Eye-Catching Finances: Outsourced Accounting for Optometrists

Attention optometrists! Whether you’re considering starting up a new optometry practice or an old hand in the industry, we welcome you to this short and snappy discussion on why we believe outsourced accounting for optometrists is the future.

As medical professionals, you want nothing more than to help people, especially optometrists, who quite literally save the light in people’s lives, so to speak. With such a heavy responsibility on your shoulders, it is easy to lose sight of the fact that you are running a business that demands a lot of attention. Attention that you most likely do not have the time and energy to provide sufficiently. 

Accounting is among the notorious “boogeymen” functions of the healthcare industry. For one, things get complicated, what with insurance and loans involved. Plus, you do not want to focus on accounting and finances at the cost of your patients’ well-being. 

With such a conundrum to deal with, priorities must necessarily be set. Or should they?

We at Expertise Accelerated commend the optometrists of the country for safeguarding the light in people’s lives and would like to play our part in the mission by sharing the burden of running such a difficult business with you all.

Outsourced Accounting for Optometrists

It is not news to anyone that outsourcing has been the talk of the town as of late, with Silicon Valley heavily pivoting to third-party contract professionals. And we believe that there lies great potential in outsourced accounting for optometrists. As valued professionals of society, your time is best spent helping the community, so why not delegate mundane and complex work like accounting to someone more knowledgeable and experienced?

This is precisely why today, we will address the many benefits of outsourced accounting and why it is the perfect accounting solution for optometrists. So, without further ado, let’s look at accounting through the lens of outsourcing!

The Benefits of Outsourced Accounting for Optometrists 

Saving Time, Saving Lives

Your job is to save people’s lives; nothing should come between you and that mission. What outsourced accounting can give you is the chance to devote yourself to the care of your patients. What’s more important is spending an hour balancing your accounts or seeing one extra patient daily?

When we put it like that, the answer seems quite obvious. Outsourced accounting for optometrists is the opportunity to enlist the aid of highly qualified accounting professionals to manage your financial responsibilities. While you let any fine full-service accounting firms maintain the books and ensure things are running smoothly, you can rest easy and focus on your patients. 

Healthy Business, Healthy Community

You must stay on top of your practice’s financial health as a business. Poor financial management is among the leading causes of medical practice closure, with PrognoCIS reporting that there has been a steady decline in medical practice revenue over the last few years due to sloppy accounting. 

Many of the mistakes made by these now-closed practices could have been easily avoided had they designed to have an accountant on the scene. Of course, we can’t really blame them, given the exorbitant costs of hiring in-house accounting professionals. But with outsourced accounting for optometrists and all other medical practices, there is hope. 

Even if you go all out and enlist the aid of a full-service accounting firm with the best accounting services, your bill would still come out to a fraction of the in-house equivalent. Using EA as an example, our accounting solutions for optometrists would result in up to 60% payroll savings. By spending a little, optometrists stand to gain a lot in sustainability and operational ability. 

An Experienced Set of Eyes

You didn’t study all those years in college to be stuck filing invoices and talking to insurance companies, and I’m sure most of us can relate. Outsourced accounting for optometrists opens doors previously only available to big hospitals, i.e., the best expert accounting services. 

When you enlist the aid of a full-service accounting firm to handle your outsourced accounting, what you are paying for is not just a run-of-the-mill standard accountant. Instead, you are paying for someone who has intimately dealt with your specific industry. Someone who understands how the retail aspect of optometry works alongside the healthcare side. Someone who knows their way through a conversation with a sleazy insurance provider and can best guide you when making financial decisions for the business. 

Access to such an experienced set of eyes is priceless, and outsourced accounting for optometrists makes it accessible to everyone. Sure, it may get a bit more costly but think of how much you can gain by having someone a hundred times more skilled at the job than you taking care of it. Not only does it make your life easier, but it also makes it so that you can do your best to provide the best healthcare experience to your patients.

Conclusion

Outsourced accounting for optometrists is the opportunity of a lifetime. While risks and concerns are associated with the work model, those concerns have all been addressed in the EA publication “Outsourced Accounting: Risks and Risk Management”, and we encourage you to take a look before you knock down the idea.

Let’s be honest: things are getting difficult for almost every business, and the medical industry has been hit quite hard after the pandemic. Declining revenues and dwindling appointment numbers, among many other factors, make it so that starting and maintaining an optometric practice now is nothing short of a herculean endeavor. So why not give outsourced accounting a shot? The worst that could happen is you don’t think the services are worth the cost and want to do it yourself, but at least you will have tried. We believe this solution is the key to sustaining your optometric practice and making the world brighter.