Looking for a reliable and trustworthy accountant for your medical or dental practice?
SCL CPA PC has been helping medical and dental practices with their accounting, payroll, and tax preparation and filing needs for the past twenty years.
Our firm is committed to helping you achieve financial success within your healthcare practice. Our skilled professionals have years of experience in providing tax, accounting, and payroll services to healthcare practitioners. Our trained staff understands the challenges your industry faces, such as increasing costs, healthcare reform, and decreasing reimbursements—which makes us the right choice to fill the role of your trusted advisor.
An efficient accountant and financial planner for a physician can definitely help them target their goals in a smoother and much dignified manner, rather than the physicians pondering and looking for solutions themselves.
The obectives of financial planning for physicians are many:
Transition Medical or Dental Practice
Tax Planning and Preparation
Cash Flow Management
Review of Investments
Strategies for Asset protection
SCL CPA offers all the common accounting, payroll, and tax planning and preparation services for healthcare practice owners:
Compilation and preparation of financial statements - Financial statements are a benchmark for every healthcare practice and are to be compiled with utmost sincerity and diligence. We undertake this work and help physicians prepare and compile their annual statements. These statements help in assessing and managing cash flows and also in manging debt efficiently.
Review of financial statements - We conduct reviews of financial statements that were prepared internally. This can be done on a monthly, quarterly, half-yearly, or yearly basis. The accuracy and reliability of the financial information prepared internally is to be reviewed and we help the finance department of the healthcare practice in doing so. While doing this, we also help a medical practice perform a review of taxes and do advance planning.
Preparare financial forecasts - A medical or dental practice is required to prepare a financial forecast for the following reasons:
Budget income and expenses
General business planning
Valuation of the practice
Prepare personal financial statements - A personal financial statement is a document outlining an individual's financial position at a given point in time. A personal financial statement will typically include general information about the individual, such as name and address, along with a breakdown of total assets and liabilities. An individual’s financial statement shows their net worth, which is assets minus liabilities. The statement is useful for tracking goals and wealth. It is also often required when applying for credit. The statement shows the financial health of the entity named in the statement.
Tax planning and preparation - SCL CPA is here to help physicians and their medical practices. We help minimize your tax obligations and make sure there are absolutely no surprises when the time comes to file taxes. Our tax services include the following:
Tax planning and analysis
Tax projections and analysis
Tax preparation Federal and State
Representation before taxation authorities
Tax related problem resolution as and when required
Tax consulting for healthcare practice acquisition or divestiture
Structuring and execution of physician buy-ins and buy-outs
Tax impact of proposed merger of practices
Healthcare practice valuation tax analysis
Apart from the above mentioned services, we are also involved in the following in order to help Physicians and Dentists:
Medical strategic planning - Strategic Planning Process involves advising physicians and implementing action plans to adapt them to face challenges faced by physicians in the present day world on account of rising cost of health care, increasing competition amongst physicians and further their movement towards strategic alliance with other physicians.
Medical practice assessment - This assessment encompasses all revenue building activities and its goal is to improve the bottom line. It involves Coding Analysis, Review of Medicare and Billing Practices, Assessment of accounts receivables, Review of Care Contracts, Review of Financial Revenue and Billing Services.
Managed care contract negotiations - Managed care plans are a type of health insurance. They have contracts with health care providers and medical facilities to provide care for members at reduced costs. These providers make up the plan's network. The health care provider receives a set amount of money each month based on the number of individuals covered by the plan. We help physicians by periodical reviews of such Contracts.
Medical practice merger advice - The unstable and rapidly changing environment of health care has intensified the interest of physicians to merge with other physicians who might share a common vision. We help and guide physicians in overcoming obstacles in such mergers by coordinating with these groups, with the goal that such mergers should keep on progressing steadily without any delay.
Physician financial management services - Physicians and doctors often need finances for expanding, diversifying into new areas. We help them in guiding about the finances in the following areas:
Practice Sales and Purchases
Practice Working Capital Funding
New Equipment Purchase
Medical Office Financing
Leasehold Improvement Financing
Medical Malpractice Premium Financing
Accounts Receivable Protection Lending
Specialty Financing for Healthcare Entities (Such as Outpatient Ambulatory Surgical Centers)
Loan Facilities at generous pre-payment terms, negotiating with the lender
Staff recruitment services - Providing aid in recruitment of staff by due to our linkages from Health Care Recruitment Firms: Finding great candidates is time-consuming. We have linkages and associations with various Recruiting Services. Working with such Recruiter Services help in employing hardworking and diligent staff and also saves time and energy.
Risk management policies - A Physician also should take stock of your risk-management policies, which could include the following:
Disability insurance - All physicians should invest in disability insurance to protect their financial future.
Medical malpractice insurance - According to a reputable source a 2010 American Medical Association report found that 61% of doctors over the age of 55 had been sued for malpractice. And while 65% of the claims are dismissed or dropped, they still cost doctors an average of $22,000. If a claim does go to trial, then the average cost spikes to over $100,000. Because of this, it is extremely important for healthcare practice owners should be sure to purchase a good malpractice policy from a reputable insurance carrier.
Other appropriate insurance - Physicians have a one in five chance of being on the wrong end of a lawsuit that’s outside of their practice.
An estate plan - Advisors stress that setting up a proper estate plan is equally important for physicians. Practice owners have to make sure that they have a will, trust, living will, and powers of attorney for property and healthcare in place.
SCL CPA understands the individual finance needs of physicians. As CPAs, we can advice your financial planning efforts and be your personal financial advisors.
Financial planning helps you prepare for your future. We start by assessing where things stand today from a financial perspective. We begin by reviewing the total financial position, including all assets, investments, retirement plan accounts, liabilities, income, and expenses. Next, we enable you to determine personal financial goals for you and your family like saving for college, weddings, medical conditions, and retirement. Our methodology takes into account the timeframe for each goal along with the dollar amount required. We review your current and future financial plans and identify what changes are required to meet future financial goals. The review will take into account your current and future projected income and compare that to your present and expected costs.
We offer a new solution for these uncertain times, providing personal service throughout the year that is responsive to your needs and a collaborative approach. Because solid financial reporting is critical to a well-run business, we supply you with comprehensive monthly financials along with insightful feedback—breaking down complex data into practical terms to aid you in making informed decisions. Through careful planning, analysis, and with healthcare niche-specific experience, we can personalize a financial plan that keeps you on track to fiscal stability and long-term prosperity.
With SCL you can rest assured that we will be 100% focused on driving financial results for your healthcare practice.
Our healthcare clients include:
SCL CPA PC is a full-service accounting firm offering accounting, payroll, tax planning and preparation services, and QuickBooks for Healthcare Practices in the metropolitan areas of Chicago and Milwaukee. We have office locations in South Barrington and Arlington Heights in the northwest suburbs of Chicago and in Kenosha in Wisconsin. Our locations serve – South Barrington, Barrington, Hoffman Estates, Schaumburg, Palatine, Streamwood, Rolling Meadows, Hanover Park, Arlington Heights, Carpentersville, Bartlett, Lake Zurich, Roselle, Elgin, Buffalo Grove, Prospect Heights, Aurora, Naperville, Skokie, Wheaton, Winfield, Mount Prospect, Evanston, Cicero, Carol Stream, Itasca, Lombard, Niles, Park Ridge, Elk Grove Village, Northbrook, Deerfield, Franklin Park, Melrose Park, Glendale Heights, Glen Ellyn, Glenview, Morton Grove, Bensenville, Elmhurst, Wheeling, Addison, Kenosha, Salem, Racine, Mt. Pleasant, Sturtevant, Trevor, Burlington, Pleasant Prairie, Bristol, Zion, Antioch and other surrounding areas.
To learn more about our tax planning and preparation services, get in touch with SCL CPA PC at (866) 725-9824 or (262) 658-3313. For your convenience, you can also email us at email@example.com to arrange your one-on-one consultation.
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