Ac­coun­ting for Me­di­cal Prac­ti­ces: Tips and Best Prac­ti­ces Bench Accounting

bookkeeping services for doctors

We will en­su­re you are set up pro­per­ly using re­ve­nue re­co­gni­ti­on prin­ci­ple best prac­ti­ces from ye­ars of ex­pe­ri­ence. Pro­vi­ding me­di­cal ser­vices to your pa­ti­ents is more than en­ough work to oc­cu­py all of your working hours. It’s also the aspect of your busi­ness whe­re your time ge­ne­ra­tes the hig­hest re­turn, not to men­ti­on the one you pro­ba­b­ly en­joy the most.

This re­qui­res ac­cu­ra­te and com­pli­ant fi­nan­cial re­port­ing, main­tai­ning pa­ti­ent pri­va­cy in bil­ling pro­ces­ses, and un­der­stan­ding the fi­nan­cial im­pli­ca­ti­ons of he­alth­ca­re re­gu­la­ti­ons. We or­ga­ni­ze all of your practice’s tran­sac­tions, com­pi­le de­tail­ed fi­nan­cial state­ments, and pro­vi­de in­sights ne­ces­sa­ry for the suc­cessful ma­nage­ment of your busi­ness. Every pa­ti­ent tre­at­ment plan in a me­di­cal prac­ti­ce is groun­ded in com­pre­hen­si­ve dia­gno­stics ear­nings per share for­mu­la and a pre­cise care pa­thway. In the same vein, your fi­nan­ces should fol­low a co­her­ent and stra­te­gic narrative.

If the prac­ti­ce re­qui­res de­tail­ed fi­nan­cial ana­ly­sis and fo­re­cas­ting for growth plan­ning, ac­cru­al ac­coun­ting can pro­vi­de a more com­pre­hen­si­ve view of fi­nan­cial trends. Pay­roll ma­nage­ment is a si­gni­fi­cant com­po­nent of me­di­cal ac­coun­ting, in­vol­ving the pro­ces­sing of sala­ries, wa­ges, be­ne­fits, and ta­xes for em­ployees. It also in­cludes ma­na­ging con­tracts for free­lan­ce or con­trac­ted me­di­cal pro­fes­sio­nals. The lead phy­si­ci­an in a lar­ge group prac­ti­ce was con­cer­ned that her in­co­me was de­cli­ning, espe­ci­al­ly when com­pared with sala­ries in other industries.

For prac­ti­ces in­ten­ding to main­tain their cur­rent size and struc­tu­re, the sim­pli­ci­ty of cash ba­sis ac­coun­ting might be more be­ne­fi­ci­al. Prac­ti­ces with more com­pli­ca­ted re­ve­nue cy­cles, in­clu­ding deal­ing with insu­rance claims and va­ry­ing pay­ment sche­du­les, might find ac­cru­al ac­coun­ting more re­flec­ti­ve of their fi­nan­cial sta­tus. He­alth­ca­re ac­coun­ting must ad­he­re to va­rious laws and re­gu­la­ti­ons, such as the He­alth Insu­rance Por­ta­bi­li­ty and Ac­coun­ta­bi­li­ty Act (HI­P­AA) and the Af­forda­ble Care Act (ACA).

Au­dit and risk management

And yet, it’s also fraught with count­less pit­falls in the form of re­gu­la­ti­ons, ru­les and re­qui­re­ments. In or­der to tru­ly thri­ve, he­alth­ca­re prac­ti­ces, or­ga­niza­ti­ons and com­pa­nies must be high­ly dy­na­mic, ad­ap­ta­ble, ef­fi­ci­ent and in­no­va­ti­ve – and it all starts with ac­coun­ting and fi­nan­cials. Your com­pa­ny wi­th­holds FICA ta­xes (along with their fe­de­ral in­co­me ta­xes) from your em­ployees’ pay­checks. You’ll then trans­fer the­se funds, along with your own con­tri­bu­ti­ons, via the Elec­tro­nic Fe­de­ral Tax Pay­ment Sys­tem (EFTPS). As you’ve pro­ba­b­ly lear­ned by now, ta­xes are an ine­vi­ta­ble part of do­ing busi­ness in the United States.

A Gui­de to He­alth­ca­re Accounting

Le­ver­aging a com­bi­na­ti­on of ac­coun­ting soft­ware and ac­cess to pro­fes­sio­nal book­kee­pers is an af­forda­ble way to en­su­re your ac­counts are al­ways up to date. It ad­ver­ti­ses a start-from pri­ce of $200 but the fine print in­di­ca­tes that the first month of full-ser­vice book­kee­ping is $500. The on­go­ing month­ly fee will be ba­sed on avera­ge month­ly busi­ness ex­pen­ses and is $200 for month­ly avera­ge $0 – $10,000 per month, $300 for $10,001 – ac­counts re­ceiva­ble tur­no­ver ra­tio 2 $50,000 per month, $400 for $50,001 or more. The­se ser­vices are usual­ly vir­tu­al, as well, so it doesn’t re­qui­re you to trudge to an accountant’s of­fice to start their ser­vices. The best on­line book­kee­ping ser­vices will pro­vi­de you with as many ser­vices as you need — and none that you don’t need. It has a team of CPAs who can help you with tax fil­ing, em­ploy­er iden­ti­fi­ca­ti­on num­ber (EIN) ap­pli­ca­ti­on and tax calculations.

Pay­roll Tax Cre­dit for R&D: A Stra­te­gic Op­ti­on for Startups

It also gi­ves you a chan­ce to cor­rect is­sues be­fo­re they be­co­me pro­blems and me­a­su­re your pro­gress toward fi­nan­cial goals. Me­di­cal bil­ling is a cru­cial part of run­ning a suc­cessful me­di­cal prac­ti­ce, and it can have cos­t­ly con­se­quen­ces if you don’t hand­le it cor­rect­ly. When you went to me­di­cal school, ac­coun­ting pro­ba­b­ly wasn’t part of the cur­ri­cu­lum. But now, as the ow­ner of a me­di­cal prac­ti­ce, it’s one of many busi­ness func­tions you need to fi­gu­re out. HM&M has four of­fices th­roug­hout the DFW Me­tro­plex to ac­com­mo­da­te our phy­si­ci­ans and he­alth­ca­re in­dus­try cli­ents. We de­si­re to be­co­me an in­te­gral part of your prac­ti­ce with tech­ni­cal pro­fi­ci­en­cy and ex­pe­ri­ence to share, so you can con­cen­tra­te on what you do best, ca­ring for your patients.

bookkeeping services for doctors

Mas­tery of this di­sci­pli­ne en­su­res the eco­no­mic well-be­ing of me­di­cal prac­ti­ce and sup­ports the pro­vi­si­on of top-notch he­alth­ca­re ser­vices. Lar­ger prac­ti­ces or tho­se with more com­plex fi­nan­cial tran­sac­tions might be­ne­fit from ac­cru­al ba­sis ac­coun­ting for a more ac­cu­ra­te re­pre­sen­ta­ti­on of their fi­nan­cial po­si­ti­on. This in­cludes crea­ting and in­ter­pre­ting cri­ti­cal fi­nan­cial do­cu­ments such as ba­lan­ce sheets, in­co­me state­ments, and cash flow state­ments. The­se do­cu­ments pro­vi­de a com­pre­hen­si­ve view of the practice’s fi­nan­cial he­alth, show­ing as­sets, lia­bi­li­ties, re­ve­nues, ex­pen­ses, and cash flow. Gol­den Ap­ple Agen­cy stands apart with our of­fe­rings th­rough the un­fai­ling sup­port of our Ac­count Ma­na­gers – who are not only Cer­ti­fied Tax Prepa­rers, but also Quick­Books ProAdvisors!

  1. Mo­reo­ver, if you’re un­sa­tis­fied with your Quick­Books Live bookkeeper’s work, you can ask Quick­Books to re­view the bookkeeper’s work for free.
  2. It also gi­ves you a chan­ce to cor­rect is­sues be­fo­re they be­co­me pro­blems and me­a­su­re your pro­gress toward fi­nan­cial goals.
  3. Un­less you’ve ex­pe­ri­en­ced this type of sup­port for yours­elf, you may not even think it exists.
  4. Cle­ar­ly, the sub­ject of pay­roll ta­xes in­vol­ves ple­nty of mo­ving parts and co­vers a wide ran­ge of ac­coun­ting knowledge.
  5. If you want to stay on top of ta­xes while ha­ving a good set of books, 1–800Accountant’s En­ter­pri­se plan is a good va­lue for money.

Fi­nan­ce, ac­coun­ting, and tax stra­te­gies aren’t the most ex­ci­ting to­pics for most me­di­cal prac­ti­tio­ners, but you don’t have to be­co­me a mas­ter. You usual­ly only need to know en­ough to hire and ma­na­ge peo­p­le who run tho­se func­tions. For­t­u­na­te­ly, mo­dern cloud-ba­sed soft­ware so­lu­ti­ons can au­to­ma­te many of the most time-con­sum­ing aspects. That no­ti­ce­ab­ly re­du­ces the strain on your ad­mi­nis­tra­ti­ve staff with book­kee­ping and ac­coun­ting re­spon­si­bi­li­ties. Ba­lan­cing the fi­nan­cial aspects of the prac­ti­ce with pa­ti­ent sa­tis­fac­tion re­qui­res trans­pa­rent and pa­ti­ent-fri­end­ly bil­ling practices.

Im­ple­men­ting ac­coun­ting soft­ware and in­te­gra­ting fi­nan­cial sys­tems with Elec­tro­nic He­alth Re­cords (EHRs) is be­co­ming in­cre­asing­ly im­portant. Ima­gi­ne, if you can, a part­ner that can help you iden­ti­fy po­ten­ti­al pro­blems be­fo­re they oc­cur and of­fer in­sightful gui­dance and in­no­va­ti­ve so­lu­ti­ons to keep your prac­ti­ce he­alt­hy and strong. Un­less you’ve ex­pe­ri­en­ced this type of sup­port for yours­elf, you may not even think it exists. If you have part­ners in your me­di­cal prac­ti­ce, you need to de­ter­mi­ne how to split in­co­me. Here are some best prac­ti­ces for set­ting up your busi­ness ac­coun­ting and main­tai­ning profitability.

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