Today, more than ever, it’s getting tougher to manage a medical practice. Just keeping up with insurance paperwork and reporting requirements alone is enough to give you a monster headache. Chances are, if you’re trying to handle your bookkeeping, accounting strategies, and tax filing on your own or with a salaried staffer, it’s costing you more than you think you’re saving.

The good news is, we can handle all your accounting needs, including bookkeeping, payroll, tax filing, financial reports, strategic planning, and troubleshooting. You’ll appreciate how affordable our turn-key services can be. We specialize in working with family doctor practices, dentists, chiropractors, physical therapy facilities, and other owner-operated healthcare related businesses. We’re small business owners too, and get how challenging it can be to run a company on a tight budget.

3 tips for saving money with healthcare accounting

1. Incorporate your business. The liability associated with any healthcare practice is high. Insurance helps with some protection, but doesn’t necessarily prevent people from going after your home or other family property. The choice of an S-Corp, an LLC, or in rare cases, a C-Corp, depends on your long-term goals, but what’s most important is to separate your business from your personal assets. If you’re unsure of what might be the best solution for you, we can help.
2. Expense or depreciate equipment. Most medical practices must buy new equipment to ensure compliance with current requirements. This is a big investment that should be logged on your tax return. Depreciation rules are complicated, but recent federal tax code law has expanded how much you can expense and for what. In most cases, expensing as much as possible is a better choice, but there are times when depreciation can save you more. Knowing how and when to get tax relief from your business purchases can make a big difference in how much you bring home.
3. Outsource payroll. Gone are the days where it makes sense for a healthcare practice to try to manage payroll internally. The time it takes to direct deposit or issue paychecks, escrow withholding, file quarterly (or in some cases, monthly) returns, and figure out the best way to document everything has increased exponentially in recent years. At the same time, the cost of outsourcing payroll has decreased. The economy of scale and expertise specialists bring to the w-2 and 1099 compensation picture means they can do it cheaper and better than you. Why not explore what your savings might be in time and salaries when you delegate this task to a specialized provider?

You get paid a lot for your expertise. Does it make sense to spend time dealing with accounting issues outside of your wheelhouse? Maybe you think paying your office manager to do the books too is saving you money. It’s probably not. Our hourly rate is likely lower than yours, and we’re experts at what we do. Why not consider scheduling a 15-minute meeting on us to explore the possibilities for making your day easier?