The foundation behind every successful oral surgery office is the medical practice accounting procedures they have in place. Of course, the most important aspect of any practice is the patients, but knowing the financial situation at any given moment is critical. OMS Partners provides an accounting service tailored to the unique needs of medical practices, so you always know where your practice stands financially.
The challenge many oral surgery offices face is not only generating accurate financial reports but having the reports delivered and presented in a way that shows exactly what money is coming in and where the money is going. With an effective medical practice accounting service in place, any oral surgeon with their own practice can know exactly where they stand financially at any given moment.
Why Medical Practice Accounting Is Important
It’s challenging for an oral surgery practice to grow without accurate medical practice accounting reports. These financial reports can shed some light on what possible issues the practice is facing and what can be done to alleviate any problems. Whether it’s for tax purposes, payroll processing or any other aspect of accounting, OMS Partners provides the top services to make any medical practice operate more efficiently.
OMS Partners offers medical practice accounting services to take some of the burdens off of the office staff members. In addition to the preparation of financial reports, we will also provide a comprehensive analysis of each report, so budgeting and planning will be made much easier. Creating seamless processes is one of our top priorities for our clients, and we offer exactly that with our medical practice accounting services.
Medical practice Accounting Services We Offer:
Financial Statement Preparation
Payroll
Budgeting
Bookkeeping
Benefits Of Using Accounting Professionals
When the office staff has to run financial reports and be heavily involved in the accounting side of the business, it detracts from the experience they can provide to patients. With medical practice accounting support from accounting professionals, oral surgery practices can ensure their patients made the highest priority. Other benefits include:
Having access to complete, accurate and
current financial information at all times.
Ensuring personal and professional tax payments are timely made, and all tax benefits are being utilized.
Preparing complex financial documents for both
personal and professional use.
Allowing for easier budgeting and planning for
the short-term and long-term.
These are just a few of the primary ways oral surgery practices can benefit from medical practice accounting services. The overall burden lifted from the shoulders of the oral surgeon’s staff is well worth the investment.
Minimize Tax Liabilities
Any oral surgeon owner knows their practice has to pay a substantial amount of taxes. Minimizing tax liabilities is always a priority, but without a knowledgeable professional working with them, there could be a significant amount of money left on the table. At OMS Partners, our medical practice accounting service prioritizes taxes to ensure every medical practice owner minimizes their liabilities as much as possible. Using our services will allow practices to boost their bottom line and invest in other areas to allow for future growth.
Utilize The Resources Available To Grow
Having the best medical practice accounting services in place can provide oral surgery practices with room to grow. At OMS Partners, we work as an advocate for our clients and will always stay on top of the latest regulations to ensure the proper benefits are being taken advantage of. Our accounting services extend to payroll services, business planning, bookkeeping and more. While these services may seem standard for any medical practice, the truth is that most oral surgery practices do not utilize the resources available to them. Using these resources can offer better organic growth opportunities and the ability to provide better patient care.
Frequently Asked Questions
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How Does OMS Partners Help Me Collect Owed Payments from Patients?
Our comprehensive accounting management system not only helps you prepare for any potential delays in payments, but it also includes tools and techniques that can maximize on-time payments from patients. Through working with OMS Partners, your staff will understand how to review insurance policies, communicate policies and payment requirements to patients, and then collect the copayment and any other out-of-pocket costs from payments before services are rendered.
We also provide guidance on when it may be beneficial to move forward with a third-party collections agency rather than trying to collect the payments on your own. We can help you establish a “no pay, no treatment” policy so that you only see patients who have made required payments prior to receiving services or treatments from your practice.
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What Are Some Signs That It Is Time to Grow My Practice?
A common sign that it is time to grow your practice is if you are overwhelmed with more patients than you can see. If you already run multiple practice locations, you should ensure that you and your management team have a successful track record before expanding to a group model approach.
OMS Partners can help you and your management team feel comfortable with the transition of leading a larger-scale surgical practice organization. Whether your practice growth includes adding more staff, establishing business partnerships, or expanding to multiple locations, OMS Partners can assist and advise you every step of the way.
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If You Do My Accounting, What Should My Staff Do for Bookkeeping Support?
When you turn to OMS Partners for accounting support, your internal staff does not become obsolete. There is still a role for your personnel in the bookkeeping process. Rather than replacing your internal staff and displacing personnel, OMS Partners operates as an extension of your team by helping them meet the accounting needs of your practice.
For example, your internal staff will experience several benefits from working with our team of seasoned professionals who help with answering questions, providing direction, and sharing knowledge on accounting and bookkeeping procedures. Furthermore, your staff can assist OMS Partners regarding situations and issues unique to your practice.
Work With OMS Partners Today
At OMS Partners, we are ready to help your oral surgery practice thrive. Our comprehensive knowledge of medical practice accounting is extensive, and we consider ourselves to be a part of your team. We will work to not only relieve the burden from the shoulders of your staff but also act as an advocate to put your business in the optimal position to succeed now and in the future.
To learn more about our medical practice accounting services, don’t hesitate to contact us at (713) 961-2723 for a consultation. You can also request a consultation on our website. We look forward to the opportunity to work and grow with you.
