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Healthcare

The healthcare industry, or medical industry, is a sector that provides goods and services to treat patients with curative, preventive, rehabilitative, or palliative care. It comprises establishments devoted to the prevention, diagnosis, treatment, and rehabilitation of medical conditions. 

Such treatment may be through providing products or services and may be provided privately or publicly. It comprises companies that provide clinical services, manufacture drugs and medical equipment, and provide related healthcare services like medical insurance, etc. These companies provide remedial and therapeutic services like sports psychiatry and strength and conditioning coaching. Collaboration is needed amongst doctors, nurses, administrators, government agencies, big pharma, equipment manufacturers, and insurance companies to be effective at providing these services.  

Healthcare workers provide high-quality medical treatment to patients while safeguarding their health and well-being. However, professional assistance is required for their own practice’s health. 

Lanop enters here as your knight in shining armour. For various services, we provide thorough and accurate assistance to healthcare professionals with the utmost precision. Lanop’s tax and finance professionals possess broad knowledge of the accounting requirements of various industries. Please allow us to assist you in determining a solution that is both well-suited to your business needs and financially feasible.  

AURANGZAIB CHAWLA

Aurangzaib Chawla

Tax Partner

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THE UK'S BEST

Accountants for Healthcare Industry

Health Care Accountants in London
Affordable Cost
Quality of Work

Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our corporate headquarters in Putney, London, provides practical and efficient solutions to all your accounting needs. 

Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations. 

Our corporate headquarters in London provide practical and efficient solutions to all your accounting needs. Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.  

Healthcare workers safeguard the health and well-being of patients while providing high-quality medical treatment. When it comes to the health of their practice, though, they require expert professional help. 

Lanop comes in here as your Knight in Shining Armor. We address all difficulties with the utmost precision since healthcare professionals demand thorough and accurate assistance for various services. 

Lanop’s tax and finance professionals have an excellent grasp of industry-specific accounting. Let us assist you with solutions that are well-suited to your business needs in a financially viable manner. We deal with many healthcare professionals, including doctors, pharmacists, psychiatrists, GPs, therapists, conditioning coaches, and old age-care clients. We ensure your financial well-being so that you can provide the best care to those in need.  

The Healthcare sector’s contribution to GDP has increased to roughly 13% since 2020, and NHS spending is upwards of £270 billion. 

Healthcare providers require tailored financial management due to unique billing processes, complex regulations, and the need to balance patient care with financial sustainability.

Accounting services manage patient billing, claims submission, and follow-up to optimize revenue collection, improve cash flow, and reduce accounts receivable.

Accounting services prepare financial statements, track key performance indicators, and provide insights into financial health for informed decision-making.

Yes, small practices benefit from accounting services that handle financial intricacies, compliance, and reporting, allowing healthcare professionals to focus on patient care.

Most healthcare organizations use the accrual accounting method. This approach records revenue and expenses when they’re earned or incurred, reflecting a more accurate financial position over time. It suits healthcare due to complex revenue recognition, insurance claims, and long-term liabilities. Some smaller practices might use cash accounting, tracking transactions only when cash changes hands.

In the healthcare industry, accounting involves tracking and managing financial transactions, such as billing for medical services, recording expenses, and ensuring compliance with healthcare regulations. It also includes managing budgets, analysing costs, and preparing financial statements.

ECONOMIC STABILITY

The healthcare business and its professionals are critical in promoting life, health, happiness, and stability, which is necessary for sustainable economic development. According to OCED Observer, a good healthcare system ensures a strong economy; their studies show that a mere 10% increase in life expectancy ensures an economic growth of around 0.4% per year. 

QUALITY OF LIFE

The primary purpose of the healthcare industry is to promote health, heal, provide treatment, and increase the quality of life of individuals being served. Without access to proper healthcare, people are far more at risk. 

TECHNOLOGICAL ADVANCEMENT

Competition in the health sector has spurred technological advancement. Health information technology has presented opportunities to improve and transform healthcare. This includes reducing human errors, improving clinical outcomes, facilitating care coordination, improving practice efficiencies, and tracking data over time. 

COVID ERA

The importance of the healthcare sector is at an all-time high due to the Covid crisis. The healthcare industry has achieved a significant milestone in its attempts to eradicate Coronavirus and its implications through continuous medical research and development. Without healthcare professionals’ dedication and selfless service, things might have turned out way worse than they are today. 

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WHAT CLIENT SAYS

ABOUT US

Excellent
Based on 102 reviews
Steven George-Hilley
Steven George-Hilley
2022-08-09
Our accountancy partners from the very beginning. A great team that tailors its services around the needs of the client, always available for advice, whenever its needed. Love working with them.
Asfand tahir
Asfand tahir
2022-07-01
I really don’t know where to start from i can not explain my happiness into words i can try but for sure there must be so many praises remains at the end Thanks indeed indeed Zaib And Lanop all team you guys are amazing i would say if I didn’t have you guys i would have been failed in many things All credit to Lanop what a brilliant firm Lanop Its all about you Zaib And Rehmat Thanks indeed you have done amazing job due to your work i have got my Tier 1 extension application successful within 47 days I can’t believe that i am so happy what a job you did I would advise Everyone come to Lanop for 100% guaranteed success in your immigration matters and all other accounting purposes Trust me, When name comes to success and successful it means Zaib. Big thanks to Rehmat What a team i had they are so lovely i disturbed them alot but they answered me every time For all my enquiries Rehmat the legend thanks indeed no words for you words are far behind, can’t explain you in words Rehmat and Tahir sorry I disturbed you alot and indeed you still helped every time. Rehmat is Very very professional the way he works I don’t think anyone does that way in entire country. Sidra Thanks alot for amazing help indeed You are amazing I dont know how to say how much i am happy from your work as well Kainat you too thanks alot Rehmat all credit goes to you thanks alot without your help I won’t be able to write all this today I am so grateful to you all What a team. Make sure guys you join Lanop without wasting anytime. Lanop Accountants ZINDABAD
jas singh
jas singh
2022-01-10
I have been a client of Lanop Accountants for the last 4 years and am extremely happy with their services. Zaib and his entire team is extremely professional and dedicated; they always respond swiftly and take personal interest in the business case. I have special words of praise for Rehmat and Waqar as they both helped me in my visa extension process immensely. Zaib has built a team of dedicated professionals and the work ethics speaks volumes about their firm. I would definitely recommend them!
Vinnit Patel
Vinnit Patel
2021-12-03
Very professional services, extremely pleased with the advice and work carried out on our accounts.
László Kohányi
László Kohányi
2021-10-12
I like their flexible approach. I had a bunch of small problems what was too little to big firms but too big for me. They explained the process, fees etc and solved my troubles. Price wise also been on the better side. Personally I recommend Rehmat. He is super responsive.
Alexey
Alexey
2021-05-18
Having been a client of Lanop Accountants for nearly 5 years, can't recommend them highly enough. Great professional team working 24/7 to meet every customers's need.
Eda Kendirli
Eda Kendirli
2021-05-04
Best and accurate service. Saved me so much time and money.
Femi Yusoof
Femi Yusoof
2021-01-29
I have been using Lanop Accountants for more than 3 years, and could not recommend them more highly to any one starting out in business or established business practice. Their professionalism, promptness and excellent customer service makes them in my opinion second to none.
JN
JN
2021-01-22
I used Lanop accountants to file some paperwork with HMRC as a non-dom resident. I’ve been very happy and impressed with their work so far. Zaib has been very knowledgeable and helpful. I recommend them and plan to use them again.

Role of Accountants
in the Healthcare Industry

In every industry, there is a leading role of accountants. The whole finance management system revolves around the account of the company. 

In the healthcare industry, the main role of accountants includes: 


Financial reporting: Preparing and presenting financial statements, such as income statements, balance sheets, and cash flow statements. 


Budgeting and forecasting: Developing and managing budgets and making projections for future financial performance. 


Cost control: Monitoring and analysing expenses and identifying opportunities for cost savings. 


Revenue cycle management: Ensuring that healthcare providers receive prompt and accurate payment for their services and managing the collection and reconciliation of accounts receivable. 


Compliance: Staying current with regulations and laws, such as the Affordable Care Act and HIPAA, ensures that the healthcare organization operates within legal and ethical guidelines. 


Auditing: Conducting internal audits to verify the accuracy and reliability of financial records and performing audits for third-party payers. 


Decision support: Providing financial information and analysis to support decision-making, such as evaluating potential investments or strategic initiatives.

 

Tax planning and preparation: Helping the healthcare organization minimize its tax liability through effective tax planning and preparation.  

Healthcare Accounting Services
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Healthcare
Specific Accounting Services

  • Project Planning & Evaluation
  • Industry and Market analysis
  • Bids & Contracts
  • Annual Accounts
  • Management Accounts
  • Advice on Financial Strategy
  • Budgeting
  • IR35 rules
  • VAT and paye support
  • Cash flow and revenue forcasting
  • Raising finance
  • Pension Advisory
  • Profitability & Expense Analysis
  • Construction industry scheme (CIS)

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