Running a medical practice can be demanding, pulling in every direction at once. From managing patient care and follow-ups to the back office and financial side of things, healthcare goes far beyond caring for the patients. We support medical practice managers in streamlining and automating their back-office processes, running everything through Xero as the central hub for medical accounting software. Xero is a cloud accounting platform that provides a secure, easy-to-use way to stay up to date on practice finances and make sure nothing falls through the cracks. We find four Xero features to be particularly helpful for our medical practice clients.
The dashboard lets you see it all! Your clinic’s financials are presented in one secure hub, easy to access and simple to navigate. Create reports with a few clicks. Xero’s dashboard is customizable, allowing practice managers to monitor specific areas of concern. View cash flow with simple graphs and set up tracking to monitor every transaction—bank balances, bills, and deposits.
Xero’s central dashboard is immensely helpful for single office locations, but it really showcases its power in multi-location practices. The dashboard allows you to view financial reports by location or as a complete practice. Ensuring all locations have adopted consistent procedures provides a level of organization and reduces the risk of theft.
Xero’s mobile app gives physicians and practice managers the ability to stay connected to the financials while on the go. Whether you’re traveling between clinics, at your home office after hours, or simply on a lunch break, Xero’s app provides you all the data in one secure location. The Xero app is available for Apple and Android devices.
Aside from patients, inventory is one of the top things you have to track as a medical practice. Whether it’s medical supplies from various vendors, office supplies, or items you sell to patients, you can view, track, and manage all inventory from Xero. When you’re selling products, Xero helps you to easily access the cost, add to invoices, and see your top-selling products. Business owners can pull countless reports with the click of a button, offering valuable insight.
One of the top reasons why we love Xero is the ability to seamlessly integrate with other apps. Sync Xero with third-party healthcare apps for appointment scheduling, practice management, and much more. By pulling in data streams, you reduce the need for double data entry, which can lead to missing data and confusion, not to mention hours of precious time. Some of the apps we love for medical practices to integrate with Xero include:
- Bill.com – approve and pay bills anytime, from anywhere. Whether you have one practice or multiple locations, you can get an overall picture of payables from one central hub and create a centralized process for approving invoices.
- Gusto – manage payroll and everything that comes along with staffing. Gusto gives you total control over payroll, automating payroll taxes, benefits, and so much more.
- Expensify – smart scan receipts and Expensify will code and report the expense for you, with the ability to set approvals.
Keeping your medical practice books healthy starts from a solid foundation. Xero keeps your books organized while playing happily with other cloud-based apps, offering the many benefits of medical accounting software. If you’re considering digitizing your medical practice, we’re here to get your clinic’s books secure on Xero. Contact us to schedule a consultation.