It is no surprise to anyone the healthcare industry is having issues finding qualified employees. However, it is not just difficult to find qualified medical staff, it is also difficult to find qualified financial and accounting staff. Healthcare providers have outsourced functions such as payroll, billing, and IT services for years but now more attention is on outsourcing the accounting and finance functions as well.
Often the physicians or nurses are doing the accounting in their “spare time” when their time would be better spent seeing patients or doing other activities that directly benefit the practice. This “spare time” mentality leads to a lack of timely financial data which prohibits leaders from making good decisions for business growth or tax purposes. Outsourcing the accounting and financial functions can provide timely financial information, allowing for better tax planning for the practice, adding additional levels of segregation of duties reducing the risk of fraud or waste, and giving leaders additional time to focus on what is best for the practice.
Outsourced accounting and financial functions are especially important as a business starts to grow; giving scalability and allowing you to fill either part-time or full-time needs. Outsourcing is typically more effective compared to hiring, training, and maintaining an internal department. It can lower your total costs by eliminating expenses related to employee benefits, training, and technology/software costs while redirecting valuable time back to growing your business.
The outsourcing trend will continue to be a best practice solution for many considering the lack of a talented workforce.
If you have questions on how outsourcing may work for you, please contact Lisa Frank, CPA, Outsourcing Vice President and Department Leader at lfrank@hsccpa.com.
