DoctorsManagement’s financial team works exclusively with physician-owned medical and dental practices to provide customized financial reporting and excellent income tax preparation services. Our accounting team consists of Certified Public Accountants (CPAs) and professional bookkeepers who have a unique understanding of the business of medicine.
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.
What Does Accounting for a Medical Group Look Like?
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.
Medical Accounting Services From DoctorsManagement
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 professional 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.
Reach out to DoctorsManagement Today
If you are ready to take the next step toward financial organization, talk with our experienced staff accountants and tax associates today! With DoctorsManagement, your finances are in good hands.