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Comprehensive Guide to Medical Accounting for Chiropractors

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Comprehensive Guide to Medical Accounting for Chiropractors

Medical accounting is the backbone of a successful chiropractic practice. From managing multiple revenue streams to staying compliant with tax obligations, chiropractors need robust financial systems to maintain profitability and stability. Here’s your ultimate guide to navigating the intricacies of chiropractic accounting with practical strategies.

Introduction to Chiropractic Accounting Essentials

Medical accounting in chiropractic practices involves a mix of patient payments, insurance reimbursements, and recurring wellness program fees. Effectively managing these revenue streams is crucial to maintaining a healthy bottom line.

  • Multiple Revenue Streams: Chiropractors generate income from services, insurance, and wellness products.
  • Unique Financial Needs: A thorough understanding of these revenue streams helps chiropractors optimize income management and minimize financial stress.

Revenue Tracking and Management Techniques

Revenue from patient fees, wellness program subscriptions, and insurance is diverse, making accurate tracking difficult. Effective revenue management starts with understanding each stream’s contribution and ensuring timely and accurate record-keeping.

  • Software Integration: Use practice management software that integrates accounting features to track all revenue sources automatically.
  • Automation: Automate recurring charges, such as membership fees or subscriptions, to ensure consistency and minimize manual tracking errors.

Handling Accounts Receivable (AR) Challenges

Chiropractors often face delayed or unpaid claims from insurance providers, which can lead to cash flow issues. Proper AR management ensures you get paid for the services you provide.

  • Regular Follow-Ups: Create a schedule for consistent follow-up on outstanding claims, reducing unpaid balances.
  • Automate AR Tracking: Use software tools to automate follow-ups, send reminders, and manage aging accounts efficiently.

Mastering Insurance Billing

Insurance billing is a constant hurdle due to ever-changing codes and specific payer requirements. Mistakes in coding or documentation can result in delayed or rejected claims.

  • Solution: Train staff in the latest ICD-10 and CPT codes to reduce coding errors. Keep updated with payer-specific requirements through training sessions or seminars.
  • Claim Scrubbing Tools: Implement tools that help “scrub” claims for errors before submission, reducing denials and improving cash flow.

Navigating Tax Obligations and Maximizing Deductions

Tax obligations are complex in healthcare. Chiropractors must deal with business income taxes, self-employment taxes, and industry-specific deductions. Understanding these responsibilities is key to minimizing liabilities.

  • Hire a Specialist Accountant: Work with a healthcare-savvy accountant to ensure you’re taking advantage of all potential deductions.
  • Common Deductions: Deductible expenses often include medical supplies, office costs, education, and even transportation for work-related travel.

Efficient Accounts Payable (AP) Management

Chiropractic practices must handle multiple payments to suppliers, landlords, and service providers. AP issues like missed payments or inconsistent schedules can lead to fines, strained relationships, and supply issues.

  • Automate AP Payments: Use accounting software to automate payments and avoid missed deadlines.
  • Prioritize Vendors: Create a payment schedule that ensures critical vendors are always paid on time, avoiding supply chain disruptions.

Payroll Management for Chiropractic Staff

Payroll complexity arises from managing multiple employee types—full-time, part-time, contractors. Handling pay schedules, benefits, and tax deductions accurately is crucial to maintaining legal compliance and staff satisfaction.

  • Payroll Automation: Automate payroll with software that integrates time-tracking and benefit deductions, ensuring accuracy and reducing manual entry.
  • Outsource Payroll: Consider outsourcing payroll if it becomes too time-consuming, allowing professionals to manage tax and compliance.

Expense Tracking for Chiropractic Practices

Tracking expenses accurately is fundamental for sound financial management and tax preparation. Chiropractors often struggle with categorizing and recording small, day-to-day expenses.

  • Expense Categories: Categorize expenses effectively into categories like office supplies, medical equipment, marketing, and rent to ensure easy tracking.
  • Integrated Accounting Tools: Use accounting tools that link directly to your bank account, making expense tracking automatic and accurate.

Financial Reporting and Business Insights

Financial reports are the foundation of good decision-making. Without proper financial reporting, it’s impossible to know if your practice is growing or what changes are needed to improve profitability.

  • Monthly Financial Reviews: Conduct monthly reviews of P&L statements, balance sheets, and cash flow to gauge financial health.
  • Integrated Solutions: Integrate your practice management system with your accounting software to streamline financial reporting.

Lack of Time or Expertise in Accounting Management

Most chiropractors are experts in health and patient care, not accounting. A lack of financial expertise can lead to missed opportunities for improvement and financial mismanagement.

  • Outsource to Experts: Hire accounting firms specializing in healthcare to ensure finances are handled professionally and accurately.
  • Training and Education: Take accounting or financial management courses to gain a basic understanding of essential concepts like cash flow management, budgeting, and tax planning.

Conclusion

Medical accounting is the bedrock of a successful chiropractic practice. Managing multiple revenue streams, staying compliant with tax obligations, and maintaining clear financial records can be overwhelming, but following these best practices can help alleviate stress and keep your finances on track.

Investing in automation, specialized accounting services, and training can significantly improve your financial stability. With these strategies in place, you can focus on what matters most—providing top-notch care to your patients while building a sustainable, profitable practice.

Why AltruST is Your Ideal Offshoring Partner?

Looking to elevate your team with top-tier talent? Meet Altrust – your go-to offshoring ally for businesses of all sizes.   

At Altrust, we’re all about crafting teams that vibe with your culture and values. Our commitment to quality and professionalism makes us the perfect fit for businesses seeking offshoring excellence.   

With a proven track record, our seasoned professionals are here to guide you through the offshoring journey, ensuring a seamless and successful partnership.   

Partnering with Altrust means tapping into our expertise in cultural alignment, talent acquisition, and employee management. We’re not just a service; we’re your dedicated partner in building the perfect global team for your business – whether you’re a small startup or a big player in the market.   

To reach out to Altrust please contact us at buildmyteam@altrustservices.com. Let’s discuss how we can enhance your team with top-tier talent and explore the benefits of offshoring excellence together. Looking forward to connecting! 

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Comprehensive Guide to Medical Accounting for Chiropractors

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Approx. Price Per Hour (USD): $10.00

 

Responsibilities may include:

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Responsibilities:

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Requirements:

  • High school diploma or equivalent required
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DATA ENRTY SPECIALIST
40 hrs/week

Approx. Price Per Hour (USD): $8.00

 

Responsibilities:

  • Inputting data accurately and efficiently into databases and spreadsheets
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Requirements:

  • High school diploma or equivalent; additional computer training or certification is a plus
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  • Excellent typing speed and accuracy
  • Strong attention to detail and organizational skills
  • Ability to handle confidential information responsibly
  • Good communication skills for collaborating with team members
  • Ability to work independently with minimal supervision
  • Basic understanding of data management principles
  • Strong time management skills with the ability to meet deadlines

MEDICAL TRANSCRIPTIONIST
40 hrs/week

Approx. Price Per Hour (USD): $10.00

 

Responsibilities:

  • Transcribe dictated recordings from healthcare professionals into written reports
  • Review and edit transcriptions for accuracy, grammar, and clarity
  • Ensure proper formatting and adherence to healthcare documentation standards
  • Identify and clarify inconsistencies or inaccuracies in medical dictations
  • Enter transcribed reports into electronic health records (EHR) systems
  • Maintain confidentiality and security of patient information in compliance with HIPAA regulations
  • Collaborate with healthcare providers to resolve any discrepancies in the transcriptions
  • Stay updated with medical terminology, procedures, and transcription practices
  • Perform quality assurance checks on transcriptions for completeness and accuracy
  • Follow up with healthcare professionals to obtain additional information or clarification as needed

Requirements:

  • High school diploma or equivalent required
  • Certification in medical transcription from an accredited program preferred
  • Previous experience as a medical transcriptionist or in a related role
  • Proficiency in medical terminology, anatomy, and pharmacology
  • Excellent typing speed and accuracy
  • Strong listening skills and attention to detail
  • Proficiency in using transcription software and EHR systems
  • Ability to work independently and meet deadlines
  • Understanding of HIPAA regulations and commitment to maintaining patient confidentiality
  • Strong written and verbal communication skills
  • Ability to adapt to different accents and dictation styles from healthcare providers

HUMAN RESOURCE ASSISTANT
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Approx. Price Per Hour (USD): $8.00

 

Responsibilities:

  • Assist with day-to-day operations of the HR functions and duties
  • Provide clerical and administrative support to Human Resources executives
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  • Process documentation and prepare reports relating to personnel activities (staffing, recruitment, training, grievances, performance evaluations, etc.)
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  • Proven experience as an HR Assistant, Staff Assistant, or relevant human resources/administrative position
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MARKETING AND PATIENT ACQUISITION SPECIALIST
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Approx. Price Per Hour (USD): $10.00

 

Responsibilities:

  • Create and implement comprehensive marketing plans to attract and retain patients
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  • Produce engaging content for marketing materials, including blogs, newsletters, social media posts, and website copy
  • Collaborate with the design team to develop visually appealing promotional materials
  • Identify and pursue opportunities to attract new patients
  • Develop partnerships with community organizations, businesses, and other healthcare providers
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  • Plan and manage community events, health fairs, and open houses to promote services
  • Coordinate participation in local and industry events to increase brand visibility
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Requirements:

  • Bachelor’s degree in marketing, communications, healthcare administration, or a related field required
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  • Strong written and verbal communication skills
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  • Excellent organizational and project management skills
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  • Strong visual and content creation skills
  • Strong analytical skills to assess marketing performance and make data-driven decisions
  • Ability to interpret market research and patient data
  • Familiarity with CRM software and patient management systems
  • Proficiency in Microsoft Office Suite and design software (e.g., Adobe Creative Suite)
  • Ability to build and maintain relationships with patients, staff, and community partners
  • Strong team collaboration skills
  • Flexibility to adapt to changing market conditions and organizational needs
  • Willingness to learn and implement new marketing technologies and strategies
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  • Strong work ethic and a positive attitude
  • Understanding of healthcare regulations and compliance standards related to marketing
  • Commitment to maintaining patient confidentiality and ethical marketing practices

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40 hrs/week
Approx. Price Per Hour (USD): $10.00

 

Provides phone, video call, email, ticketing and online chat support to customer enquiries.

Example responsibilities may include:
• Answering phone, online chat enquiries and questions from new and existing customers
• Responding to customer emails
• Looking up customer order details from our internal CRM
• Processing refunds and other customer requests according to internal procedures
• Send email and SMS quotes to customers

Requirements
• Strong written English and verbal communication skills
• Attention to detail

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40 hrs/week
Approx. Price Per Hour (USD): $10.00

 

Responsibilities and Tasks May Include:

  • Accurately record daily financial transactions and complete the posting process.
  • Generate, send, and follow up on invoices.
  • Reconcile financial discrepancies by collecting and analyzing account information.
  • Maintain a systematic record of financial documents and ensure they are up-to-date.
  • Process accounts receivable/payable and handle payroll efficiently.
  • Prepare monthly, quarterly, and annual financial statements.
  • Collaborate with the accounting team to prepare for audits and other financial reviews.
  • Stay updated with financial policies, regulations, and legislation.

Requirements

  • Proven bookkeeping experience with a strong attention to detail.
  • Proficiency in MS Excel and accounting software (e.g., QuickBooks, Xero).
  • Strong mathematical and analytical skills.
  • Ability to handle sensitive and confidential information with discretion.
  • Knowledge of generally accepted accounting principles and procedures.

Highly Regarded Skills and Experience

  • Experience in bookkeeping for international clients.
  • Familiarity with multiple accounting software platforms.
  • A degree or certification in Finance, Accounting, or a related field.
  • Strong interpersonal skills and the ability to work in a team environment.
  • Experience in managing financial records for small to medium-sized businesses.

WEB DEVELOPER

40 hrs/week
Approx. Price Per Hour (USD): $11.00

 

Responsibilities for a Developer Specialising in WordPress

  • Develop and maintain dynamic websites and web applications using WordPress.
  • Collaborate with the design and marketing teams to turn visions into reality.
  • Ensure high-performance and availability, managing all technical aspects of the CMS.
  • Establish and guide the website’s architecture.
  • Ensure high-quality source code, testing, and debugging.
  • Collaborate with front-end developers and web designers to improve usability.
  • Stay updated with the latest industry trends and advancements.

 

Requirements

  • Proven work experience as a WordPress Developer.
  • Good understanding of front-end technologies, including HTML5, CSS3, JavaScript, jQuery.
  • Experience building user interfaces for websites and/or web applications.
  • Proficient understanding of code versioning tools.
  • Strong understanding of PHP back-end development.
  • Familiarity with Google Tools such as Analytics and Search Console.
  • Knowledge of how to interact with RESTful APIs and formats (JSON, XML).
  • Excellent written and verbal communication skills.
  • Basic graphic design skills to create social media and website content.
  • Proficient in MS Office suite, including Excel and Outlook.
  • High school diploma or equivalent; associate or bachelor’s degree in business, marketing, or a related field preferred.

SEO SPECIALIST

40 hrs/week
Approx. Price Per Hour (USD): $10.00

 

Responsibilities

  • Perform comprehensive client SEO audits focusing on on-page, technical, off-page, and content aspects.
  • Conduct keyword research to identify target keywords and phrases.
  • Develop and implement on-page, off-page, technical, and content optimizations.
  • Create regular SEO reports highlighting organic performance, including keyword tracking, conversions, and organic traffic.
  • Develop and execute off-page SEO through link building
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  • Conduct competitor SEO analysis to incorporate into the SEO strategy.
  • Collaborate with content writers and marketing teams to ensure SEO best practices are followed.
  • Stay updated with the latest industry trends, algorithm updates, and best practices.

 

Requirements

  • Proficiency in Google Analytics, including GA4.
  • Proficiency in Google Search Console.
  • Proficiency in SEO tools such as SEMRush, Ahrefs, Screaming Frog, and Botify.
  • Minimum of 3 years of experience in SEO, preferably in an agency setting.
  • Strong understanding of HTML/CSS and website structures.
  • Excellent written and verbal communication skills.

COLD CALLER

40 hrs/week
Approx. Price Per Hour (USD): $10.00

Responsibilities
  • Cold call real estate sellers from provided lead lists
  • Qualify sellers and properties over the phone
  • Schedule appointments for the acquisition team to visit potential investment properties
  • Log all calls and appointment details in the CRM (Folio)
  • Achieve daily and weekly appointment-setting targets

     

Scope
  • The cold caller will be provided leads to call and will need to learn the client’s specific process for qualifying sellers and properties.
  • They will use an internal CRM to log calls and appointments.
  • They will report directly to the client and work independently once trained on the process.

 

Requirements

  • 6 months experience in cold calling and/or appointment setting
  • Real estate and/or sales experience preferred
  • Clear phone voice and strong communication skills
  • Motivated self-starter who can work independently
  • Organized and detail-oriented
  • Familiarity with CRMs

MEDICAL BILLER AND CODER

40 hrs/week
Approx. Price Per Hour (USD): $10.00

Responsibilities
  • Obtain authorizations and pre-approvals from insurance companies
  • Verify patient insurance coverage
  • Submit claims to insurance companies
  • Follow up on unpaid/denied claims
  • Appeal denied claims
  • Communicate with insurance companies to resolve issues
  • Maintain accurate patient records
Requirements
  • 6 months experience in medical billing
  • Knowledge of billing practices, terminology, and software
  • Strong attention to detail and organization skills
  • Excellent written and verbal communication abilities
  • Able to multitask and prioritize effectively
  • Passion for improving the patient and provider experience

MEDICAL RECEPTIONIST

40 hrs/week
Approx. Price Per Hour (USD): $10.00

Responsibilities

  • Calendar and Task Management
  • Answer incoming phone calls
  • Schedule appointments for new and existing patients
  • Enter patient information into EMR system
  • Follow up on missed calls
  • Make reminder calls/texts for appointments

Requirements

  • At least 6 months experience as a Medical Receptionist
  • Familiarity with medical terminology and health insurance
  • Excellent phone skills and customer service skills
  • Strong attention to detail
  • Proficient with computers and data entry

DIGITAL MARKETING

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✅ Google Business Profile Management – Stand out in local search results.
✅ PPC Management – Get high-quality leads with targeted ads.
✅ Social Media Marketing – Engage with patients and grow your brand.
✅ Email/SMS Marketing – Connect with your audience effectively.
✅ Press Release – Build credibility and brand awareness.

 

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