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The Overlooked Advantages of Outsourced Accounting Services

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The concept of outsourcing accounting services is becoming less shrouded by healthcare practices’ apprehension. Thanks to increased awareness of the benefits of outsourced accounting services, from saving money to freeing up staff time, more providers are enlightened to take the plunge. Today, entrusting your accountants, bookkeepers, or CFOs to a trusted third-party service provider like Synapse is not only an attractive solution but also a wise one.

In this blog, let’s take a closer look at the unexpected benefits of outsourcing accounting services for your practice and how they can alleviate your financial burdens.

How Healthcare Accounting Is Changing

Healthcare accounting teams experienced everything that could go wrong during the pandemic. All of a sudden, financial crises hit them left and right, forcing them to adapt to remote work requirements and unpredictable staff shortages. Between March and June 2020, hospitals in the US had a total loss of over $200 billion due to an estimated 45% decrease in operating revenue, according to the American Hospital Association.

Given the new normal of agility, robustness, and innovation, it’s crucial for healthcare accounting teams to adapt. This is where Synapse comes in. We offer a secure future through our end-to-end revenue cycle management and financial services. When you choose the right outsourcing partner, you can access an elite unit that can handle the missing pieces of your staff, technology, or specialty. No longer will you be blindsided by the financial crisis of a pandemic. With Synapse, your practice’s future is in safe hands

Top 3 Overlooked Advantages of Outsourced Accounting Services

Although outsourcing healthcare accounting has become increasingly popular, there are underrated benefits that most healthcare teams are unaware of. Below are five overlooked advantages of partnering with an outsourcing accounting partner as we move into a digitally connected future.

  1. Tap into a team of skilled professionals in varied fields of accounting: Building the capacity to handle the many facets of healthcare accounting can be daunting, costly, and time-consuming. With an outsourced accounting provider, you have a pool of professionals with a breadth of knowledge and experience in various accounting fields, such as bookkeeping and payroll processing, medical provider accounting, tax preparation, strategic tax planning, etc.
  2. Reduce overhead costs and save money: Outsourcing unlocks an entire team’s expertise over a singular (or more) internal staff. In this way, you can run your healthcare accounting team without the overhead costs of hiring, training, and equipping an office. Then, you can reallocate your financial resources to other areas of your facility.
  3. No documents to manage: Commonly, people think about document management as storing paper files, but it also includes electronic storage, scanning, indexing, shredding, micro-filming, printing, and more. Healthcare notoriously has mountain loads of financial data that medical practices and insurers have to sift through – this won’t be a problem with outsourcing. All your data is safe and easily accessible with a HIPAA-compliant service provider like Synapse.

Get Your Comprehensive Suite of Accounting Services At Synapse

For healthcare organizations in the US, partnering with Synapse is the ultimate game-changer. We offer not only a full suite of accounting services personalized to fit your unique needs but also high-quality, scalable, and flexible accounting solutions. You’re not alone in navigating financial complexities because Synapse cares about your strategic business growth. Connect with one of our Synapse experts to leverage these overlooked advantages of outsourcing. Call us at (844) 384-7532 or email your inquiries at accountingsales@synhs.com.