Top Four Considerations for Outsourcing Your Accounting and Financials

You work hard to keep your practice running. But are you working to keep it growing? Chances are your practice is experiencing lapses in billing due to coding errors and difficult to manage credit balances. New billing codes are introduced, and regulations are added each year, this is one of the most problematic, common and costly conflicts for any operation. Are your cash flow forecasts looking optimal for growth? As the practice grows, so does the list of responsibilities and risks. At some point, you reach a resources limit, and it is time to consider passing off the accounting tasks to a professional – whether they be in-house employees or an experienced outsourced accountant.

Outsourced advisory services can help you take a critical look at your operations and create the big-picture strategy you need to drive your profitability and success. Finding the perfect fit, experience, and an exceptional financial leader can be difficult. Organizations often ask themselves several questions to qualify the outsourced financial leader: Do they know the medical industry? Do they understand my unique situations? Can their firm help me beyond my immediate needs?

An advisor should bring with them the tools and guidance to help you meet your strategic goals. When looking for an exceptional outsourced financial leader and firm, there are four key areas to take into consideration:

1. Expertise: It goes without saying that the outsourced financial leader you select to assist your practice should be an expert. Look for an advisor that has several years of experience in multiple areas such as auditing, tax, improvement consulting, operations, logistics, etc. An advisor who has worked in or with medical practice and lived through significant transactions and lived life in multiple positions and places can add a depth of understanding that few others can match.
2. Credentialing: Like attorneys, physicians, and other professionals, accreditation in a field of expertise sets the real experts apart from others. When choosing an outsourced financial leader, look for a professional who has trained for and passed a rigorous credentialing program or exam, attended extensive training (and continues to do so on a regular basis), and has conducted multiple real-life projects to showcase mastery of the field. Selecting an accredited professional gives peace of mind that the expert you select has met a high bar of excellence and can prove it before accepting your engagement. A handful of different credentialing organizations offer various designations but look for one of the major designations such as CPA (Certified Public Accountant) or CMA (Certified Managerial Accountant).
3. Other firm abilities: Often, when selecting an outsourced financial expert, think beyond the one thing the big “elephant in the room” financial problem that needs help as soon as possible. While the expert selected should have expertise that can solve the most significant issues, the outsourced expert’s firm should also be evaluated. An excellent outsourced financial leader will often be with a full-service firm that can assist in multiple areas of your practice. Other types of services offered by the firm could include ongoing accounting assistance, business valuation, complex gift and estate tax calculations/filing, and wealth management, to name a few. A firm that can bring all aspects of the business under one roof offers the potential for streamlined and highly efficient expertise.
4. Someone willing to understand your situation: When seeking an outsourced financial expert, look for a firm that will take the time to understand and learn your practices’ needs. It is essential the expert and firm listen and understand the issues and challenges your practice faces. Many times, practice is focused on getting a price quote for a specific service. An expert firm and outsourced advisor tuned in to the organization’s real needs will take time to understand the purpose of the financial needs, the practice, and the true needs of all involved. Many practices would be thrilled to know if there are less expensive alternatives that may be available based on circumstances. A truly trusted advisor will get to the bottom of things before rashly recommending the most expensive option.

If an exceptional outsourced financial expert and firm sounds like something you’re looking for, it may be time to reach out to the professionals at Maner Costerisan. Call, 517.323.7500, or email us for a free consultation.