Running a medical centre without proper accounting system is a very common practice in Nigeria, as most believe in the efficacy of a spreadsheet system.
Majority of the hospitals in Nigeria still make use of paper files and excel sheet to record and track the progress of payments made by their patients. This process is quite not only unproductive but very tedious as their patients’ records could run into hundreds or thousands ( from multi-branch).
There are different areas QuickBooks software can improve the operation of a medical centre; from the receivable, inventory management, invoicing, banking, reporting to making timely decisions.
Taking a look at the inventory, hospitals or medical centres are big buyers of pharmaceutical products. As such, the need for real-time tracking of drug receipts and other medical products, its usage and quantity.
In purchasing medical products form a local or foreign vendor, there is a workflow in QuickBooks, starting from the Purchase Order(PO), to receiving inventory into the store and making final payment either in Naira or other currency. As the products are sold out or used, QuickBooks has a “Material Adjustment” window for recording the products on a daily, weekly, or monthly basis – depending on your settings, and a corresponding cost of sales account to track their value on the profit or loss account.
Another vital feature of QuickBooks is the invoicing window, designed to track all income earned from medical services rendered to a patient while using the “Recieve Payment” to track payment progress. This improves the transaction report of the patient and outstanding balances.
The banking section lets you monitor all cheque payment, customer deposit/transfer to your bank account, with a “Register Window” serving as a bank transaction summary statement for you to compare with your actual bank balances. If you notice discrepancies, you can reconcile your accounts using the “Reconciliation Window” to track missing figures like bank charges, interest income, unpresented cheque, uncredited cheque or transaction commissions.
The supplier centre can be utilized to manage all your hospital equipment and drug suppliers: full names, contact details and outstanding balances payable to them.
In addition to that, you can use the customer centre to manage all your patient profile: Full Names, contact details and all outstanding balance due as at when you do your QuickBooks set-up.
You can generate a real-time report of your hospital cash-flows and operations so that you can view your financial report and take an appropriate and timely decision.
If you have questions about implementing QuickBooks for your hospital or medical centre, connect with our consultant on 09092942048, 08175420054 or SEND us your request: info@magnetgroupng.com
