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Healthcare Accountant in Furlong

Our skilled healthcare accountants in Furlong at SD Associates, P.C. recognize the intricacy and time-consuming nature of managing a healthcare business. Hence, we are here to assist you in navigating through the complex financial aspects of your medical practice and provide trustworthy accounting counsel that is personalized to meet your specific requirements.

Our team is here to examine your current financial situation and develop a comprehensive plan that can help you meet your goals. We provide services such as cash flow analysis, budgeting, bookkeeping assistance, tax planning and filing, payroll processing and consulting on health records compliance. We understand that the healthcare industry is a quickly changing sector and strive to provide our clients with up-to-date guidance on new regulations, tax credits, and other financial considerations. Our team can also help you find ways to maximize your profits and increase efficiency of your practice or organization.

Types of Healthcare Accounting Methods

Accrual Accounting

Accrual accounting entails recording income and expenses when they are earned or incurred, rather than when the actual cash transaction takes place. This means that a doctor’s office may record revenue when the patient receives treatment, rather than when the bill is settled.

Accrual accounting is a method that can provide a more precise representation of financial performance since it takes into account all income and expenses, not just those that involve cash. However, it has both benefits and drawbacks. The primary advantage is that it provides a more comprehensive view of the company’s financial status, whereas the major disadvantage is that it can be more challenging to track financial performance in real-time.

Cash Basis Accounting

Cash basis accounting involves recording income and expenses only when they involve a cash transaction. For instance, a doctor’s office would record revenue only when bills are paid, not when they are sent to a patient or an insurance company. Cash basis accounting is generally easier to manage and track since it only takes into account actual cash transactions.

However, the main disadvantage of this method is that it does not provide an accurate picture of a business’s financial performance since income and expenses are not recorded until after they occur. In addition, cash basis accounting is not acceptable under GAAP standards and therefore is not appropriate for businesses looking to adhere to these regulations.

Which Method is Best For Your Medical Practice

Selecting the most appropriate accounting method for your medical practice depends on your specific requirements. For instance, if you require a more precise representation of financial performance, then accrual accounting is the optimal choice. If you need a more straightforward and easier-to-manage method, then cash basis accounting may be better suited for your practice.

Our healthcare accountant in Furlong can help you decide which method is best for your medical practice. SD Associates, P.C. offers comprehensive accounting services tailored to your unique business needs and goals.

Unique Aspects of Healthcare Accounting

Reporting

The reporting requirements for healthcare financials are complex and challenging. At SD Associates, P.C., our professional accountants possess the experience and expertise to offer you accurate and comprehensive financial statements in adherence to all relevant federal, state, and local regulations. Our team of experts are well-informed about the intricacies of healthcare accounting reporting requirements, allowing us to provide efficient and dependable service for your organization.

Depreciation Tracking

A depreciating asset refers to an asset that diminishes in value over time. For medical practices, this includes medical equipment, office furniture, and other assets. Precisely tracking the depreciation of these assets is necessary for tax compliance and financial reporting. Our accounting team of experts at SD Associates, P.C. understands the intricacies of depreciating assets and can help you devise accurate depreciation schedules that align with your healthcare business needs.

Credit Balances

A credit balance occurs when a patient has paid more for services than what was actually performed. Tracking and managing these balances is an integral part of healthcare accounting, and our team at SD Associates, P.C. can provide guidance in this area to ensure that all balances are managed properly. We have expertise in tracking and managing credit balances across multiple providers.

Confidentiality

According to the Health Insurance Portability and Accountant Act (HIPAA), it is essential for healthcare organizations to maintain the confidentiality of patient information. Our team at SD Associates, P.C. understands the importance of ensuring that all data remains secure and confidential. We maintain the highest level of confidentiality and security when managing your accounting needs.

Healthcare Accounting FAQs

Why should my medical practice work with a professional accountant?

The expertise of a professional Furlong healthcare accountant, such as SD Associates, P.C., is invaluable when it comes to effectively managing your practice’s finances and staying compliant with industry regulations. Our team of experienced professionals provides comprehensive services ranging from financial planning to budgeting and forecasting, so you can make informed decisions that help your practice succeed.

Are medical practices subject to income tax?

Yes, medical practices are subject to federal income tax in the same way as other businesses. In addition, some states may have additional taxes or regulations that apply specifically to healthcare organizations. Our team of experts is well-versed in the relevant laws and will ensure your practice stays compliant with all applicable taxation requirements.

What deductions can physicians claim?

It is possible for physicians to deduct certain expenses, such as professional fees and medical supplies. Additionally, they may be able to take advantage of deductions related to wages paid to employees, rent or mortgage payments on office space and equipment costs. Your healthcare accountant can provide more detailed information about the deductions available in your specific situation.

How can I ensure my practice remains compliant with healthcare accounting regulations?

SD Associates, P.C. provides a range of services to help you stay in compliance with healthcare accounting regulations. Our experienced accountants are up-to-date on the latest industry changes and can help your practice remain compliant while maximizing efficiency and profitability.

Contact Our Furlong Healthcare Accountant Today

Do you require the services of a team of experienced healthcare accountants in Furlong who can provide valuable advice on managing your medical practice’s finances? Look no further than SD Associates, P.C. Our knowledgeable team has extensive experience working with clients in all facets of healthcare accounting. Contact us today at (215) 517-5600 to schedule your consultation.