Physicians, dentists, and other medical practitioners can be very accomplished in their field of study, but because medical accounting and finance require a different skill set to ensure a profitable practice, often they struggle financially even though they are excellent practitioners. For this reason, Account International (AI) provides medical accounting solutions and financial management tools to ensure your medical practice runs profitably and smoothly.
In today’s environment, many medical practices must do more work with fewer employees—and just when additional regulations from the Affordable Care Act must be followed. To complicate matters, many medical practitioners are reluctant to discuss financial matters, especially on a regular basis. This sets the stage for lost revenues, inadequate internal controls, inappropriate handling of cash, inability to comply with federal and tax regulations, and a greater risk of fraudulent activity.
Medical practitioners can maximize their revenue and profit generation when they understand what impacts their bottom line and when they communicate regularly with trusted financial advisors. As a trusted partner, AI’s medical accounting services provide a layer of oversight and management over the service-to-payment process.
Our financial management solution is founded on two basic tenets:
• Maximizing collections and
• Establishing and maintaining internal controls
Typically, these two tenets—collections and controls—suffer when there are significant demands on time, a lack of expertise or proficiency of personnel, an issue of trust (between principal and staff), and/or an inappropriate organizational structure. Our approach—based on the corporate best practices associated with cash and receivable management—allows for collections to be maximized while maintaining the integrity of internal controls.
A general framework of point of discussion with our physicians typically include:
• Practice management;
• Personal taxes;
• Miscellaneous issues.
Practice Management: Often medical practitioners turn over the daily management of their financials to an office manager without having adequate oversight or financial controls in place. Medical practitioners are particularly vulnerable to fraud. Learn more about AI’s Loss Prevention Shield.
Medical Accounting: It is always prudent for a medical practitioner to be proactive when it comes to collecting revenue, managing expenses, budgeting, and financial reporting. AI will help your practice establish an adequate and appropriate chart of accounts along with a system of checks and balances to deter fraud. Most importantly we will begin to form a relationship that can grow fully as the years pass and the practice grows, to make it easier to talk about your practice’s finances as time goes on.
Personal Taxes: In addition to handling the tax requirements for your practice, AI can prepare or oversee the preparation of the medical practitioner’s personal tax return. Accounts International work with physicians to implement the best financial management practices into your operations.
Miscellaneous Issues: Accounts International is prepared to discuss other pressing issues regarding running your practice efficiently. Whether its sales growth, expansion, or reducing cost, we can draw from our experiences of supporting other clients and identify best practices to share and incorporate into your operations.