CAS Practice Case Study:
Two years ago, a local orthodontics practice reached out to us requesting our services to assist with the issues they were facing. The major issues were high employee turnover, past-due vendor payments, and lack of cash flow management. Continue reading to see how our Orlando medical accounting firm increased profitability with this practice.
Due to the substantial employee turnover, the practice fell behind on payments and was assessed past-due penalties. Eighty-five percent of operating and clinical expenses were over 90 days past-due. Patient satisfaction was also greatly affected. Patients experiencing the lack of practice management and customer service organization resulted in numerous cancelation of contracts and refund requests. The level of patient frustration increased due to unresolved insurance collections and refund request.
The solutions we implemented were an automated bill payment accounting software, modernized accounting software, paperless record management, and accurate financial reporting. Modernizing the accounting software was a key element in the practice transformation as it eliminated tedious data entry, assisted in creating accurate financial reports, and allowed us to monitor and maintain cash flow efficiently.
As a result of our partnership, personnel costs decreased by 30% and operating expenses decreased by 15%. Focusing on patient care resulted in a decrease of patient refunds by 66%. New patient contracts have increased by 30%. The business has experienced a growth of 99.6% in net ordinary income compared to the same time period last year.
The goal of our partnership is to relieve key employees from repetitive and time-consuming accounting functions so that they can focus on operations and patient care. We are able to provide timely and accurate financial reporting, so the practice administrator and owner can make relevant financial, operational and strategic decisions.
We are committed to learning and fully understanding your situation and business in order to better serve your needs. We focus on collaboration and communication to ensure our service delivery is seamless.
Want more information on how we can help your practice save time and money? Give us a call at 407.650.9088 or email at Info@ClientAccountingService.com.