As a small business owner in the health and medical services industry, you have unique challenges when it comes to managing your finances. From navigating the complex health care revenue cycle to keeping up with payroll and tax requirements, it can be overwhelming to stay on top of everything. That’s where a trusted business accountant can help. At Haworth & Company, we specialize in providing accounting and financial services to small businesses in the Twin Cities area. We understand the challenges that health care providers face and we’re here to help you navigate them successfully.
Business Accountants Understand Health Care Revenue Cycle Challenges
The health care revenue cycle is a complex process that involves everything from patient registration to claims processing and reimbursement. As a health care provider, you need to stay on top of this process to ensure that you’re getting paid for the services you provide. Key challenges include:
- Insurance reimbursement delays, which can lead to cash flow issues
- Denied claims, which can lead to lost revenue
- High admin costs, which can lead to lost margins
- Patient collections, which can be time consuming
- Appointment setting and rescheduling, which can be disruptive to your staffing and forecasting
At Haworth & Company, we understand the general health care revenue cycle challenges, and we look forward to learning about your specific operations. There’s a solution for every problem, and we can help.
Business Accountants Understand Health Care Tax Requirements
The health and medical services industry is also subject to some unique tax requirements. In Minnesota, these small businesses need to collect and remit MinnesotaCare taxes at a rate of 1.6% for 2023. These taxes fund a state health program for Minnesotans with low incomes. Check out the State’s website to learn more.
How the Right Business Accountant Can Help
In addition to revenue cycle management and MinnesotaCare taxes, a business accountant can provide a wide range of financial services to help your health care practice succeed, such as:
Bookkeeping Services
Keeping accurate records of your financial transactions is essential for any small business. We can help you manage your accounts payable and receivable, reconcile your bank statements, and generate financial reports to help you make informed business decisions.
Payroll
As a health care provider, you may have a lot of employees to manage. But whether you have one or one hundred, let us take care of your payroll so you can focus on providing excellent patient care.
Tax Planning and Preparation
Tax season can be stressful for small business owners. Let us help you navigate the complexities of the tax code and ensure that you’re taking advantage of all the deductions and credits available to you.
Business Strategy
At Haworth & Company, we don’t just provide financial services. We also offer business strategy consulting to help you grow your health care practice. We can help you identify areas for growth, develop a strategic plan, and measure your progress over time.
Working with Haworth & Company, Ltd.
If you’re looking for a trusted business accountant to help you manage your health care practice, look no further than Haworth & Company. Our team of experienced professionals is here to help you succeed. Contact us today to schedule a consultation and see how we can help your practice thrive.
Disclaimer: This blog content is for general informational purposes only, should not be considered professional advice, and does not establish a client relationship. Haworth and Company is not liable for the accuracy of this information or the content of external links. Please use this information at your own risk, ensuring it suits your specific needs, and consult with a certified tax professional for your own personalized guidance.
