Top Benefits and Providers of Outsourced Healthcare Accounting Services in 2024

With the strict regulations and complex financial processes in the healthcare sector, it can be challenging for employers in this industry to handle accounting tasks while also focusing on providing quality care to patients and other core functions. 

Outsourcing healthcare accounting services has become an increasingly popular solution among healthcare organizations in the US. By partnering with specialized providers of outsourced healthcare accounting services, you can improve regulatory compliance, accuracy, and operational efficiency. 

In this article, we will explore the top reasons why you should outsource healthcare accounting services and highlight some of the best accounting service providers in the industry.

7 Benefits of Outsourcing Healthcare Accounting Services

Healthcare providers are looking for every advantage they can get in order to provide high-quality health services and treat as many patients as possible. Here are some of the benefits you can expect when you outsource healthcare accounting services:

1. Enhanced reporting accuracy 

Outsourcing healthcare accounting services can significantly improve the accuracy of financial reporting. These specialized providers have a deep understanding of healthcare regulations and are well versed in the unique financial processes and requirements of the sector. 

This industry expertise leads to more accurate and reliable financial reports, reducing the risk of errors or noncompliance.

2. Streamlined operations 

By outsourcing accounting functions, you can streamline your operations and focus on providing quality care to patients. 

Financial responsibilities like bookkeeping, payroll processing, and tax preparation can be time-consuming and distract healthcare professionals and health administrators from their primary duties. Outsourcing allows you to delegate these often daunting tasks to experts while you focus on what you do best.

3. Business continuity and growth 

Outsourcing healthcare accounting services can also provide business continuity and support sustainable growth. By entrusting financial processes to specialized providers, you can ensure that your operations continue smoothly, even amid staff turnover or unexpected events. 

Additionally, these providers often offer scalable solutions, allowing you to easily adapt to changes in your size and needs.

4. Settlement and raising of claims 

Outsourcing healthcare accounting services may include the management of claims and settlements. Outsourced accounting providers have dedicated teams skilled in processing, tracking, and resolving claims to ensure timely reimbursement for healthcare services rendered. 

This not only improves cash flow but also reduces the burden on your in-house team.

5. Accounts payable and receivable 

Outsourcing healthcare accounting services can also include accounts payable and receivable management. These providers have accounting systems to accurately track and manage payments from insurance companies, patients, and other entities. 

This helps improve cash flow and reduces the potential risk of errors or discrepancies.

6. Bank and credit card reconciliation 

Reconciling bank and credit card statements is a crucial part of financial management for any business, including healthcare providers. By outsourcing this task, you can ensure that your financial records are accurate and up to date without having to dedicate valuable time and internal resources to it. 

7. Payroll management 

Payroll processing in the healthcare industry can be complex due to various employee categories and different pay rates. 

By outsourcing this task, you can ensure employees are paid accurately and on time while complying with labor laws and regulatory requirements.

Where To Outsource Healthcare Accounting Services

There are several good options when it comes to healthcare accounting outsourcing locations. By offshoring, you can hire professional accountants from distant countries with lower salary expectations, while nearshoring to nations in LatAm keeps things closer to home for better real-time collaboration. 

Here are some of the best countries to outsource healthcare accounting services:

India

With a large pool of highly skilled and trained accountants, India is one of the top destinations for outsourcing healthcare accounting services. 

The country has a strong presence in the global healthcare market, and its accounting professionals are knowledgeable in US healthcare regulations.

Philippines

Known for its cost-effective services, the Philippines is another popular destination for outsourcing healthcare accounting tasks. Filipino accountants have expertise in managing medical billing, coding, and claims processing.

Costa Rica

This Central American country has a growing presence in the healthcare industry due to its proximity to the US and favorable time zone overlap with North America. 

Costa Rican accountants have a strong understanding of US healthcare regulations and can provide accurate and timely financial reports.

Mexico

Mexico is another top destination for outsourcing healthcare accounting services, offering competitive pricing and a large pool of bilingual professionals. 

Mexican accountants are knowledgeable about both US and Mexican healthcare regulations, making them an ideal choice for cross-border operations.

Colombia

With a stable economy and growing healthcare industry, Colombia has emerged as another popular destination for outsourcing healthcare accounting services. 

Colombian accountants have expertise in handling complex financial processes and are well versed in US regulations.

Top 10 Companies for Outsourcing Healthcare Accounting Services

To start you off on the right foot, we’ve compiled a list of 10 healthcare accounting providers with strong reputations and excellent service. 

The list is in no particular order and contains both accounting-specific firms and recruiting agencies that offer healthcare outsourced accounting among their broader service packages. 

1. Near

Near is a leading recruitment firm that specializes in recruiting top talent from Latin America (LatAm). Our talent pool includes many professional accounting experts with extensive experience in the healthcare industry, making us a trusted partner for outsourcing healthcare accounting services.

We put ourselves at the top of this list because we understand the unique needs and regulations of the healthcare industry. We’re dedicated to providing customized solutions that meet the specific requirements of each of our clients.

2. Whiz Consulting

Whiz Consulting is another top provider of outsourced healthcare accounting services. It has an expert team of qualified and experienced accountants who understand the latest healthcare regulations and can handle complex financial processes with ease.

3. Cogneesol

Cogneesol is a leading name in the world of outsourced accounting services. This company offers specialized healthcare accounting services. With its advanced technology and specialized expertise in healthcare regulations, Cogneesol can help healthcare facilities streamline their financial processes and ensure compliance.

4. Invensis

As a popular provider of outsourced healthcare accounting services, Invensis has a team of experienced professionals who are familiar with the complexities of the healthcare industry and can provide accurate and efficient financial management for employers.

5. EisnerAmper

EisnerAmper is a leading provider of outsourced accounting services for the healthcare industry. The firm offers comprehensive accounting services, including financial reporting, budgeting and forecasting, and audit preparation.

6. Quatrro Business Support Services

Quatrro Business Support Services is a trusted accounting outsourcing partner for many businesses in the healthcare industry. It has a team of professionals who are knowledgeable in the complex and ever-changing regulations of the healthcare industry.

7. Velan Bookkeeping

Velan Bookkeeping is a trusted provider of healthcare accounting and bookkeeping services. It offers customized solutions tailored to the specific needs of each healthcare organization, ensuring accuracy and compliance in accounting processes.

8. RCM Matter

RCM Matter specializes in revenue cycle management and offers expert healthcare accounting services. Its team of accountants has a deep understanding of healthcare regulations and can handle complex financial tasks efficiently.

9. Mauldin & Jenkins

Mauldin & Jenkins is a full-service accounting firm with a dedicated healthcare division. It provides customized outsourcing solutions that meet the particular requirements of each client, minimizing errors and ensuring compliance with industry regulations.

10. Neolytix

Neolytix is a leading provider of healthcare accounting and consulting services. The company specializes in handling the financial complexities faced by organizations in the healthcare sector, ensuring compliance with federal and state regulations while improving financial performance.

Final Thoughts

Outsourcing healthcare accounting services can be a game-changer for employers in this industry, allowing you to focus on providing quality patient care and other core competencies while leaving complex financial processes to experts. 

At Near, we specialize in recruiting top talent from LatAm, including accounting and finance professionals. Our extensive network of highly skilled candidates includes experienced accountants with expertise in the intricacies of the healthcare industry. 

Let us help you find the perfect outsourced accountant for your healthcare accounting needs. Book a free consultation call today to get started!