Accounting and Tax Planning for Medical Practices

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Proper accounting proves to be of immense importance in every business. The medical and healthcare industry is not an exception to this. It is exactly the reason why the requirement for professional medical practices accounting and CPA services rises. Hiring a professional makes the entire bookkeeping, finance, payroll management, accounting and tax planning work easier as well as convenient to make sure that the medical institution can focus on its core task of providing top-notch healthcare services to everyone. At Howard CPAs, we specialize in providing comprehensive accounting and tax planning services specifically for the medical, hospitals, doctors, and healthcare industries. With over 65 years of experience in handling healthcare financial issues, we are here to assist you in achieving growth in business finance.

Howard CPAs – Trusted Medical and Healthcare Accounting Partner

Take a look at our healthcare accounting services which are specifically crafted to suit the requirements of the medical and healthcare industry.

Medical Practice Accounting

  • Bookkeeping and Financial Statement: Medical practice accounting involves organizing and recording financial transactions related to the medical practice. It includes complete details such as tracking income, expenses, and other financial activities to generate accurate financial statements like income statements & balance sheets. We offer complete bookkeeping for doctors and medical professionals to keep them worry-free at all times.
  • Tax Planning and Compliance: Our professional team helps in medical tax planning and prep along with developing strategic tax plans to minimize tax liabilities for medical practices. The team has in-depth knowledge of tax laws and regulations, ensuring the practice remains compliant and takes advantage of available tax deductions and credits.
  • Budgeting and Financial Planning: As one of the top-rated healthcare accountants, Howard, Howard and Hodges help medical practices create budgets based on historical financial data and future projections. This, in turn is of great help for healthcare professionals to set financial goals, allocate resources, and make informed decisions to achieve financial stability as well as growth.
  • Payroll Services and Employee Benefits Administration: We efficiently handle healthcare industry payroll processing, thereby ensuring accurate payment to employees and compliance with payroll tax regulations. Our team also assists in administering employee benefits, such as health insurance and retirement plans.

Medical Tax Services

  • Comprehensive Tax Planning Strategies: We develop specialized tax strategies for healthcare practices, optimizing deductions, credits, and other tax-saving opportunities, thereby facilitating complete medical tax planning and prep.
  • Maximizing Deductions and Credits: Our team ensures that the medical practice takes advantage of all available tax deductions and credits, reducing the overall tax burden.
  • IRS Representation and Dispute Resolution: In case of any tax-related issues or audits, We represent the medical practice before the IRS and work towards resolving any disputes.
  • Tax-Efficient Retirement Planning: Our specialized team of physician accountants in Florida helps medical physicians plan for a tax-efficient retirement, exploring retirement account options and strategies to maximize savings while minimizing tax liabilities.

Compliance and Regulatory Assistance

  • HIPAA Compliance Audits: We conduct audits to ensure that the medical practice complies with the Health Insurance Portability and Accountability Act (HIPAA) regulations, thereby safeguarding patient information and privacy.
  • Medicare and Medicaid Reimbursement Consulting: Our team helps medical practices navigate the complex reimbursement processes of Medicare and Medicaid, ensuring accurate claims submission and timely reimbursements.
  • Fraud Prevention and Internal Control Assessments: We assess the medical practice’s internal controls to identify vulnerabilities and implement measures to prevent fraud and financial mismanagement.
  • Government Regulations and Reporting Compliance: The team will keep the medical practice up to date with changes in government regulations and reporting requirements, ensuring full compliance with all relevant laws.

Schedule A Free Consultation To See How We Can Help You Meet Your Tax & Financial Goals.

Why Choose Howard CPAs for Medical and Healthcare Accounting

  • Industry Expertise: Our team of experienced CPAs has extensive knowledge of the medical and healthcare industry, enabling us to offer solutions that address your unique financial needs.
  • Specialized Approach: We understand that each medical practice or healthcare organization is distinct, which is why we provide customized accounting and financial strategies to meet your specific goals and challenges.
  • Reliable Support: As your trusted financial partner, we are committed to being responsive and reliable. You can count on us to be there when you need us the most, offering guidance and support throughout your financial journey.
  • Time and Cost Savings: By outsourcing your accounting needs to Howard CPAs, you can focus on providing quality healthcare to your patients while we handle the financial intricacies and ensure compliance with ever-changing regulations.
  • Proven Track Record: Our reputation speaks for itself. Many healthcare professionals and organizations have experienced the benefits of partnering with us, and we take pride in their success stories.

Howard, Howard and Hodges offer a wide range of services associated with tax and accounting for the healthcare industry to make sure that everything is available under one roof. Schedule your consultation with one of the best Certified Public Accountants and streamline your finances and maximize your profitability.

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