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Accounting Firms for Medical Clinics Singapore

Last modified: May 5, 2020
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Focus on patient care & success of the medical practice, leave the non-core administrative tasks to the best accounting firm in Singapore

Health professionals like doctors & dentists in Singapore have to battle medical challenges every day. Owning a medical clinic or dental practice means diverting their premium time to run it.

And most of them are not trained for its administrative aspects like accounting. Consequently, they may need to expend more of their mental focus & time to master clinic’s statutory compliance than the experts do.

The doctors and other allied health professionals could use their time and attention wisely. Engage more of their patients. Improve the Returns on Investment (ROI) & profits of their practice. They could use it to establish their medical clinic as a brand in Singapore.

 

Accounting Services for Medical Clinic Owners

The top healthcare providers are resourceful and can invest in the hiring of in-house medical accountants. It may not be the case with new or small medical practices in Singapore. It could compromise their statutory compliance.

The doctors owning a small practice could easily divide their workload by appointing an experienced accounting firm in Singapore. It allows them the space to come up with the:

  • Right strategies for their business
  • Optimised in-house processes & procedures
  • Operational efficiencies

Every small improvement leads to quality healthcare services to their patients.

 

Services Offered by Accounting Firm Singapore

Singapore accounting firms provide monthly, quarterly, and yearly accounting services to medical clinics. Their accountants and CPAs deliver bookkeeping and accounting services as per the Singapore Financial Reporting Standards (SFRS).

Accountants working in these firms know how to tackle ledgers and invoices, medical codes, claims, and deal with the insurance companies. They shoulder responsibilities like:

  • Sorting and storing invoices & checks
  • Taking care of accounting transactions of the practice
  • Maintaining patient accounts, insurance info, & payment details for medical care rendered
  • Tracking of patient bills (paid & unpaid)
  • Preparing accurate medical claims
  • Preparing financial statements like Balance Sheets & Profit/ Loss, & Cash Flow Statements
  • Generating billing reports like Accounts Receivable Ageing report
  • Bank & accounts reconciliation
  • Preparing the XBRL statement
  • Singapore Group Consolidation
  • Compiling information for annual & tax filing
  • Maintaining confidentiality of the clinics’ financial data
  • Complying with the prevalent financial policies & regulations

 

Benefits of Hiring an Accounting Firm to Doctors in Singapore

Like every other business, the healthcare business is also a competitive sector. Its profitability depends on the time spent on improving the quality & reducing the cost of healthcare to the patients.

Focus on Succeeding, not on Accounting

Regular updating of financial records is a necessity for every business in Singapore. However, accounting is not the core activity of medical clinics. It makes sense to outsource it to an experienced CPA firm in Singapore.

Actionable Financial Reports

Digitised data is easy to process into actionable financial reports and statements like Cash Flow, ageing report, Accounts Payable & Receivable statements.

These reports give detailed info about the clinic’s revenue cycle; paid and unpaid bills & invoices. They are absolutely essential to preserve the clinic’s financial well-being.

Fine-Tune Clinic’s Business Practices

The accounting firms not only prepare information-rich financial reports, but they also advise their clients on the corrective steps, if necessary. Such ready-made accounting advice enables owners of the medical practises in the fine-tuning of their business practices.

Optimal Use of Resources

Armed with precise financial information, they could improve their forecasting, planning, & budgeting. It allows them to eliminate unnecessary expenses, and use their resources optimally in order to achieve the financial goals of the clinic.

 

DIY or In-House Accounting?

The owners of medical clinics have to be prompt with its statutory compliance. However, using DIY accounting to tackle their accounting challenges could tax resources and cripple their business. Finding an expert Singapore accounting services provider for it is the right solution for them.

Outsourcing to an accounting firm gives them the mental space to improve procedures & processes, achieve higher productivity, and meet customer requirements. Quality healthcare at reasonable cost leads to customer satisfaction. It is vital for building a loyal customer base & for ensuring the success of a small medical practice.

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