Accounting & Advisory Services for Medical Practices
When starting a business, many medical professionals hire 1) Medical staff and assistants to assist in providing the medical services and 2) a Practice Manager to handle the operations of running a clinic such as buying supplies, managing the schedule, and hiring staff. To keep expenses low, many medical professionals choose to handle the accounting on their own at the start. As the business grows, we often see either the Practice Manager move into certain accounting and finance tasks, or the slow transition of books routinely closed in 30 days moves to 45, 60 or 90 days as the provider’s schedule fills with more and more patients. The time value gap of the provider spending an additional 30 minutes delivering patient care vs. 30 minutes on accounting grows as the patient load expands.
Our team is here to help!
Just as you pursued your passion in dentistry, ophthalmology, or medical services, we too at Copeland Buhl pursued our passion in accounting and finance. We can work together and both deliver outstanding services in our field of excellence.
We’ll meet with you to gain a deep understanding of your needs, processes, and technologies currently in place. We’ll identify potential improvements, scope of work to be performed, and desired timing, and build a plan customized to your practice.
Each medical practice is unique, and our monthly services can be tailored to include any of the following:
- Level 1:
- Bank & credit card posting & reconciliation
- Pay vendors via online bill pay system which means no more manual check signing for you
- Month-end close
- Level 2:
- Payroll processing
- Submission of elective deferrals such as Retirement, F.S.A, and H.S.A payroll contributions.
- Level 3:
- Customized monthly financial statements with key-performance indicators
- Monthly virtual discussion with your Controller or Assistant Controller
- Budgeting and/or cash flow forecasting
Our Accounting & Advisory professionals work exclusively with small to medium sized business providing analysis and support to help you meet your business goals. If you are in need of timely financial leadership, please reach out to the team at Copeland Buhl.