Medical Accounting Services

Medical Accounting Services

Every business needs to have a solid account standing. Even if you don’t consider your medical practice a “business,” you still have to comply with local and federal business laws, including keeping up with your taxes.

The more profitable you become, the more you need professional accounting services. As your practice increases, you likely have less time and resources to devote to righting your finances and ensuring proper tax payments.

That’s where DoctorsManagement comes in. Our seasoned professionals are experts in medical tax and accounting services, and they’re ready to start working with you today to ensure the financial side of your practice is as good as the care side.

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What Is Medical Accounting?

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.

Our Medical Accounting and Tax Services

DoctorsManagement can handle many tasks related to accounting and tax services for your practice. Here is a list of the primary services we provide in each category.

Medical Accounting Services

Our accounting services include financial organization and transaction documentation, such as:

  • Proprietary practice management reports: Our management reports are custom-built to your practice using profit center data. This methodology allows us the flexibility to reflect back to the owner(s) their agreed-upon compensation model.
  • Compensation model development: Compensation models are alternative salary systems that attract and maintain qualified employees for your practice. They can also better manage salaries across all practice areas. One type of model that can attract new physicians is the salary plus productivity incentives model, in which physicians receive incentives based on their productivity — such as the amount of revenue generated — alongside their base salary.
  • General ledger oversight: We will watch ledger transactions to ensure they are reasonable and appropriate for what supplies or services you are paying for and to ensure compliance with IRS regulations.
  • Accounts reconciliation: The basis of any good reporting is professionally reconciled accounts.
  • Medical bookkeeping: We can work with a bookkeeper of your choice or discuss employing a DoctorsManagement accountant for your practice.

Medical Tax Services

DoctorsManagement understands the unique challenges of medical group taxes, and we are here to assist. Our medical tax services include:

  • Physician tax planning: No one wants to pay unnecessary interest or penalties to the IRS. We use projection and Safe Harbor concepts to advise you on how best to stay on top of your estimated tax payments.
  • 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 your tax planning is complete, we can file your returns for individual physicians or your business as a whole. We also prepare all main income tax return forms, including 1065, 1120S, 1120, and 1040.
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Why Work With Our Medical Accountants?

The DoctorsManagement accounting team works with the management consulting team to develop informative and comprehensive financial reports that go beyond the standard reports that most other healthcare accounting firms present. We call this reporting system the Management Report.

At DoctorsManagement, our Monthly Management Reports clearly depict cash flow for specific areas within your practice, such as individual provider productivity, service line revenue, and profits by ancillary service(s). The level of detail and clear presentation of this information enables you to make sound business decisions to increase profitability for specific areas of your practice and improve the overall performance of your practice. Many of our clients are also able to use these reports for compensation calculations, allowing one source for some of the most important business decisions of the practice.

Frequently Asked Questions

Are medical accounting services right for you? Learn more about how we can help with this FAQ.

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.

Consider how you do taxes as an individual — do you do it all yourself or bring in someone who understands tax law? The team at DoctorsManagement has spent years studying and working in medical tax services, and we’re ready to use our expertise for good as soon as you contact us.

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.

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Request Accounting for Medical Groups Today

Keeping your finances in order is a major task, regardless of how large your business is. We encourage you to reach out to the accounting experts at DoctorsManagement to ensure you’re making the most of your money.

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DoctorsManagement does not work with patients. We offer support to medical practices.
Call Us (800) 635-4040