Compass East offers a suite of services for clinician-owned and private-equity-owned medical practices with one or more locations. While you focus on what you do best — health care — we’ll focus on core tasks — delivering financial services that increase profits, reduce expenses, save time and make business management seamless.
How Outsourcing Accounting Benefits Your Clinic
Since clinic owners spend much of their time managing doctors and providing top healthcare services to their patients, the business side of the clinic may not be a top priority. Clinics may face several challenges with their accounting and financials, including:
- Inefficient, manual, paper-based processes.
- Out-of-date or unorganized practice books while using third-party software or providers for insurance billing.
- Neglecting to close the books monthly.
- Outdated software.
- Using outdated processes and technology that are out of touch with current business needs.
- Communication and coordination issues across locations for multi-location clinics.
- Inventory tracking issues.
- Having no budget in place.
Compass East specializes in financial solutions for the healthcare industry, ranging from healthcare revenue reporting to cash flow. Our team will streamline your financial processes and improve profits. For a flat monthly rate, you’ll gain our accounting expertise without the expenses of hiring and managing an in-house department. By entrusting us with your books, you can spend more time on the business functions that matter most.
Who Our Healthcare Accounting Services Support
Our healthcare accounting services support clinician-owned and private equity-backed medical practices that are rapidly expanding to new locations, such as dermatology and behavioral health clinics.
We offer insight into maximizing personal income via cash flow and enterprise value in the business. Compass East maximizes profitability to support your scale and encourage future growth.
Our Healthcare Financial Strategy
Our healthcare strategy is focused on streamlining operations across multiple locations. Our goal is to structure your financial operations and management in standardized and repeatable configurations to support rapid growth. While you bring the medical background to your clinic’s operations, we’ll provide the business knowledge to improve your finances and accounting.
Though having multiple locations encourages growth, it makes financial management more challenging. No matter how many locations you have, the team at Compass East will be your partner at every step. We’ll streamline your operations to make them more profitable and efficient while opening the lines of communication between your branches.
Healthcare Finance Services at Compass East
Compass East works with healthcare clinics to build scalable operations via technology. We make your financial processes repeatable so that, as you scale to more locations, you can duplicate your financial strategies for each clinic. Our “finance and accounting in a box” approach maximizes your profitability. Our team will be available to assist each new location with business management and leadership.
Our suite of healthcare financial solutions includes:
Assessment and Analysis
Our financial assessment services focus on improving accounting and financial reporting. We take a bottom-up approach to understanding your operation, including how financial information and transactions flow throughout your practice and across locations. We’ll develop an infrastructure that meets your current needs and can grow with your company to meet your future workload.
Beyond becoming familiar with your operations, we use a cloud-based technology stack with advanced tools to generate accurate and thorough financial reports for payroll, vendor management, bill pay, invoicing and more.
Planning and Implementation
Our assessment and implementation services guide your company through the implementation process for cloud-based financial systems. We’ll help you integrate these systems into your workflow to make all your processes seamless. Our team will simplify technology integration to address and close gaps and improve communication between clinic locations. We aim to add solutions to your financial technology ecosystem that will remove manual processes and adapt to your current infrastructure.
Accounts Payable Services
Staying ahead of your expenses requires your clinic to manage cash flow and generate profit. Our billing and accounts payable (AP) services streamline your processes from the bottom up. AP is the foundation of your clinic’s financial well-being — Compass East will ensure your records are accurate so you can understand the relationship between spending and profits.
With our AP services, our team will:
- Code your expenses correctly to utilize your budget.
- Tidy your existing records.
- Develop new, efficient processes for your AP.
- Automate routine processes to reduce manual tasks.
Accounts Receivable Solutions
Our invoice management solutions help you manage your accounts receivable (AR) and other debts. AR is a current asset that determines your practice’s cash flow. With our services, you can better understand these assets and make informed financial decisions.
Our bottom-up approach to AR and invoices includes:
- Organizing and assessing your existing accounts and balance sheet to ensure accuracy.
- Creating credit and payment policies that encourage timely payments and minimize outstanding receivables.
- Cloud-based technology to improve your processes and overall efficiency.
Financial Modeling and Projections
Healthcare financial forecasting assesses your historical financial data to determine how it will impact your company’s future. Financial modeling and projections help your business strategize for future opportunities and identify potential opportunities.
Our cloud-based technology stack and financial advisors run scenario planning for areas like:
- Fundraising strategy
- Capital allocation
- Revenue growth strategy
- New location expansion
These projection models are tailored to your specific projects to take your unique qualities into account.
Cash Flow Management
Cash flow management determines the future opportunities your high-growth practice can take advantage of. Our consulting services for cash flow management help businesses manage various income and payment sources to meet their obligations while planning for future growth and scaling.
Our approach includes:
- Adjusting your financial system to meet your needs
- Reviewing your historical financial data to understand monthly fixed and variable costs.
- Identifying future revenue opportunities using customer relationship management (CRM) program data.
Financial Controller Review
An outsourced Financial Controller builds trust in your practice’s operations by leveraging professional expertise to improve your financial performance. Financial Controller review services at Compass East use bottom-up financial strategies and solutions to improve your financial reporting, so your team can focus on the core aspects of your business.
Your Financial Controller will:
- Manage accounting operations like AP/AR, billing, inventory and cost accounting.
- Create and analyze reports to identify trends and forecast future opportunities.
- Oversee cash flow management to track funds and identify valuable insights.
Key Performance Indicator Dashboards
Key performance indicators (KPIs) measure how well your clinic is meeting its goals and are key for identifying growth and improvement opportunities. Our KPI dashboard and development services help high-growth companies establish leading KPIs for enhanced business health and performance to maximize valuation. These dashboards and other tools offer visibility into KPIs, margins and profitability metrics based on real-time data.
Compass East can track financial KPIs like revenue growth, gross profit margins and net income from your accounting software. We can also track operational data, such as customer acquisition cost, lifetime value and gross retention revenue, from CRM software.
Outsourced Chief Financial Officer
Though high-growth companies want to meet their financial goals, such as increasing profitability, some lack the knowledge to improve their finances. Our outsourced Chief Financial Officer (CFO) services give you the benefits of an experienced professional without taking on in-house costs for hiring. Your fractional CFO can manage financial, risk-management and administrative tasks like:
- Financial forecasting to strategize for your financial future.
- Cash flow analysis to maximize your bottom line.
- Financial reporting to analyze trends and make informed decisions.
Advanced Bookkeeping
Bookkeeping is essential for managing transactions and identifying optimization opportunities. Our advanced bookkeeping services retrieve, record and store your financial transactions to deliver a clear and accurate view of your performance. You can be confident that your practice’s income reports are precise and build trust with stakeholders.
Financial Statement Preparation
Accurate financial reports are the cornerstone of budgeting, investments and other financial decisions. Compass East’s financial statement prep services prepare statements for balance sheets, profits and losses, cash flows and more. Outsourcing this preparation to our financial advisors ensures your statements will be accurate and gives your team more time to focus on delivering excellent care.
Benefits of Compass East for Healthcare Financial Solutions
Compass East is your professional, trusted partner for healthcare accounting services. We have years of experience developing innovative solutions that meet the unique demands of the healthcare industry. We approach every financial service in this sector with professionalism, flexibility and ease.
When you work with our professional advisors for your financial needs, you’ll benefit from our:
- Cloud-based technology stack that empowers leadership with data-backed insights.
- Improvements to your financial processes to drive growth and success.
- Personalized services tailored to your clinic’s requirements.
- Responsiveness that brings timely results.
- A bottom-up approach to build a scalable financial operation.
