Accounting Services for Medical Professionals
We offer extensive experience in medical office management and consulting, we provide nontraditional and traditional accounting services that can take your medical facility to the next level.
Clients especially appreciate our unique Monthly Management Report, which was developed to provide a financial picture that even “non- accountants” can understand. The information is presented in a way that shows exactly where the money went. We tailor these reports individually to match the needs of each client.
Extensive experience in medical office management
- Finance Review Diagnostic business planning begins with the evaluation of the overall finances of the medical practice. Particular emphasis should be placed on charges, collections, adjustments, and other write offs. Is the practice growing or are the doctors working harder to maintain the same income level?
- Financial Percentages and Ratios Ongoing review of the practice’s gross collection percentage, net collection percentage, and accounts receivable ratio or days in A/R. Assess whether all these statistics are reasonable for the practice’s particular medical specialty.
- Overhead Review Compare each overhead category to the same overhead category from the prior year. Identify and question significant changes. In addition, decide how the practice’s overall overhead can be reduced in the upcoming year.
Cost Accounting Every practice needs to know what it costs to render a particular service. These calculations should be prepared at least annually. - Accounts Receivable Conduct an in-depth analysis of a current aging of the accounts receivable, with emphasis on payer aging’s.
Medical and dental accounting services:
- Financial statement preparation.
- Accounting and bookkeeping.
- Payroll Services.
- Medical Billing Services.
- Quick-books accounting software set-up and support
- Incorporation
- Tax planning
- Personal financial statements
- Compilations and reviews.
- Budgets and financial projections.
- Business plan development.
- IRS problem resolution.
- Succession planning.
- Medical practice valuations.
- Retirement planning
We service the following medical areas:
- Doctors
- Medical Practices
- Dental and Oral Health practices
- Physician Groups
- Optometrists
- Podiatrists
- Chiropractors
- Physical therapists
- Mental health care
Accounting services from our firm to healthcare Professionals.
Doctors and Dentist spend a great deal of time providing essential services to their clients. In many small to medium size medical and dental businesses, bookkeeping can often take a back seat to other activities. This can create problems that may end up costing a doctor, medical facility, or dental practice real money in lost profits and/or overpaid taxes.
While your employees are a vital part of the operation and performance level of your medical or dental facility, it all too common for employees who maintain business finances to be untrained in proper financial bookkeeping or unsupervised. This can lead to make errors that can cost a business money or raise red flags for an audit.
To effectively meet the needs of our healthcare accounting clients, SW Financial Group team of experts has developed customized services specifically for physicians, dentists and other healthcare professionals. Our services are designed to streamline the business side of your practice by providing comprehensive accounting, bookkeeping, tax and business consulting services. We specialize in helping doctors, dentists and other healthcare professionals minimize taxes, improve cash flow, and manage the financial data of their healthcare practice. We understand your problems and apply numerous strategies to reduce personal and business income tax burdens.
With many years of expertise, our professionals provide the highest level of personal service combined with superior financial management services.
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Ask for your free consultation today to see our processes in action!