Have you heard the expression, a fish can’t see the water it’s in? Fish are surrounded by water, making them blind to its existence. Likewise, ODs can become blind to their everyday situations as well. These blind spots may become an unchanging fact of life that can hurt your practice’s ability to grow and prosper – unless you give yourself the appropriate “nudge” to see outside of your comfort zone.

 So, how can you see more clearly? The second set of eyes can help your practice operate at its best. When it comes to your back-office operations, a review of your practice by a reputable Accounting firm can be the difference between a “floundering” and a successful practice.

Why Have Someone Else Involved?

Your practice needs to adapt as it matures. At first, you may need minimal fine-tuning of core workflows as you learn what does and doesn’t work. Later, you’ll likely require a more significant re-engineering of your accounting operations and systems as your practice takes on more patients and service/product offerings. You alone may find it hard to see the changes needed because you are too close to the day to day activities and more focused elsewhere. While you keep up with the latest ways to enhance patient care, an accounting expert is focused on knowing how innovative accounting technology can improve your back-office functions, both in terms of efficiencies as well as security measures. As the second set of eyes, we can work with you to understand the steps in your workflows and the value each step brings, culling out outdated and unnecessary procedures which waste time.

What Are the Benefits?

Having a competent, professional accountant can make a big difference to your practice’s success, as he/she can help you:

  • Review your Profitability and Gross Margin for opportunities to increase your bottom line
  • Identify operational efficiencies through enhanced workflows, saving you time and money and increasing collaboration in your office
  • Integrate and automate systems to minimize data entry and errors
  • Clarify and streamline your Standard Operating Procedures to help you scale up as you grow
  • Identify stronger internal controls to protect your assets and enable more timely and accurate financial information to make better business decisions
  • Move to a paperless environment to increase mobility

What are the Areas Where a Second Look would be Helpful?

An example of where the second set of eyes can be extremely valuable is in your practice’s use of technology. An accounting technology expert can assess your payables, receivables, payroll, and financial management functions to see what’s working well and what can be improved upon. This assessment will include a review of how integrated all your systems are to achieve maximum efficiency. Given that technology is constantly changing, a regular assessment is prudent; your accounting expert can advise you if there are better solutions out there than your current system(s), and on the best fit for your practice. Accounting technology firms work in this space daily and have their fingers on the pulse of existing solutions, including hands-on testing of various apps, so they can advise you accordingly.

Having an independent review of your practice can help you realize efficiencies you didn’t know were possible. Open your eyes to new, previously unseen possibilities!

Need Help?

If you have questions and/or would like to explore having an expert look at improving your Accounting function, please reach out to me, I’ll be happy to talk with you. Orin Schepps, Founder and CEO @consultanceaccounting  http://www.consultancellc.com