As a concierge physician, you’ve chosen a unique path in healthcare. Unfortunately, that does not make you immune to the accounting challenges faced by traditional healthcare professionals.
We would argue that your retainer-based model introduces an additional layer of complexity that requires even more robust financial management. Not only do you need all the standard healthcare bookkeeping services, but you also need specialized support to manage your membership model effectively. Here’s why.
Complex Revenue Streams
Unlike traditional practices, you must manage two distinct revenue streams: membership retainers and additional services that the annual membership may not cover.
Our accounting firm tracks both revenue sources to optimize your cash flow. From monitoring payments to creating detailed projections, we ensure your financial health matches the quality of healthcare you provide all of your clients.
Increased Financial Clarity
To unlock growth opportunities, you need data-driven insights into how your practice is performing. Our healthcare accountants spot inefficiencies and uncover growth opportunities by:
- Reconciling accounts
- Tracking expenses
- Creating detailed financial statements that show the true profitability of your membership model
- Analyzing membership retention and attrition rates
- Identifying which services generate the best returns
Compliance Challenges
As a healthcare provider, you face unique regulatory challenges. Meeting them requires expertise from a healthcare accountant who understands your industry. We take into account your:
- Complex billing systems, which often involve multiple payers
- Revenue cycles which are frequently delayed and can disrupt cash flow
- Unique tax implications, which differ from traditional service-for-fee models
Then, we help you structure your practice to maximize profitability and efficiency, all while keeping you compliant.
Tax Planning
Does tax season make you shudder? Not when you work with our healthcare accountants.
Unlike many firms, we believe taxes are a year-round endeavor—one that should be tackled in painless, bite-sized chunks. Our accountants for healthcare professionals ensure you maintain audit-ready books at all times while identifying tax-saving opportunities throughout the year.
Our approach transforms tax planning from an annual headache into painless ongoing reviews. This process not only keeps you informed about your financial health but also prevents stressful scrambles to meet deadlines.
Strategic Planning
As a boutique provider, it is unlikely that you need the full-time service (or overhead cost) of a traditional chief financial officer. Yet, you still need financial oversight.
Our fractional CFO services give you the same level of service as a full-time team member without the associated cost, allowing you to scale up or down as needed. As your practice evolves, our accountants for doctors flex with you, ensuring you have the right financial leadership at every stage.
Whether you need help forecasting cash flow, budgeting, assessing prices, or identifying KPIs, our healthcare accountants and CFOs are here to assist.
We’re the Prescription for Your Financial Success
At Profit Matters, we believe your focus should be on patient care—not time-consuming back-office tasks that stand between you and your patients. Whether you need help with payroll, bookkeeping, CFO services, or tax planning and prep, we can help. Let us handle the numbers so you can focus on what matters most: your practice. Schedule a call to get started now!
