Efficiency is a crucial indicator of success for any business in the healthcare sector. When a medical practice is operating as efficiently as possible in all departments, it’s a testament to their ability to set smart priorities for care – and to their dedication to positive health outcomes. However, many smaller players in the constantly-evolving medical landscape are unsure of how to go about reaching maximum efficiency. 

This article will explore all of the ways in which healthcare practices can increase efficiency with the support of a reliable CPA. 

What is efficiency in healthcare? 

Healthcare efficiency has largely to do with the value that is being derived from each investment made into a medical practice. Whether a practice is hiring new staff, making technological upgrades, or contributing to important lines of medical research, providers should investigate:

1. Whether each investment into the practice’s betterment is making a measurable difference in their success,
2. Whether these investments are being used to their full potential, and
3. Whether decisions like when to purchase or lease equipment and how to time hiring and compensation increases are being made in a way that best supports financial wellness for the practice. 

How hiring a CPA leads to increased healthcare efficiency

Most of the contributing factors to healthcare efficiency have to do with finances – patient insurance, adherence to tax regulations, and other concerns. For this reason, expert financial management goes hand in hand with healthcare efficiency.

Hiring a reliable CPA will fulfill any small medical practice’s need for a strong accounting department. There are several benefits to trusting a CPA as your accountant, all of which directly affect healthcare efficiency. 

Advice from a financial perspective 

CPAs are not confined to one or two industries – instead, they learn the top financial concerns and federal regulations for clients from a range of backgrounds. However, most CPAs also take on multiple clients from the same industry. This combined breadth of experience and depth in specific areas – like healthcare – gives CPAs a well-rounded perspective and the ability to connect providers with a slew of valuable contacts. 

The CPA’s in-depth knowledge about managing small medical practices makes them the perfect resource for advice from a unique, financially-minded point of view. They are skilled at surveying a practice’s entire operation and coming to conclusions about what does contribute to the business’s overall efficiency, and what doesn’t. Consult your CPA for guidance on: 

• How to best incorporate standardization of care without compromising cost-efficiency.
• Accurate bookkeeping information to assure smooth communication between administrative staff and care providers.
• Ways to implement patient feedback into the practice’s financial management strategy for faster service and less confusion.  
• Achieving optimized resource allocation and spending. 
• Institution-wide organization (including staffing concerns). 
• Reaching the practice’s short and long-term financial goals.  

Effective, personal communication

Health communication is a vital skill for navigating patient interactions successfully. CPAs are adept communicators who know how to translate complex financial concerns into layman’s terms for patient and provider understanding, leading to greater patient compliance.  

Streamlined accounting

Proper documentation of the practice’s financial transactions is key not only to preparing for successful tax filing, but to freeing up healthcare professionals to focus on their area of expertise – providing high quality, cost-effective care.

Protection against fraud 

Healthcare fraud leads to inefficiency by hurting a practice’s financial security and decreasing patient trust. CPAs have the knowledge and tools at their disposal to mitigate the risk of fraud, whether it be caused by the patient, the provider, or an outside force.  

Brady Renner CPAs: The efficient choice 

Small medical practices in the Baltimore-Washington region looking to maximize their efficiency year-round can rely on BradyRenner CPAs for exemplary accounting services. We pride ourselves on being approachable and down-to-earth in the face of complex financial considerations. Many healthcare providers maintain impressively busy and stressful schedules, so we always nurture open lines of communication with staff to ensure that both patient and provider needs are being met at the pace they arise. 

Our satisfied client base includes care providers succeeding in niches across the industry landscape – dental practices, physicians, home nursing agencies, and even daycare providers and other healthcare-adjacent institutions. We understand the financial concerns of healthcare providers at a fundamental level and are prepared to take on any challenge. 

Contact Brady Renner today through our website or over the phone to get started on achieving your practice’s most efficient year yet.