Having the right software and tools is crucial for the success of your medical practice. Not only will it make your accounting and bookkeeping process significantly more streamlined, but the right tools will also allow you to increase your administrative productivity, save on valuable resources like time and money, and provide better patient services.
Most clinics have a medical billing software suite that can connect to provincial health plans. Private clinics will use software to bill their patients or their insurers directly. These tools often include features for coding and billing medical procedures according to the specific guidelines set by each province. They can also manage claims submissions, track claims status, handle rejections or denials, and ensure that the practice is reimbursed for services covered by public health insurance.
Clinics may also use practice management software. Besides managing financial transactions, these systems can schedule appointments, maintain patient records, and generate reports that help in the financial analysis of the practice. They're particularly useful in managing a practice's clinical and business aspects. They usually combine scheduling, billing, and reporting. They are more comprehensive than standalone billing software.
However, these tools are quite specialized and do not necessarily handle routine administrative tasks like bookkeeping, payroll, accounts payable, and inventory control all that well. This is where commercially available small business bookkeeping tools come into their own in a medical practice setting. Some of the most essential tools for your medical practice are:
1. QuickBooks Online
When selecting an accounting software program, you must choose one that suits your needs. QuickBooks Online is a great choice for small, private practices with only a handful of practitioners.
This program is one of the top accounting software on the market, and it can help your medical practice manage its bookkeeping, track profitability, manage bills, and organize your records. It is a cloud-based accounting software that is great for managing smaller medical practices. It allows you to access your financial data while on the go and collaborate with your team members, bookkeepers, and accountants from anywhere.
You can use QuickBooks Online for bank and credit card reconciliations and ensure the accuracy of all transactions, preventing fraud. It allows you to keep track of your sales tax liabilities and has a billing feature that allows you to send invoices and collect payments from insurance providers and patients.
QuickBooks Online also has a "classes" or "locations" feature, which is helpful if you have multiple locations and want to manage the costs and track the performance of individual practices. It can also help you track the performance of individual service lines, which is helpful if your practice has multiple specialties.
2. Dext Prepare
Dext Prepare is an excellent tool for helping you track and manage your expenses. It allows you to take a snapshot of your invoices and receipts and then automatically extract the key data from these documents, eliminating the need to store the hard copies.
Dext Prepare streamlines the bookkeeping process because it eliminates the need for manual data entry for invoices or receipts. You simply have to review the numbers to ensure they are correct, and then you can easily export the transaction to your accounting software. All of your documents are stored in the cloud for easy access.
This tool is a good, centralized platform for gathering all invoices from suppliers. It keeps your documents organized and leaves an audit trail, allowing you to stay up-to-date on your practice's payables.
3. Plooto
Your practice requires plenty of supplies, from medical to protective personal equipment. Managing your payables well is key to maintaining a good relationship with your vendors and ensuring that your practice always has the supply inventory needed to treat your patients.
Plooto is an excellent tool to help you manage your vendor payments. It automates your payables process by allowing you to easily schedule your payments to vendors and sends them electronically with your approval. This reduces the need for cheque payments and leaves an easy-to-follow audit trail.
Plooto helps you make all of your payments on time, allowing you to take advantage of early payment discounts and keeping your relationships with your vendors healthy and strong.
4. Payworks
Labour is a major expense for every medical practice. You are responsible for the payroll of your receptionists, practice manager, physicians, and anyone else. Regardless of the size of your practice, you should enlist the help of a payroll software program like Payworks to help manage your payroll.
Manually calculating payroll can lead to errors in deductions and can cause you to incur penalties. It is also extremely time-consuming and inefficient. Using Payworks helps save you a significant amount of time, and it also helps you calculate payroll deductions for each employee and remits them automatically to the CRA on your behalf.
Your bookkeeping process will become more efficient when your medical practice uses the right tools to get the job done. You can leverage technology to save both time and money in your practice.
At Enkel, we stay current on the changing trends in accounting tools and software. We are familiar with the programs that can help your clinic experience greater financial visibility. Contact us today to learn how we can help your medical clinic take advantage of the latest technological advancements and streamline your bookkeeping process.
