Top Accounting Services For the Medical Field

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Healthcare Accountant in Lahaska

Managing a healthcare business can be overwhelming and time-intensive. SD Associates, P.C. comprehends this and has a team of seasoned healthcare accountants in Lahaska to help you navigate the complexities of your medical practice’s finances. Our accounting guidance is dependable and can be customized to meet your distinct needs.

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

The practice of accrual accounting involves recording income and expenses when they are earned or incurred, rather than when the actual cash transaction occurs. For instance, a doctor’s office may record revenue when the patient is treated, rather than when the bill is paid.

Employing the accrual accounting method can produce a more precise depiction of financial performance since it considers all income and expenses, not only those associated with cash transactions. However, it has advantages and disadvantages. The principal advantage is that it offers a more comprehensive view of the company’s financial condition, whereas the main disadvantage is that it can be more challenging to monitor financial performance in real-time.

Cash Basis Accounting

The practice of cash basis accounting entails recording income and expenses exclusively when they involve a cash transaction. For instance, a doctor’s office would only record revenue when bills are paid, not when they are sent to a patient or an insurance company. Cash basis accounting is generally simpler to manage and monitor since it only considers actual cash transactions.

The main drawback of cash basis accounting is that it does not offer a precise depiction of a business’s financial performance since income and expenses are not recorded until after they occur. Furthermore, cash basis accounting is not acceptable under GAAP standards, making it unsuitable for businesses that aim to adhere to these regulations.

Which Method is Best For Your Medical Practice

Choosing the best accounting method for your medical practice depends on your individual needs. For example, if you need a more accurate picture of financial performance, then accrual accounting is the best option. If you need a simpler and easier-to-track method, then cash basis accounting might be better suited for your practice.

At SD Associates, P.C., our healthcare accountant in Lahaska can help you identify the ideal method for your medical practice. We deliver all-encompassing accounting services that are personalized to meet your unique business requirements and aspirations.

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

Depreciating assets are assets that lose value over time. This includes medical equipment, office furniture, and other assets for medical practices. It is essential to accurately track the depreciation of these assets for tax compliance and financial reporting. The professional accounting team at SD Associates, P.C. has a profound understanding of depreciating assets and can assist you in developing precise depreciation schedules that fulfill the requirements of your healthcare business.

Credit Balances

A credit balance arises when a patient has paid more for services than what was provided. Properly tracking and managing these balances is a crucial aspect of healthcare accounting, and our team at SD Associates, P.C. can provide guidance in this area to ensure that all balances are managed appropriately. We have extensive experience 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 Lahaska 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 Lahaska Healthcare Accountant Today

Are you looking for a team of experienced healthcare accountants in Lahaska who can provide the best advice on how to handle your medical practice’s finances? Look no further than SD Associates, P.C. Our knowledgeable staff has years of experience working with clients in all aspects of healthcare accounting. Contact us today at (215) 517-5600 to schedule your consultation.