Healthcare & Medical
Medical practices, dental offices, clinics, therapy practices, and veterinary clinics with complex reimbursement and multi-provider accounting needs.
The Industry
Medical and dental practices bill one amount, negotiate another with insurance, and collect a third from patients. A procedure billed at $1,200 might generate $840 from insurance and $150 from the patient copay, leaving a $210 contractual adjustment that needs to be written off correctly. Multiply that across hundreds of procedures monthly and the accounting becomes a reconciliation puzzle that most practices never fully solve. The gap between gross charges and actual collections determines whether a practice is thriving or slowly bleeding cash.
Therapy practices and veterinary clinics deal with different payment structures but similar complexity. Cash-pay therapy clients need proper revenue tracking while insurance-based sessions require accounts receivable aging. Veterinary practices handle point-of-sale collections but struggle with high inventory costs for medications and supplies that need accurate cost allocation. Every type of healthcare practice shares the same fundamental challenge. The clinical work is excellent but the financial picture is unclear.
Who This Covers
Who This Covers
Medical practices, dental offices, specialty clinics, physical therapy and mental health practices, veterinary clinics. Healthcare businesses in South Florida that have outgrown basic bookkeeping and need controller-level financial oversight to understand true practice performance.
What Makes It Complex
What Makes It Complex
Multiple payer sources with different reimbursement rates and timing. Insurance payments arriving 30 to 90 days after service. Patient balances that age into uncollectible territory. Production tracking when multiple providers share overhead. Equipment depreciation on imaging systems and dental chairs. Malpractice insurance, HIPAA compliance, and licensing costs that represent significant required overhead.
What We Handle
We reconcile your practice management software to your bank deposits monthly. The day sheet says you collected $47,000. The bank shows $45,200. Where is the difference? We find it. Unposted insurance checks, misapplied patient payments, merchant processing fees, and timing differences all need to be identified and resolved. Without this reconciliation, small discrepancies compound into significant problems that nobody can untangle at year end.
For multi-provider practices, we track production and collections by provider so compensation can be tied to actual performance. This matters for associate pay structures, partnership profit splits, and planning around provider transitions. We monitor accounts receivable aging to identify insurance claims that stall and patient balances that need attention before they become write-offs. Your internal staff handles the clinical billing. We provide the controller oversight that verifies everything ties out and the financial statements reflect reality.
Reconciliation and Revenue Verification
Reconciliation and Revenue Verification
Daily deposit reconciliation against practice software ensuring every dollar collected is properly recorded. Insurance payment verification against expected reimbursement rates. Patient payment tracking and aging. Contractual adjustment review to confirm write-offs are legitimate and not masking collection failures or posting errors.
Provider and Practice Performance
Provider and Practice Performance
Production tracking by provider showing gross charges, adjustments, and net collections. Overhead allocation for multi-provider practices. Accounts receivable aging with analysis of payer performance. Monthly financial review identifying trends in collections, expenses, and profitability that the day-to-day billing process doesn’t reveal.
What Goes Wrong
Front desk staff often handle patient intake, billing, payment collection, and bank deposits. This is not a criticism of your staff. It is a control weakness that exists in most practices. When one person touches every step of the cash cycle, errors go undetected and worse becomes possible. A simple posting mistake in March becomes a $15,000 mystery by December that nobody can explain. External review is not about distrust. It is about proper financial controls that protect everyone.
Insurance reimbursement rates change and practices don’t always notice. Your contract with a payer might guarantee $925 for a specific procedure but the payment hits at $870 and nobody catches it. Across a hundred claims, that underpayment becomes real money. Patient balances get written off as uncollectible without proper follow-up because the front desk is too busy with clinical operations to chase payments. The practice management software shows healthy charges. The bank account tells a different story.
Control Gaps and Posting Errors
Control Gaps and Posting Errors
No separation of duties between billing, collection, and deposit functions. Payments posted to wrong accounts or wrong dates. Duplicate entries and missed reversals that distort monthly performance. Small discrepancies that accumulate into significant variances nobody can explain when the accountant asks at year end.
Revenue Leakage
Revenue Leakage
Insurance underpayments that go unnoticed because nobody compares actual reimbursement to contracted rates. Patient balances written off prematurely without systematic follow-up. Claims denied for fixable reasons that never get reworked. The gap between what the practice earns and what it actually collects widening over time without any visibility into the cause.
What Changes
You get financial statements you can trust. Monthly reports that tie to bank activity and practice software without unexplained variances. Accounts receivable aging that shows exactly what is outstanding by payer and by patient with clear action items for collection. You know your actual collection rate, not the number your billing software calculates before adjustments and write-offs. When a provider asks how the practice is doing, you have a real answer backed by verified numbers.
Multi-provider practices get clear production and collection reporting by provider. Compensation discussions happen with actual data instead of guesswork. Partnership profit splits become straightforward because the accounting supports fair allocation. Equipment purchases and office expansions get evaluated against verified cash flow and profitability. You make decisions about the practice based on financial reality, not hope and rough estimates from a system nobody fully reconciles.
Verified Financial Position
Verified Financial Position
Monthly reconciliation that catches discrepancies when they happen, not months later. Collection rate analysis showing actual performance by payer type. Insurance reimbursement monitoring that identifies underpayments. Clean financial statements that your CPA can rely on at tax time without extensive cleanup.
Strategic Practice Management
Strategic Practice Management
Provider performance tracking that supports fair compensation structures. Cash flow visibility for equipment financing and expansion decisions. Overhead analysis showing true cost per provider. Financial controls that protect the practice and give you confidence in the numbers you see every month.
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