Dr. Katina Miles is a board-certified dermatologist with more than 15 years of experience treating a wide variety of skin disorders — and a passion for restoring skin to its natural glow.
She began her journey as an independent provider in December of 2014 when she opened Skin Oasis Dermatology in Gambrills, MD. The practice has since grown to offer medical, surgical, and cosmetic treatments to children, adolescents, and adults of all ages.
Skin Oasis prides itself on serving a diversified client base with many different medical and cosmetic needs, from skin cancer screenings to body contouring. Dr. Miles’ patients know that they will be met with professionalism and understanding no matter their needs and life circumstances.
While Skin Oasis Dermatology maintains a stellar reputation for patient satisfaction, Dr. Miles has faced her share of challenges. The larger U.S. medical industry continues to evolve each year. Recently, cuts to government and insurance-based healthcare reimbursements have posed specific difficulties for solo and small group practitioners. Dr. Miles established Skin Oasis in the midst of a mass shift to combine smaller practices for additional financial support.
The onset of Covid-19 threw all medical sectors into turmoil. Worldwide supply chain shortages contributed to skyrocketing medical supply prices — especially for dermatology practices, which regularly perform expensive surgical and cosmetic procedures. For example, Skin Oasis maintains several body contouring equipment pieces, each with its own separate lease and repayment terms — and these became increasingly difficult to manage amid rising costs in other areas.
More than ever, Skin Oasis was in need of reports that broke down in detail where most of the practice’s income was coming from and where most of their funding was going. Dr. Miles had previously worked with two different accounting firms, but they were unable to deliver at the detailed level necessary to account for all three lines of dermatological care her practice provides.
Since Dr. Miles selected BradyRenner as the financial services provider for Skin Oasis, their CPAs have kept the practice’s finances up-to-date and in compliance throughout every change and difficulty:
- Sourcing reliable funding: BradyRenner went above and beyond typical CPA services to help Skin Oasis get approved for a Small Business Administration (SBA) loan. These loans are low-interest and have flexible terms, but their strict lending standards make them harder to access. Dr. Miles had gone through an arduous and ultimately incomplete application process with their previous bank partner. Matt Brady, CPA, got the ball rolling by using BradyRenner’s established financial network to find another bank and completed the necessary document collection tasks to get the loan approved.
- Covid relief: BradyRenner helped Skin Oasis mitigate financial hardships by getting the practice on board for Covid-era relief programs: The firm enrolled Skin Oasis in the Payroll Protection Program (PPP) and gave them all the necessary portal optimization guidance. They also situated the practice for the approaching Covid-19 Economic Injury Disaster Loan (EIDL) repayment.
- Solid business perspective: BradyRenner’s reporting capabilities enabled Skin Oasis to understand their finances in-depth. With their guidance, Skin Oasis rightsized their cosmetic service prices to offset the costs of medical equipment for vital procedures.
Skin Oasis was able to thrive, even through healthcare reimbursement cuts and an unprecedented global health crisis. With the various financial support services BradyRenner helped secure, the practice consolidated its multiple equipment leases and other expenses into a more manageable system. They can now finance their expenses hassle-free and at a much lower interest rate than before. And with their new financial reporting system in place, Skin Oasis can dive deep into the business’s expenses and revenues. This continues to be a godsend for their operations and gives Dr. Miles peace of mind that allows her to focus her time and energy on the most important task — helping patients.
A secure future
Dr. Miles maintains a healthy establishment that supports its staff and keeps operations running smoothly. Her team will continue to help patients reach their skincare goals while being assisted by a reliable financial management partner every step of the way.
Healthcare accounting in Bowie, Maryland
BradyRenner provides financial management solutions for small businesses of all kinds. Small medical practices, in particular, occupy a large portion of our client base because we possess special expertise in HIPAA compliance and implement values of accuracy and good communication in every task we complete. Whether you’ve been serving your community for years or are just starting out, Matt Brady, CPA, and his team will ensure you meet all legal requirements and enable you to provide a smooth payment process for your patients.
Contact us today for more information about our premier accounting, bookkeeping, and tax preparation services.