Medical Accounting Services
Every business needs a strong financial foundation. The more profitable you become, the more you need professional accounting services. Our seasoned professionals are here to support your tax and accounting needs. Let's ensure the financial side of your practice is as good as the care side.
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Professional Accounting Built for Medical Practices
Running a medical practice requires more than excellent patient care. It also means managing the financial, operational, and tax responsibilities that come with owning or leading a healthcare business.
Whether you are launching a new practice and need direction from day one, or you are an established, multi-location practice working to improve the quality of your books, our team can help bring clarity and structure to your accounting processes.
We also support practices that have fallen behind, are transitioning to a new bookkeeper or controller, or simply need experienced guidance to strengthen internal financial reporting.
DoctorsManagement understands the accounting and tax needs of medical practices and provides practical support to keep your records organized, obligations on track, and leadership better equipped to make informed decisions.
More Than Just Bookkeeping for Healthcare
Healthcare accounting encompasses all the financial practices involved in managing a medical center, such as coding invoices, accounts receivable, bank and credit card reconciliation, and accounts payable. At DoctorsManagement, it also includes medical tax services, allowing us to prepare and file your taxes every year.
Your medical accountant should have lots of experience working with other practices and a comprehensive understanding of all laws and regulations that apply to your services. Our team will get to know you and make sure we meet all regulatory guidelines while prioritizing your financial goals.
Medical Accounting & Tax Services
DoctorsManagement can handle many tasks related to accounting and tax services for your practice. Here are the primary services we provide in each category.
Medical Accounting Services
Proprietary Practice Management Reports
Custom-built reports using profit center data, with the flexibility to reflect each owner's agreed-upon compensation model.
Compensation Model Development
Alternative salary systems including salary plus productivity incentives that attract and retain qualified physicians and staff.
General Ledger Oversight
Ongoing review of ledger transactions to ensure they are reasonable, appropriate, and compliant with IRS regulations.
Accounts Reconciliation
The basis of any good reporting. Timely, professionally reconciled accounts you can trust for decision-making.
Medical Bookkeeping
Work with a bookkeeper of your choice or engage a DoctorsManagement accountant for your practice.
Medical Tax Services
Physician Tax Planning
We use projection and Safe Harbor concepts to advise you on how best to stay on top of your estimated tax payments and avoid unnecessary IRS interest or penalties.
Income Tax Compliance
High-income earners are targeted by the IRS. We prepare and document every income tax return for any potential audit.
Physician Tax Preparation
After tax planning is complete, we file returns for individual physicians or your business as a whole, including 1065, 1120S, 1120, and 1040 forms.
Multi-Entity Coordination
We coordinate filings across personal returns, practice entities, and any related real estate or holding companies for full-picture compliance.
Year-Round Support
Tax planning is not a once-a-year activity. Our team is available throughout the year to answer questions and adjust strategy.
The Management Report Advantage
The DoctorsManagement accounting team works alongside our management consulting team to develop informative and comprehensive financial reports that go beyond the standard reports most other healthcare accounting firms present.
Our Monthly Management Reports clearly depict cash flow for specific areas within your practice, enabling you to make sound business decisions to increase profitability and improve overall performance.
What's in the Report
- Individual provider productivity tracking
- Service line revenue breakdown
- Profit analysis by ancillary service
- Profit center cash flow visibility
- Compensation calculation source data
- Decision-ready financial detail
Your Medical Accounting Experts
Every accounting engagement at DoctorsManagement is supported by experienced staff accountants and reviewed by senior-level professionals.
Kristen Thorson
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Leesa Papatheodore
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Aaron Smallwood
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Traci Anderson
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Valetta Collier
Accounting Advisory View ProfileVania
Accounting Advisory Profile Coming SoonJune
Accounting Advisory Profile Coming SoonUse the arrows to meet every member of the DoctorsManagement accounting team, and click any profile to learn more.
From the DoctorsManagement Blog
Practical guidance on practice finances, profitability, and growth from our consulting and accounting teams.
Frequently Asked Questions
Are medical accounting services right for you? Learn more about how we can help.
Why should I outsource medical accounting services?
While you may be able to handle a lot of the basic accounting needs of your practice, having a professional on hand can be highly beneficial. Most notably, an accountant for medical groups knows how to track revenue and profit by different service lines, giving you a management tool to maximize your profits. The team at DoctorsManagement has spent years studying and working in medical tax services.
Can medical accountants help me establish and maintain my practice?
Whether your practice is just getting started or you have a longstanding history in your community, our medical tax services are for you. We can help you navigate the financial complexities of establishing your practice and stay with you through all your accounting needs.
What income tax forms do you prepare?
We prepare all main income tax return forms, including 1065 (partnerships), 1120S (S-corporations), 1120 (C-corporations), and 1040 (individual returns). We can file returns for individual physicians or your business as a whole.
Do you work with bookkeepers we already have on staff?
Yes. We can work with a bookkeeper of your choice or discuss employing a DoctorsManagement accountant for your practice. Our team is flexible to meet your needs, whether you want full outsourcing or supplemental support.
Schedule an Accounting Discovery Call
Connect with our team of medical accountants and tax professionals to discuss your practice and explore how we can help simplify your financial operations.
Connect With Our Accounting Team
DoctorsManagement does not work with patients. We offer support to medical practices.
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