How Hiring a CPA Can Transform Your Small Medical Practice

Published by Matt Brady | November 16, 2021

The healthcare industry in Maryland is thriving. But that also means that competition amongst medical practitioners can be fierce. Growing your business and increasing your customer base requires several essential components, such as delivering outstanding customer service, providing exceptional medical care, and strong, efficient financial management. But adding CFO responsibilities to your already full plate just isn’t always feasible, nor is retaining a full-time accountant on staff.

That’s why many medical practices choose to outsource important financial duties to a CPA firm that specializes in working with the medical industry. A CPA who is healthcare-focused and has sound knowledge of the unique tax laws and regulations pertaining to the industry can not only help you better prepare your yearly taxes but also offers additional services, making him or her a significant asset to your small medical practice.

Of course, it’s entirely possible that you already work with a CPA to aid in completing your practice’s year-end tax preparation. But if your CPA doesn’t specialize in providing services for the healthcare industry, you could be doing your business a disservice. A healthcare-focused CPA is a unique asset and valuable consultant that offers a full range of services, ensuring your practice is always equipped to meet the challenges of changing regulatory requirements and compliance issues.

 

Transform Your Medical Practice With a Healthcare-Focused CPA

In addition to providing essential accounting services, a CPA with medical industry experience also provides personalized financial advice and solutions that help you manage your practice more efficiently, subsequently enabling you to achieve your business goals. Consider the following skills and knowledge a CPA with healthcare expertise can offer:

  • The CPA, having in-depth knowledge of how a medical practice is managed, can offer advice and guidance on how to operate your practice more efficiently to reduce overhead, save money, and avoid wasteful spending and expenses.
  • The CPA will understand the revenues and expenses that are unique to medical practice and how to apply them properly to financial document preparation and tax preparation.
  • The CPA will possess knowledge of and experience in the ever-changing regulations and tax laws specific to the healthcare industry, ensuring your taxes are always filed properly and in compliance.
  • The CPA will be able to provide assistance in the creation of a chart of accounts that helps to eliminate the risk of fraud or money mismanagement.
  • With contacts throughout the industry and in their field of finance, the CPA will be able to foster relationships between your business and banks and other entities for optimal benefit.

Overall, the CPA will act as a technical accounting advisory and business consultant to help you achieve your business goals, make operational improvements, ensure efficiency throughout the organization, and present strategies for making informed financial decisions.

By handling your bookkeeping, managing your cash flow, improving your payroll process, and providing you with regular, well-organized financial reports, you can learn how to make better use of your resources and reduce expenses. Most importantly, a CPA’s services will provide you with the professional assistance you need to run a smooth, efficient, and profitable practice that also provides the highest levels of service to your clients and patients.

 

How BradyRenner Can Help

When you choose to partner with BradyRenner, you gain a CPA that fully understands the many roles you play in the management of your practice. We help relieve a large portion of that burden by taking over many of the business and financial obligations and duties, leaving you more time to focus on what you do best — care for your patients.
We can meet with you consistently once a month or several times throughout the year to assess your finances and examine the numbers to ensure everything is being properly recorded and tracked. By keeping a strong eye on things, we can provide you with insight into how your business is performing and what areas might need improvement to rectify issues with the revenue stream.

The BradyRenner team has worked with physician practices, dental practices, home nursing agencies, and other healthcare service businesses. Our experience working with the healthcare and medical industry enables us to offer high-quality, personalized accounting services, intuitive and effective tax strategies, and expert financial advice.

Together, we can help you develop strategies to achieve your goals and aid in essential areas such as practice management, insurance carrier reimbursement, staffing, and optimum utilization of practice resources. In addition, we are adept at supporting healthcare-related organizations, such as daycare centers and human service agencies.

Contact the team at BradyRenner today to explore how our expertise in working with small businesses in the healthcare industry can help you grow your business.

 

Image Credits: UnSplash @Creative Commons