Accounting Services for Medical and Dental Practicioners
The healthcare specialists at Faw Casson recognize the special needs of physicians, dentists, optometrists, and other healthcare professionals. Our firm specializes in understanding the dynamics of your business from both a financial and management perspective. As your business grows, you can count on us to be up-to-date on the most current issues, problems and trends. We are here to meet your needs, whatever the scope; billing, reimbursement, accounting, taxes or staffing decisions.
Practice Management Services
Cost Reduction Strategies
We utilize benchmarking to evaluate the operating overhead and analyze needs of the practice to make recommendations for improvement.
Cost Sharing Arrangements
We assist clients in the financial and qualitative analysis needed to structure successful cost sharing agreements.
Medical Practice Assessments
A comprehensive assessment used to evaluate the overall operating efficiency of the practice and to determine the impact on cash flow.
Monthly Practice Monitoring
We often provide financial oversight on a monthly basis to monitor trends that may be developing within the practice.
Revenue and Profitability Analysis
Revenue enhancement is a complete analysis of key financial areas to identify strategies for improving collections and implementing new lines of service.
Physician Compensation Models
Our firm helps medical practices develop fair and equitable compensation models that adhere to strict government regulations, such as the Stark Laws.
Accounting System Design, Implementation, and Review
We assist practices in reviewing their accounting policies and procedures for inefficiencies and weaknesses, develop a plan, and make recommendations.
Internal Controls/Embezzlement/Fraud Reviews
We help medical practices identify those areas in the practice vulnerable to embezzlement and implement adequate controls for detecting theft.
Accounts Receivable Management
Reliable data is the key to managing accounts receivable. We can assist in examining collection policies and procedures for consistency and updating the fee schedule for maximum reimbursement.
Billing and Collection Review
A collection performance review can reveal staffing needs along with any deficiencies in procedures. We analyze coding frequency, fee schedule, and aged claims by payer to identify decreases in revenue.
Business/Tax/Financial Planning Advisory Services
Financial and Operational Benchmarking
Benchmarking key financial and operating statistics allows a practice to identify potential problem areas. We can help determine whether or not the physicians and the practice are achieving their performance goals.
Tax Planning Strategies for Businesses and Individuals
We help our clients minimize their tax liability through effective tax planning. We constantly monitor changes in federal and state tax regulations and update clients on the potential impact to them.
Strategic Business Planning
We can develop a plan of action to help move your business successfully into the future.
Cash Flow Analysis and Planning
We guide our clients through the process of cash flow analysis and planning so that they are never “surprised” by the cause and effect relationship between the services they provide and their bottom line.
Retirement Plan Assessments
We can assist the practice in determining when it is the right time to implement a retirement plan, and choosing the best form of retirement plan for their unique situation.
Review and Development of Physician Contracts
We assist practices in the drafting of physician contracts, including specifications regarding benefits, leave terms, and anticipated future ownership terms and expectations.
Review of Employment Contracts, Leases, Trusts, Wills, Ownership Agreements, etc
We routinely review and advise clients regarding contracts in advance so that the underlying transactions are structured to their best advantage. In addition, we can perform a lease vs. purchase analysis before the acquisition of an asset to determine the best course of action.
Financing and Credit Procurement Assistance
Is your bank meeting your needs? We assist medical practices in obtaining financing for working capital, equipment purchases and acquisitions.
Bookkeeping and Payroll Services, Compliance Assistance
In certain circumstances, we provide the bookkeeping and payroll services for practices that prefer to outsource those functions. For others who perform these functions in-house, we monitor their compliance and serve as a resource when issues or problems arise.
Acquisitions, Mergers and Dissolutions
We guide practices through the issues of valuation, negotiation, tax consequences and opportunities, contract development, and practice transition that are important when a physician decides to sell, merge or dissolve a practice.
New Practice Start-Ups
Our firm will help you select a corporate entity, obtain financing, select accounting and billing software, assess staffing needs, and establish initial operating procedures needed to run an efficient and profitable practice.
We can assist you in determining the right time to add capacity to your practice, and in what manner – whether to hire another physician, add a nurse practitioner or other physician-extender, or consider merging your practice with another. Once the decision is made, we can guide you through the transition to a successful implementation of the plan.
As you can see, utilizing the professional resources of Faw Casson Healthcare Specialists will benefit your practice by allowing you to draw upon their expertise. Please contact our team of healthcare specialists for more information about our services.