Effective financial management is crucial for healthcare operations today. Institutions face challenges in maintaining accurate financial records while delivering high-quality patient care. Medical billing, insurance claims, and regulatory compliance complexities require specialized knowledge and careful attention across all operations.
The demand for healthcare accounting services is growing as medical practices recognize the benefits of effective financial management. Healthcare providers increasingly seek external specialists to navigate complex regulations, improve operations, and reduce administrative burdens. This trend underscores the need for expertise in medical coding, revenue cycle management, and compliance with evolving healthcare regulations.
How We Selected the Top Healthcare Accounting Providers
Our evaluation focused on key factors ensuring reliable accounting services for healthcare organizations. We assessed each provider’s experience with healthcare clients, HIPAA compliance, and cost-effectiveness. Essential criteria included nearshoring options in the US and Canada, technology-driven platforms for efficiency, clear billing practices, and expertise across various healthcare providers like hospitals, clinics, and private practices.
Top Healthcare Accounting Service Providers in 2025
1. Floowi
Floowi offers offshore talent solutions from Latin America, primarily for marketing agencies, and is now expanding into healthcare accounting. We connect healthcare organizations with qualified accounting professionals knowledgeable in financial management and compliance. Based in Latin America, Floowi provides cost-effective services while maintaining high-quality standards.
- Best fit for: Healthcare organizations seeking cost-effective offshore accounting talent with Latin American expertise
2. BDO Healthcare
BDO offers extensive healthcare accounting services, including audit, tax, and advisory solutions specifically designed for medical organizations. Its healthcare division serves hospitals, health systems, and physician practices across the United States. It provides specialized expertise in healthcare mergers, acquisitions, and regulatory compliance.
- Best fit for: Large hospitals and integrated health systems requiring comprehensive financial services
3. CliftonLarsonAllen (CLA)
CLA delivers healthcare-focused accounting services with deep industry knowledge and regulatory expertise. Its services include financial statement preparation, tax planning, and operational consulting for healthcare providers. CLA serves academic medical centers, community hospitals, and specialty practices throughout the United States.
- Best fit for: Mid-size healthcare organizations seeking comprehensive advisory and compliance support
4. RSM Healthcare
RSM provides specialized accounting services for healthcare organizations, emphasizing technology integration and process optimization. Their team offers audit, tax, and consulting services tailored to healthcare compliance requirements. They serve clients across various healthcare sectors, including long-term care and behavioral health facilities.
- Best fit for: Healthcare organizations prioritizing technology-driven accounting solutions and process improvement
5. Wipfli Healthcare
Wipfli offers dedicated healthcare accounting services, focusing on operational efficiency and financial performance improvement. Their services include revenue cycle optimization, cost accounting, and strategic financial planning for medical organizations. They serve rural hospitals, physician groups, and healthcare nonprofits throughout the Midwest.
- Best fit for: Rural hospitals and community healthcare providers seeking operational efficiency
6. Moss Adams Healthcare
Moss Adams provides comprehensive healthcare accounting services with expertise in complex regulatory environments and financial reporting. Their healthcare team serves hospitals, medical groups, and healthcare technology companies across the West Coast. They specialize in mergers, acquisitions, and strategic financial planning.
- Best fit for: Healthcare technology companies and West Coast medical organizations
7. Plante Moran Healthcare
Plante Moran delivers specialized healthcare accounting services, focusing on value-based care models and financial transformation. Their team provides audit, tax, and consulting services for healthcare providers adapting to industry changes. They serve academic medical centers, physician practices, and healthcare startups.
- Best fit for: Healthcare organizations transitioning to value-based care models
8. Grant Thornton Healthcare
Grant Thornton offers comprehensive healthcare accounting services with global reach and industry-specific expertise. Its healthcare practice provides audit, tax, and advisory services for complex healthcare organizations. It serves public and private healthcare companies, including those with international operations.
- Best fit for: Large healthcare corporations with complex financial structures and international presence
9. Baker Tilly Healthcare
Baker Tilly provides healthcare accounting services emphasizing regulatory compliance and financial optimization. Their team offers specialized services, including cost report preparation, reimbursement optimization, and financial statement audits. They serve hospitals, health systems, and specialty healthcare providers nationwide.
- Best fit for: Healthcare providers requiring specialized reimbursement and regulatory compliance expertise
Accounting Services for Healthcare Professionals
Bookkeeping and Financial Reporting
Contemporary healthcare accounting solutions integrate EMR with bookkeeping systems, merging patient information with financial data and reducing manual input errors. These advanced platforms provide real-time reporting, allowing providers to assess cash flow and monitor performance metrics. Organizations that outsource healthcare accounting services gain access to experts who ensure audit-ready financial records with proper documentation and compliance, enabling them to handle regulatory evaluations while confidently prioritizing patient care.
Payroll Management
Managing payroll in healthcare presents unique challenges that require specialized knowledge of various hourly wages, overtime calculations, and complex benefit structures. Professional accounting services address these issues, handling shift differentials, physician compensation models, and diverse employee benefits. They ensure accurate payroll management, including on-call compensation and education reimbursements, while complying with healthcare labor regulations and integrating with practice management systems.
Tax Planning and Compliance
Tax planning and compliance in healthcare require a solid understanding of the regulatory frameworks governing Medicare and Medicaid reimbursements. Accurate documentation is essential to avoid penalties. Professional accounting services help navigate complex federal tax regulations while ensuring compliance with diverse local and state tax obligations. They address healthcare-specific tax challenges, including unrelated business income tax for nonprofits and provider taxes, while keeping up with evolving government reimbursement regulations that impact tax liabilities and financial strategies.
Consulting and Advisory Services
Healthcare consulting and advisory services support strategic budgeting, growth planning, and operational efficiency tailored to medical organizations’ unique challenges. Expert healthcare accounting services help navigate mergers and acquisitions with valuation insights, due diligence, and integration planning, ensuring compliance and smooth transitions. These consultants also prepare organizations for regulatory audits and financial assessments while developing long-term strategies that promote sustainable growth and improve patient care in a competitive landscape.
Why Outsource Your Healthcare Accounting Needs?
Handling healthcare accounting services internally presents challenges like high costs for specialized personnel, adapting to changing regulations, and investing in expensive technology. Many organizations struggle to find qualified professionals who understand accounting and healthcare needs, leading to increased recruitment expenses and compliance risks. Outsourcing healthcare accounting services offers advantages such as access to specialized expertise, reduced operational costs, improved compliance, and the ability to focus internal resources on patient care while ensuring accurate financial management.
Benefits of Outsourcing
Delegating your healthcare accounting tasks can provide significant benefits beyond merely saving time. Organizations that outsource healthcare accounting services often experience improved precision and dependability in financial processes and a reduced workload for in-house teams. Here are the primary advantages:
• Accuracy improves with dedicated professionals who handle bookkeeping, reporting, and payroll using specialized tools and best practices.
• Compliance becomes easier through expert handling of Medicare, Medicaid, HIPAA, and tax regulations.
• Overhead costs are reduced by eliminating the need to hire, train, and manage an in-house accounting team.
Cost Efficiency and Time Savings
Outsourcing accounting for healthcare can result in considerable savings in both costs and time, particularly for expanding practices and small to medium-sized healthcare providers. By delegating financial responsibilities to specialized external teams, healthcare organizations can avoid the significant costs of hiring, training, and keeping full-time employees. Here’s a comparison of outsourcing:
• Providers can save 30 to 50 percent compared to in-house accounting due to lower labor and infrastructure costs.
• Time spent on financial tasks drops significantly, allowing teams to focus on patient care and core operations.
• Outsourced firms often use automated tools that speed up reporting, payroll, and compliance processes.
• No need to invest in expensive accounting software, training, or updates; these are included in the service.
Access to Specialized Expertise
In the healthcare sector, managing finances necessitates more than fundamental accounting abilities. It requires a profound understanding of industry regulations, billing methods, and coding systems. By outsourcing, providers can tap into the expertise of professionals familiar with these intricacies and execute them accurately in all financial operations.
• Outsourced teams are trained in healthcare regulations like HIPAA, Medicare, and Medicaid compliance.
• Experts understand industry coding systems and billing rules that impact reimbursement and revenue cycles.
• Providers benefit from proactive advice tailored to the financial realities of clinics, hospitals, and specialty practices.
• Errors are reduced thanks to professionals focusing solely on healthcare finance and compliance.
Tailored Solutions for Various Healthcare Providers
Outsourced accounting provides specialized support for various healthcare providers. Private clinics improve billing and bookkeeping, allowing staff to focus on other tasks. Hospitals benefit from scalable teams to handle large workloads and compliance issues. Specialty practices, like dental or therapy clinics, receive tailored reporting and tax planning. All providers, regardless of size, gain enhanced accuracy, efficiency, and expert support through outsourcing.
Services for Physicians and Clinics
Healthcare providers need specialized accounting services to boost revenue and simplify medical billing. Expert services ensure accurate claims submission, coding compliance, and timely payments from insurers and government programs. They also improve collections management, reduce accounts receivable aging, stabilize cash flow, and maximize recovery rates. Tracking patient profitability helps physicians identify their most profitable services and make informed decisions for practice growth and financial health.
Accounting for Dental Practices
Dental practices have unique financial requirements that demand more than standard accounting assistance. Providers specializing in accounting for healthcare professionals help monitor procedure profitability, enabling dentists to identify which treatments yield the best returns. They also handle complicated insurance reimbursements, guaranteeing precise claims and quicker payments. With these services established, dental professionals achieve better financial clarity and can dedicate more time to patient care, staff management, and confidently grow their practice.
Support for Mental Health Professionals
Mental health practitioners often have clients who pay cash and those using insurance, requiring accurate income tracking. Outsourced accounting services can help manage these differences and align financial records with appointment-driven revenue cycles. Additionally, maintaining confidentiality is crucial, so working with providers knowledgeable about HIPAA compliance ensures sensitive information is handled correctly. This support allows therapists and counselors to maintain trust while securing their financial processes.
Solutions for Home Healthcare Agencies
Home healthcare agencies encounter specific challenges such as managing complex payroll for rotating staff, fluctuating hours, and various locations. Outsourced accounting providers manage these complexities with systems that monitor employee time, calculate pay based on shifts, and ensure timely payments. They also assist agencies in adhering to changing labor laws and healthcare regulations. With this level of assistance, home healthcare businesses can concentrate on providing quality care while ensuring their financial operations are accurate, compliant, and stress-free.
Understanding Healthcare Accounting
Healthcare accounting focuses on financial management for medical institutions, including hospitals and clinics. It differs from conventional accounting by addressing unique regulatory standards, billing processes, and compliance requirements in the medical field. This specialization involves medical coding, processing insurance claims, managing Medicare and Medicaid reimbursements, and adhering to HIPAA regulations. Professionals in this area understand revenue cycle management and the financial impact of clinical operations on an organization’s profitability and sustainability.
What is Healthcare Accounting?
Healthcare accounting is a specialized area of financial management focused on the needs and regulations of medical institutions and service providers. A core aspect of accounting for healthcare professionals includes patient billing, insurance claims processing, accurate medical coding, and compliance with regulations like HIPAA and Medicare. Challenges include managing complex reimbursement structures, adapting to changing regulations, ensuring patient privacy, and coordinating with multiple payers. Additionally, healthcare accounting must address lengthy accounts receivable collection periods and denied claims, as well as maintain detailed audit records for financial accuracy and regulatory compliance.
Key Financial Statements in Healthcare
Financial accounting and operational support are essential for healthcare providers to monitor performance, manage costs, and support long-term planning. Accurate financial statements produced through this support help ensure sound decision-making and regulatory compliance.
• Profit and Loss Statement
Shows revenues and expenses over a specific period, helping providers evaluate service profitability and control operational costs.
• Cash Flow Statement
Tracks incoming and outgoing cash to highlight liquidity, ensuring providers can cover payroll, supplies, and other critical expenses.
• Balance Sheet
Summarizes assets, liabilities, and equity at a point in time, offering a snapshot of the organization’s financial health and stability.
Regulatory Compliance and Reporting Standards
| Standard | Name | Description |
| HIPAA | Health Insurance Portability and Accountability Act | Ensures privacy and security of patient health information in all financial and operational processes. |
| GAAP | Generally Accepted Accounting Principles | Sets the standard for consistent, transparent financial reporting across all healthcare entities. |
| CMS Rules | Centers for Medicare and Medicaid Services Guidelines | Regulates billing, reimbursements, and reporting for services covered under Medicare and Medicaid. |
Frequently Asked Questions
What Is Healthcare Accounting?
Healthcare accounting involves managing financial operations within medical organizations. This process includes billing, payroll, budgeting, tax planning, and ensuring compliance with healthcare regulations. Effective healthcare accounting guarantees accurate financial reporting and assists providers in maintaining their financial health.
What Are the Two Primary Types of Accounting in Healthcare Organizations?
The two main types of accounting are financial and managerial. Financial accounting emphasizes external reporting, such as income statements and balance sheets. Managerial accounting aids internal decision-making through budgeting, forecasting, and performance evaluation.
What Is the Difference Between Accounting Services and Bookkeeping Services?
Bookkeeping services manage daily financial records, including transactions, invoices, and payroll. Accounting services take this further by analyzing financial data, preparing reports, managing taxes, and ensuring compliance. Businesses typically require bookkeeping for daily tracking and accounting for strategic planning.
Get Started with Our Healthcare Accounting Services
Improve your accounting flow with Floowi. We connect you with skilled offshore professionals who are experienced in healthcare finance. Our experts can optimize payroll processes and ensure compliance during audits. Partnering with us enhances operational efficiency while upholding compliance standards, strengthening your financial framework for exceptional patient care. Contact us to learn more.
Schedule a Consultation
Looking for the proper accounting help for your healthcare business? Schedule a free consultation with us. We can show you how our offshore team can support your financial goals. Whether you need payroll, compliance, or reporting assistance, we are here to help you every step of the way.
Download Our Healthcare Accounting Guide
Please take the next step toward more innovative financial management with our free PDF guide. It covers essential strategies, compliance tips, and service comparisons to help you make informed decisions. This guide is ideal for clinics, practices, and growing healthcare businesses that want to streamline their accounting processes. Download it now and start improving your accounting flow today.
