Accounting & Bookkeeping Services for Medical Practices In New York
Reliable medical accounting solutions
Medical professionals often have to juggle patient care with accounting tasks. But due to their busy schedules, doctors and clinical staff can easily fall behind in accounting. This can lead to compliance issues, lost revenue, and troubles with the IRS.
With Med Financial Solutions, you will get a professional team to handle your day-to-day accounting needs, so you can focus more on providing quality patient care.
Our accounting services for medical practices include the following
Choose and set up your accounting software for the first time. Migrate your system to QuickBooks online or any accounting platform you prefer.
Generate accounting reports to assess the financial health of your practice. View your profit and loss (P&L) statements in real-time.
Assist with tax planning, tax settlement, and payroll compliance. Maximize allowable deductions and tax incentives.
Ensure clean ledgers, accurate financial statements, and smooth M&A transactions with the help of our accountant for medical professionals.
Receive alerts on revenue discrepancies to avoid financial losses in your practice. Monitor issues on charts, claims, patient statements, and payor denials.
Simplify your finances. Elevate your practice
Accurate medical bookkeeping services
Inaccurate bookkeeping can easily hurt your practice if not addressed right away. These financial errors can lead to revenue losses, unnecessary expenses, increased fraud risk, and legal issues.
MFS offers the following bookkeeping services to medical professionals:
Organizing and updating your current bookkeeping system. Daily tracking of accounts payable for practices.
Reconciliation of vendor statements, balance sheet accounts, and deposit accounts.
Analysis of revenue trends to find cost-saving opportunities to adjust collections strategy.
management
Calculation of staff payroll, taxes, and other withholdings.
Transfer your clinical documentation from paper to electronic for faster access and easier reporting.
education
Training your clinical staff to improve your in-house bookkeeping efforts.
Benefits of our medical accounting and bookkeeping services
Our team provides the strategic accounting support you need now and in the future. Above all, you enjoy expert services at a much lower cost than hiring an in-house accounting team.
Since 2002, our partner healthcare providers have been enjoying these benefits.
Get a healthcare accountant with in-depth knowledge of tax laws at both federal and state levels. Our team can prepare your personal and corporate tax returns so you no longer have to worry about the tax season.
We can work with you for 401(k) plan audits, internal audits, financial statement reviews, benchmarking, and more. Our medical accountants will ensure that your organization uses only the best financial practices in the industry.
Through our medical accounting services, we can guide you through financial planning, regulatory compliance, cost reduction, and performance monitoring. Our accounting team will also crunch the numbers to help you make informed financial decisions for your organization.
Professional accounting is indispensable if you’re planning to expand your practice. It ensures that your organization is financially sound enough to acquire more resources and providers.
Get a healthcare accountant with in-depth knowledge of tax laws at both federal and state levels. Our team can prepare your personal and corporate tax returns so you no longer have to worry about the tax season.
We can work with you for 401(k) plan audits, internal audits, financial statement reviews, benchmarking, and more. Our medical accountants will ensure that your organization uses only the best financial practices in the industry.
Through our medical accounting services, we can guide you through financial planning, regulatory compliance, cost reduction, and performance monitoring. Our accounting team will also crunch the numbers to help you make informed financial decisions for your organization.
Professional accounting is indispensable if you’re planning to expand your practice. It ensures that your organization is financially sound enough to acquire more resources and providers.
A strong focus on HIPAA compliance
Med Financial Solutions have developed a compliance culture on all privacy and security rules under the Health Insurance Portability and Accountability Act (HIPAA). We implement internal compliance training and certification program on information security, protected health information, and related compliance topics.
As one of Florida’s trusted healthcare accounting firms, we take pride in our 35+ years of experience. We have helped countless healthcare organizations improve the efficiency of their accounting departments.
Our team works closely with your office to deliver the best accounting solutions that suit your needs. Using our expertise, you can return to the joy of patient care while enjoying financial peace of mind.
Contact Us Today!
Whether you’re starting a new practice or expanding your healthcare services, Med Financial Solutions can help. We will handle your revenue cycle management so that you can provide a better patient experience.
See for yourself why other medical practices choose us
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See what providers say about our medical accounting expertise
“They handled my tax problems like a total pro. Looking forward to partnering with them for years. Our practice has been more efficient with the help of their accountants.”
“If you’re looking for an accountant for medical professionals, you should definitely call MFS. They have a professional and experienced team who currently handles our family practice’s finances. Highly recommended!”
“MFS saved us countless hours by managing our AR. Our bookkeeping and accounting have never been this organized. Thankful to them for the work that they do. Medical providers will definitely benefit from their work.”
“They assigned an experienced accountant to us even if we’re just a small practice. They are very patient with questions and ensure that our providers know where the money goes. MFS is also our partner in tax filing. They genuinely care for their clients.”
“Super friendly team and very patient with our questions. They went above and beyond in organizing our practice’s finances. We also appreciate the reports they make, which help us in making decisions for our organization.”
“Our practice has been working with them for a year now and we’re really happy with the results. They made tax planning and filing easier for us. Very strategic service and they help us plan for the long haul.”
Frequently Asked Questions
Why should I outsource my practice's accounting?
By outsourcing to healthcare accounting firms like Med Financial Solutions, you can access a team of experts at a lower cost than maintaining an in-house team. Also, healthcare accounting specialists are certified to comply with various state and federal regulations. So aside from saving money and organizing your finances, outsourcing your accounting will also guarantee compliance.
How can medical accounting services help my revenue cycle?
Medical accounting is the crucial first step in improving your revenue cycle management. Experts in this field will streamline your financial records to analyze cash flow trends. It will also give you a data-driven assessment of your practice's expenses and potential financial risk. Without professional medical accounting, you'll be in the dark about your organization's financial health.
How do I know if my healthcare organization needs medical accounting services?
If you're having tax filing issues, unexplained revenue losses, and difficulty tracking your income, you definitely need our expertise. You should also talk to us if your organization faces regulatory compliance challenges or is planning to scale up.
What specialties do you work on?
We work with almost every medical specialty, including internal medicine, emergency medicine, family practice, behavioral medicine, urology, dentistry, occupational medicine, etc. Contact us today, and let's discuss how we can help your practice!
What services do you offer aside from medical accounting?
As end-to-end revenue cycle management experts, we offer billing, collections, coding, credentialing, factoring, and reporting. We are your one-stop provider of everything that concerns your practice's finances. Our large team of experts can't wait to help grow your healthcare business!
