With declining reimbursements and increasing overhead, physician compensation is being "squeezed."
Gollob Morgan Peddy can help. We have professionals with specialized knowledge of issues confronting your medical business.
In addition to traditional accounting services like bookkeeping, tax preparation, financial planning and financial statements, we can add value to your medical, dental or other healthcare practice with:
An assessment evaluates the overall efficiency of your practice. We benchmark your practice and make recommendations to improve your profitability.
Medical practices can be vulnerable to embezzlement. We can advise you on checks and balances that may avoid employee theft.
Accounts receivable that are not properly managed can cause a delay in cash flow. Review of the accounts receivable cycle may identify areas that need improvement.
A review of outside billing services can determine if services are billed correctly and payments are collected on a timely basis.
Accurate coding determines if you are paid for all services provided to patients. A coding analysis may determine areas that need improvement.
New physicians need assistance in establishing their practice. Credentialing, hiring personnel and other operational issues need to be handled prior to starting business.
Changes in the type of services provided or the size of the practice can create a need to change the compensation formula. We can make suggestions and model the proposed formula for your review.
Determining the value of your ownership in your medical practice may be needed for practice acquisitions and buy/sell agreements.
Adding a new ancillary service can enhance your practice revenue. We can help determine if the service will be profitable.
We can advise you on wealth building strategies such as retirement and tax planning.