Michael Brancaccio, M.D. is a clinical pathologist practicing in Washington, D.C. Although Dr. Brancaccio recently established his own practice, until recently he was a physician with a professional group of five pathologists based in Washington, D.C.
For years, the practice had been served by an accountant who was very honest and loyal but was not staying current. In fact, during the legacy accountant’s tenure, the firm operated without direct deposit, paid bills with hand-written checks and kept manual ledgers to track retirement plan funding.
When Dr. Brancaccio and the other physicians decided to seek a new accountant, they were referred to BradyRenner. After a lunch meeting with Matt Brady, CPA, the practice selected BradyRenner because they were impressed by the sense of commitment, forward momentum and engagement that the firm would bring to their needs.
The challenge in medicine today is twofold. First is the continuing cuts by Medicare and Medicaid in reimbursements to physicians. And second is the consolidation of medical practices into large conglomerates, such as Johns Hopkins Health, MedStar Health and Inova in the Washington, D.C. region. This places immense pressure on small physician groups to compete effectively.
With this in mind, the practice’s accounting needs included a number of changes and enhancements essential to maintaining competitiveness. These included computerizing the practice’s payroll and accounting systems, updating accounting processes and generally taking a well-managed but completely manual environment and migrating it effectively to digital operation.
Matt and the team at BradyRenner accomplished these changes for the practice in a matter of weeks. In addition, BradyRenner immediately set up direct deposit and online profit sharing and 401K payments as well. The firm also provided monthly payroll reports and, most significantly, guided the practice through a transition from a C Corp. to the S Corp. structure.
Today, Dr. Brancaccio continues with BradyRenner and utilizes the firm for his personal tax preparation and accounting needs, as has his son. His experience with the BradyRenner team continues to be excellent. “In fact, I wouldn’t hesitate to recommend them to family or friends,” he says.