Behavioral health clinics and other mental health organizations must make delivering superior patient care their top priority. Because this focus requires so much attention, many of these entities need assistance with operational areas like accounting and finance.
Compass East can remove the burden from your shoulders by offering an assortment of premium accounting and finance services. We can help your organization develop and implement a sound behavioral health financial strategy that enables your team to devote more time and energy to what matters most — attending to your patients’ needs.
When you partner with us for outsourced finance and accounting services, you’ll benefit from our bottom-up approach and comprehensive solutions. By transforming data into actionable insights, we provide your organization with essential financial data to help you make more informed business decisions.
About Our Behavioral Health Finance Services
Accounting and finance can get complicated, especially for larger firms with multiple locations. Our approach is to streamline and simplify these procedures to make them easier to understand. We can even assist with restructuring your financial operations if needed to make them more efficient.
Through careful behavioral health financial planning, our team can help your organization anticipate and overcome the obstacles that could impede your progress — a vital concern for any business entity that is in expansion mode. We aim to help your firm achieve its growth and profitability objectives.
Compass East advisors brainstorm in a collaborative setting, drawing upon their vast experiences to determine the most practical path for each behavioral health entity. We use this technique as a foundation for developing cloud-based solutions, including key performance indicator (KPI) dashboards that provide valuable insight and optimize the strategic planning function.
Targeted Behavioral Health Clinic CFO Services
As the Chief Financial Officer (CFO) of a behavioral health clinic, you have a lot on your plate. Compass East can lighten the load by implementing advanced technologies to automate many aspects of finance and accounting. Beyond gaining easy access to accurate data for critical decisions, you’ll benefit from repeatable and scalable systems and processes that will future-proof your operations by enabling you to craft sustainable business models.
We offer a broad range of services to help you achieve these and other business objectives.
Accounting Services
Our behavioral health accounting services cover all essential bookkeeping procedures and much more. We’ll ensure your payroll system is accurate and complies with increasingly stringent tax rules and regulations. Our advisors can also assist with setting up a more efficient invoicing system that ensures timely patient billing and helps your organization maximize revenue. Other focus areas include accounts payable, accounts receivable, and profit and loss statements.
Forecasting
Forecasting a company’s financial future is a critical process that’s often challenging. Our advisors rely on tried-and-true techniques to make informed projections you can trust regarding what lies ahead for your business. We focus on budgeting to ensure your behavioral health organization has the funds to finance future plans and business endeavors. We also engage in cash flow forecasting to help identify constraints when managing growth.
Reporting
Internal and external stakeholders demand and deserve an accurate picture of your organization’s financial health and status at any given point. Compass East can ensure your accounting function accumulates and communicates essential data to shareholders, lenders, board members and key management personnel at regular intervals. You’ll be able to supply federal, state and local tax entities with the information they need for compliance purposes as well.
Assessment and Analysis
How can you be sure your organization’s financial health is stable and fulfilling expectations? Compass East utilizes advanced analytical tools and processes to evaluate all critical company functions, such as marketing, finance, patient services and employee onboarding, from a detailed financial perspective to ensure they’re delivering the best results without wasting precious resources.
Our Finance and Accounting Services Offer Numerous Benefits
When you choose Compass East for behavioral health outsourced accounting and finance services, you’ll collaborate with a team of experts who understand your business and bring years of relevant experience to their advisory capacity. Our team delivers attentive, personalized service that will have a meaningful impact on your organization’s short- and long-term performance.
Specific benefits of partnering with us include:
- Access to expertise: Many behavioral health operations don’t have the in-house resources or experience to manage the accounting and finance functions effectively. Compass East can add value to your business by filling in the knowledge gaps and becoming a trusted partner.
- Time savings: These days, many behavioral health organizations must find ways to maximize limited resources without sacrificing the quality of patient care. Outsourcing finance and accounting services to us enables you to focus on care rather than spending time optimizing core business activities that give you a competitive edge.
- Reduced costs: Many businesses find that outsourcing is less costly than hiring an in-house accounting team. Our fractional accounting services are available at a flat monthly rate. You won’t have to worry about hidden fees or add-on expenses that boost the price, and you won’t need to purchase expensive computer equipment, software or infrastructure additions to experience our services.
- More informed decision-making: Timely, accurate financial data is crucial when making key business decisions. Our services put essential information at your fingertips when you need it most. Leadership teams will be empowered to move forward with complete confidence.
- A better bottom line: Maximizing profitability is a primary goal of businesses in any industry, including behavioral health. By enabling you to operate more efficiently, our behavioral health accounting and finance services will improve your organization’s financial results and boost its bottom line.