Medical Practice Accounting: Bookkeeping Mistakes Medical Practice Owners Should Avoid

You went to Medical or Dental School because you want to help people and save lives – not because you love crunching numbers. But if you want to own your own medical or dental practice, medical billing accounting is a task you simply can’t avoid. After all, if you don’t promptly handle this task, how are you – or your staff – going to get paid, not to mention pay your overhead costs and monthly expenses?

Just like you should always be in-the-know of your personal finances, you should always be able to tell how your medical or dental practice is performing financially. That’s why having a thorough, accurate, and updated medical billing accounting system in place is so important. Unfortunately, sometimes doctors and dentists get more focused on their medical tasks and patients than the amount of money coming in and out the door. Here’s a list of some of the top bookkeeping mistakes that you should avoid as a medical or dental practice owner.

1. Failing to Keep Medical Billing Accounting Up-to-Date, Everyday

Most medical and dental practices have staffs that are stretched thin. They’re so busy greeting patients, checking them in, pulling files, answer phones, making appointment reminder calls, and providing overall exceptional service that the data entry required to maintain accurate bookkeeping records gets overlooked. Your staff may be so busy that by the end of the day they decide, “I can update the system tomorrow,” or they may have even designated a single day of the week to keep the books in order.

You wouldn’t run around town using your debit card, but only entering in your debits and credits into your checkbook once a week, would you? Of course not, you’d risk getting overdrawn! Then why would you let your practice push off medical practice accounting to a weekly, or even worse, bi-weekly task? You need to be able to know where your practice stands financially at any given moment in time. That’s why working with OMS Partners, LLC for medical practice accounting is so valuable for your practice.

2. Missing Important Tax Payment Deadlines

To paraphrase the famous American inventor Benjamin Franklin, there are only two things certain in life – death and taxes. But you went to school to get your MD or DDS, not your CPA. Doctors and dentists have enough of a hassle managing their personal taxes, much less the complicated tax scenarios that can occur with federal, state and even local tax requirements.

When you work with OMS Services, LLC for medical practice accounting, we stay on top of your tax requirements and deadlines, so you won’t miss a payment and get a nasty letter from the IRS or your state or local tax bureau.

3. Coming Up Short When it Comes to Budgeting

Knowing where you stand financially at any given point in time, and where you’re projected to be in the future, is important when it comes to budgeting for new employees, equipment, and medical and dental supplies. But if you or your staff isn’t keeping up with medical practice accounting, you may budget too much, or even worse, too little, for your practice’s true needs.

When you need help budgeting for expenses, OMS Partners, LLC help you get the information you need to make the most informed financial decisions possible, so you don’t order too many supplies or patient giveaway bags, or too little.

Let OMS Partners, LLC Help You Avoid Common Medical Practice Billing Mistakes

We want you to have the most successful medical or dental practice in your hometown. And a big part of that is having all your finances in order. When you choose to work with us, you’ll always have access to the financial information you need, when you need it, to keep those patients walking through your office doors.

If you have questions about how we can help your practice get to and stay on top, call us today for more information on our medical practice accounting services.