Tips for Choosing the Best Healthcare Accounting CPA

Everything you need to know!

Future of the CPA Profession
Ask Joey

Ask Joey

Hey! My name is Ask Joey, and I am the virtual tutor for the Universal CPA platform. I work 24/7 to help you pass the CPA exam. I hope you found this page information and helpful for passing the CPA exam!

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Future of the CPA Profession

Healthcare financial management gets tricky because there are a lot of rules about how to bill various services, and you’ve got to stay on top of them. If there’s a slip-up, it could mean payment delays or even legal problems.

This makes the accounting field, and careers with CPA licensure, a secure profession to pursue in the future. If this is the path you’re looking to follow, here is some information on the CPA exam, what you can expect in terms of compensation, and the benefits of becoming a CPA.

Here’s where a healthcare CPA becomes your go-to expert.

Hence, this article offers vital insights into selecting a healthcare CPA capable of managing these unique challenges. We will delve into their essential qualifications, specialized skills, and the best practices in the field. It will empower you with the knowledge to make a well-informed decision, ensuring your practice’s financial operations are in expert hands.

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Finding the Right CPA

You want to hire someone who understands healthcare accounting and the unique challenges of this section. Here are a few areas to focus on.

Qualifications to Look For

CPAs undergo rigorous academic preparation. It includes hours of practice tests in financial accounting, auditing, taxation, and management accounting, among other areas. 

The preparations for the CPA exam include sitting for sample tests the same way nursing assistants take a practice exam to prepare for the CNA test. Hence, a CPA with a high score in various certifications has the skills and knowledge you need in your medical practice. 

In addition, specialized training or experience in healthcare accounting is suitable. It ensures that the CPA is well-versed in the unique aspects of healthcare finance, which are different from other industries. 

Check for Compliance and Ethical Standards

Your CPA must be knowledgeable about healthcare-related regulations, particularly HIPAA (Health Insurance Portability and Accountability Act). It sets the standard for protecting sensitive patient data, and any non-compliance can lead to significant legal and financial repercussions.

Moreover, the CPA must demonstrate the highest ethical standards in accounting. Such goes beyond mere honesty in financial reporting. It involves a commitment to accuracy, transparency, and integrity in all financial activities.

In addition, they should be well-versed in other relevant healthcare regulations such as the Affordable Care Act (ACA) and the Medicare Access and CHIP Reauthorization Act (MACRA). These laws have specific financial and reporting implications that can impact your practice. 

Test their Technological Proficiency

CPAs are adapting to future trends by embracing various software tools. Hence, the one you choose should also be proficient in using healthcare-specific accounting software.

They should also possess skills in analyzing complex financial data and making accurate financial forecasts, which are essential for the financial health of your practice. Additionally, staying updated with the latest technology trends in healthcare accounting demonstrates a commitment to leveraging technology for efficient financial management. 

Evaluate Experience and Reputation

The CPA should also be familiar with various healthcare reimbursement models for optimizing your practice’s revenue. On top of that, their ability to communicate complex financial information and work collaboratively with other healthcare professionals is important. 

Furthermore, good communication skills are essential for internal purposes and for explaining financial matters to patients and other stakeholders. The best way to evaluate such skills is to ask about their employment history and experiences.

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Consider Your Healthcare Settings

Your choice should also factor in the specific needs of your healthcare settings. Hospitals and small clinics have different accounting needs, and the CPA should be able to adapt to these. Non-profit healthcare organizations, for instance, have unique financial and regulatory requirements.

Final Thoughts

A generic CPA might not have the specialized knowledge required for effective healthcare-specific financial management and regulatory compliance. This lack of specialized expertise can result in inefficient financial management and compliance risks for your practice. 

Therefore, select a CPA with a deep understanding of the healthcare industry and its unique financial challenges.

Conduct thorough interviews with potential CPAs to gauge their suitability for your practice. Ultimately, you should choose a CPA whose expertise, approach, and values align with those of your medical practice. This alignment is crucial for a successful long-term partnership.

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Tips for Choosing the Best Healthcare Accounting CPA Everything you need to know! Facebook Twitter LinkedIn Future of the CPA Profession Healthcare financial management gets tricky because there are a lot of rules about how to bill various services, and you’ve got to stay on top of them. If there’s a slip-up, it could mean […]