Healthcare Accounting & Tax Services in Singapore

Our Singapore healthcare accounting services are designed for a variety of providers within the nation's health ecosystem:

• Private GP & Dental Clinics: Physician- and dentist-owned practices that need to manage a mix of insurance billing, MediSave claims, and direct patient payments.
• Specialist Medical Centers: Clinics offering specialized services (e.g., cardiology, aesthetics) that require precise coding and billing to maximize reimbursements from various insurance panels.
• Allied Health Professionals: Physiotherapists, chiropractors, and other specialists who need to manage patient billing and practice expenses efficiently.
• Health-Tech & Telemedicine Startups: Digital health platforms that need to navigate GST on digital services and establish compliant billing systems for a regional user base.

From the moment you acquire your license from the MOH, specialized healthcare accounting is vital. It becomes mission-critical when:

• You Start Accepting Insurance or MediSave: This initiates the complex revenue cycle of claims submission, contractual adjustments, and collections, which requires expert management.
• You Hire Clinical & Administrative Staff: This triggers compliant payroll, including mandatory CPF contributions for local staff.
• You Face an MOH or Insurer Audit: Both regulators and payers can audit your billing and financial records. Clean, compliant books are essential for passing these inspections.
• You Need to Manage Cash Flow: With insurance payment cycles often taking 30-60 days, proactive cash flow forecasting and management of accounts receivable is crucial for practice stability.
• You Plan to Expand or Sell Your Practice: Potential investors or buyers will conduct deep due diligence on your revenue cycle efficiency, collection rates, and overall profitability.

Investing in professional healthcare accounting is an investment in maximizing your revenue and ensuring compliance. The cost reflects the high degree of specialization required.

• Small Practice / Solo Clinician: S$800 - S$2,000 per month. This covers specialized bookkeeping, payroll for a small team, and monthly financial reporting.
• Medium-Sized Clinic (multiple providers): S$2,000 - S$4,500 per month. This service level adds more detailed revenue cycle analysis, denial management reporting, and provider productivity tracking.
• Larger Practices & Health-Tech Companies: Custom pricing from S$4,500+, which can include full-scope virtual CFO services for strategic planning and financial modelling.

The Singaporean healthcare industry has significant financial and regulatory risks:

• Revenue Leakage: Failure to properly manage insurance claim denials and appeals can lead to a significant portion of earned revenue never being collected.
• MOH Non-Compliance: Breaches of healthcare regulations, including those related to patient data privacy (PDPA), can lead to fines or suspension of your clinic's license.
• GST Errors: While many core health services are exempt from GST, some related goods or cosmetic procedures are standard-rated. Incorrectly applying these rules can lead to penalties from IRAS.
• Poor Cash Flow Management: The payment lags from insurers can create severe cash flow problems for a practice if not proactively managed with proper forecasting.

Healthcare professionals are experts in patient care, not in the complexities of medical billing, CPF contributions, and Singaporean financial regulations. Hiring a full-time, experienced practice manager with deep financial expertise is a significant expense for a growing practice.

Outsourcing your accounting to YourLegal provides a cost-effective solution, giving you access to a team that specializes in the Singapore healthcare market. We understand the revenue cycle, the nuances of dealing with major insurers and MediSave, and the financial reporting required by the MOH. We implement robust systems to track your claims, analyze denials, and provide you with clear insights into your practice's financial performance. This allows you to focus on delivering excellent patient care, confident that your financial operations are optimized for maximum collections and full compliance.