize in real estate. Others go for retail or startups. You need somebody who knows healthcare specific challenges - like insurance claims, HIPAA laws and the complexities of coding in billing.
Consider factors like if they:
- Specialize in healthcare accounting services.
- Have experience with medical billing & reimbursements.
- Offer HIPAA compliant financial services.
- Work with clinics, hospitals or even dental offices.
By choosing someone who knows your industry already, you will save yourself time (and serious risk of mistakes).
Step 4: Select Between an In-House Accountant & an Outsourced Firm
You essentially have 2 options:
1. Employ an In-House Accountant
Either you employ someone full time or part-time to take care of your expenses. This works if:
- You have a large clinic or hospital.
- You need quick, daily access to your accountant.
- You need them involved in every decision.
2. Use an Outsourced Accounting Firm
On the other hand, you employ an outside company to do your complete accounting. This works best if:
- You run a small practice.
- You want to trim costs.
- You prefer a team of experts.
- You want help only during tax season or audits.
Either way, make sure they are reliable, responsive and understand the healthcare sector.
Step 5: Verify Qualifications & Certifications
Any Accountant you employ ought to be a CPA or have similar credentials. They may also hold additional certification in Healthcare finance including CHFP (Certified Healthcare Financial Professional).
Look for their memberships in professional organizations like:
- American Institute of Certified Public Accountants (AICPA).
- Healthcare Financial Management Association (HFMA).
- National Society of Accountants (NSA).
These credentials demonstrate they uphold ethical standards and are current with changing laws in the USA.
Step 6: Ask About Software and Technology
Your accountant should be comfortable with modern accounting services tools and softwares, including :
- QuickBooks.
- Xero
- FreshBooks.
- Kareo (for medical billing).
- Athenahealth or other EHR systems.
Technology makes almost everything easier like synchronizing financial data, monitoring cash flow or even preparing reports. Ask your potential accountant which platforms they run on and how they plan to connect with your systems.
Step 7: Read Reviews and Ask for References
Always request references from other healthcare clients. You want real feedback about:
- Their responsiveness.
- Accuracy of reports.
- How they handle audits or tax time.
- If they offer financial advice proactively.
Check Google reviews, LinkedIn recommendations or ratings on sites like Clutch or Expertise.com also.
Step 8: Talk About Pricing
Some accountants bill hourly rates. Others have flat monthly fees. Other people charge just during tax season. Ask for a clear pricing structure before you commit.
Things to check:
- Are there any hidden charges?
- Do they charge extra for IRS filings or audits?
- What exactly goes into the monthly package?
- Do they have customized pricing for healthcare businesses?
Remember that cheapest isn't always the best. Look for value & experience, rather than simply price.
Step 9: Setup a Trial Period or First Consultation
Great accountants will generally offer you a free initial consultation or will let you work with them for a temporary period on a free of charge basis. Use this time to see if they truly understand your needs and can explain everything clearly.
Ask yourself:
- Do they talk in plain language?
- Are they patient with answering questions?
- Do they appear interested in your business?
- Can they give advice beyond basic bookkeeping?
If the answer is yes, you might have found the perfect fit.
Step 10: Hire and Set Expectations
Once you've selected an accountant, sign an agreement saying :
- Services to be provided.
- Communication techniques & frequency.
- Data privacy policies (HIPAA specifically).
- Pricing & payment schedules.
- If things don't work out, exit options.
Also schedule regular financial check-ins every month or quarterly to monitor their handling of your business.
Read Also | Experts Healthcare & Medical Financial Management Services
Final Thoughts
Nowadays, operating a healthcare business means managing a lot of things, but finance shouldn't be one of them. Growing medical expenses and tighter regulations means that managing your hard earned money is much more essential than before.
That is exactly why you need an accountant for your healthcare business. The right accountant will save you time, prevent costly errors and also enable you to grow confidently while making sound financial choices.
If you require full-time support or somebody during tax season, do not wait till there is an issue to look for assistance. When you are prepared to say "I need an accountant who gets my industry," you know where to begin.
So, take the first step today. Contact The Fino Partners and hire an accountant to keep your healthcare business financially healthy.
