|Fixed Monthly Fee||$99||$199||$299||$599||$899 + add-ons|
|Establish applicable Chart of Accounts||Included||Included||Included||Included||Included|
|Transaction Syncing Volume||Up to 100 Monthly transactions||Up to 200 Monthly transactions||Up to 300 Monthly transactions||301 Up to 500 Monthly transactions||501 Up Monthly transactions|
|Accounting Methods||Cash Basis||Cash Basis||Cash Basis||Accrual Basis||Accrual Accounting|
|Monthly reconciliation of all Financial Accounts (bank accounts &/or credit cards)||1-2 Financial Accounts||Up to 3 Financial Accounts||Up to 4 Financial Accounts||5-6 Financial Accounts||7 & above Financial Accounts|
|Payroll reconciliations and recording of appropriate journal entries||Not included||Not included||Not included||Monthly||Semi-Monthly|
|Reconciliation of Accounts Receivables with Medical Billing Team Reports and book appropriate journal entries||Not included||Not included||Not included||Quarterly||Monthly|
|Revenue Reconciliation (*included if client is also engaged with Billing Services)||Cash-basis (Basic Invoices)||Cash-basis (Basic Invoices)||Cash-basis (Basic Invoices)||Accrual Basis (Basic Invocies)||Accrual Basis (Basis/Multi-period Invoices)|
|Monthly financial statements delivery including:|
|Statement of Cash Flows||Not included||Not included||Not included||Not included||Included|
|Financial Report Highlights||Not included||Not included||Not included||Not included||Included|
|Meeting for Review of Financial Statements||Not included||Not included||Semi-annually||Quarterly||Monthly|
From a patient’s first-contact, to accounts receivable, complemented by detailed analysis and reporting on the full spectrum of the revenue cycle of a practice.
Cash basis of accounting refers to a method of recording transactions at the time cash exchanges hands. Accrual Accounting refers to the method of recording income and expenses when they happen.
For instance, if you receive a service in March but only pay for it in April, Cash basis Accounting would add that expense to the April books, whereas Accrual basis would add that cost to the March books instead.
Accrual Accounting is the standard of accounting in the healthcare industry.
The short answer is Access to non-disrupted expert accounting teams. Medical practices sometimes leave money on the table as their in-house teams lack the expertise or tools to create watertight bookkeeping. In addition, especially now, with employee turnover skyrocketing in the USA, practices find it hard to find and retain accounting staff over the long term. Resignations lead to disruptions and temporary hick-ups that are eliminated when opting to outsource the accounting function to a third party.
It is possible to outsource bookkeeping and accounting right from the start when opening your practice or later during any stage of the practice lifecycle. Although there is a natural tendency for practices to search for expert outsourcing partners as they scale up, there is now also a growing demand for this service due to the challenges brought about by the labor shortage.
So, in short, whenever you are experiencing sleepless nights brought on by your practice’s books, that is the best time to search for an outsourced accounting expert.
No. In general, when compared to hiring in-practice teams to perform the same duties, outsourcing the accounting function becomes considerably less expensive.
Neolytix offers special customized, transparent accounting bundles that are tailored specifically to small and medium medical practices. The exact services and cost of packages are transparent in nature, providing medical providers the opportunity to determine what they need for their specific practice, how much it would cost, and how much they will save.