Running a medical or dental practice means juggling claims, reimbursements, and compliance—while keeping cash flow healthy. Use these tips to build accurate, audit-ready books. For hands-on help, see our Accounting & Bookkeeping Services.
1) Separate Practice & Personal Finances
Keep a dedicated operating account and credit card for the practice. Structure correctly from day one with our Business Consulting.
2) Reconcile Bank & Merchant Deposits Monthly
Match EHR/merchant batch reports to bank deposits and adjust for fees/chargebacks. If you’re behind, our Business Tax Preparation team can help with cleanup and monthly closes.
3) Map Your Chart of Accounts to Medical Ops
Use categories for provider payroll, supplies, lab fees, malpractice, rent, equipment leases, and EHR. We’ll design the right structure via consulting.
4) Track AR by Payer & Procedure
Segment A/R by payer (Medicare, Medicaid, private) and procedure type to see reimbursement timing. Pair your EHR with Outsourced CFO & Controller Services for KPI dashboards.
5) Digitize Receipts & Keep HIPAA-Aware Workflows
Use secure, access-controlled document storage; attach receipts to transactions. If the IRS asks for substantiation, our IRS Representation Services protect your practice.
6) Get Payroll & Provider Compensation Right
Use compliant pay codes for providers vs. staff, stipends, and benefits. We can implement and review payroll processes—see our Payroll Support.
7) Watch Sales/Use Tax on Supplies & Retail
Practices that sell products may owe sales tax. Track nexus and file correctly with our Sales Tax Filing help.
8) Close Monthly: P&L, Balance Sheet, Cash Flow
Review gross margin by service line, payer mix, and overhead trends. For advanced analysis, consider our Outsourced CFO Services.
9) Plan Quarterly Estimates & Year-Round Tax Strategy
Coordinate write-offs, Section 179/bonus depreciation, and retirement plans. Explore our Tax Preparation for Personal and Business.
10) Audit-Readiness & Compliance Culture
Carefully and thoroughly document all procedures, approvals, and user access details to ensure that your records remain clear, well-organized, and easy to reference at any time. If you happen to receive any notices or communications, do not worry or panic under any circumstances—our dedicated and highly experienced IRS Representation team is fully prepared and ready to promptly respond to these matters. We will efficiently handle and resolve any issues that arise on your behalf, providing you with peace of mind throughout the entire process.
Frequently Asked Questions (FAQs)
Which bookkeeping software works best for medical practices?
QuickBooks Online, when seamlessly integrated with your Electronic Health Record (EHR) system, provides powerful and comprehensive reporting capabilities along with detailed and reliable audit trails that significantly enhance financial transparency and accountability. Our skilled expert team manages the entire setup process from start to finish, which includes configuring data feeds accurately, establishing precise and tailored rules, and creating customized reports through our specialized Bookkeeping Services. This comprehensive approach ensures that your financial records remain accurate, well-organized, and easy to manage, giving you greater confidence and control over your financial data.
How do we manage payer reimbursements and denials?
Track accounts receivable by each payer and categorize them into detailed aging buckets to improve the management of outstanding balances more effectively. Utilize denial codes efficiently to accurately identify and address the root causes of payment issues, ensuring faster resolution. For enhanced financial oversight and to monitor key performance indicators (KPIs) more closely, consider leveraging our comprehensive Outsourced CFO services, which are specifically designed to provide expert financial management along with strategic guidance tailored to your business needs.
Can you help if we’re months behind on the books?
Yes—cleanup/catch-up gets you current, then we establish a monthly close. Start with Business Consulting and move into ongoing bookkeeping.
Need Bookkeeping Built for Medical & Dental?
We help clinics and practices with compliant payroll, payer A/R, monthly closes, sales tax, and tax planning. Schedule Consultation
Leave a Reply