The professionals at MDcpas have brought a diverse composition of national firm experience with a small firm atmosphere to your doorstep, with a concentration in medical practice accounting services, dental practice accounting services, medical practice consulting, dental practice consulting, other healthcare professionals and related industries.
Our services are personally designed to fit your company's needs, taking monumental tasks off your to-do list, allowing you more time to focus on patient care and the patient experience and ultimately benefiting practice profitability along with the well-being of you and your staff.
Through our wide variety of medical accounting services geared to our exclusive clientele, we are able to meet all the accounting, tax, financial management and healthcare consulting needs of our healthcare practitioners and other healthcare-related businesses – including the impact of medical and dental professionals and the Tax Cuts & Jobs Act. We want you to know that we enjoy and gain personal fulfillment helping our clients build and grow a successful, rewarding practice.
We serve the communities of Manhattan, New Hyde Park, Manhasset, Hauppauge, Syosset, New York and nearby areas.
How Do You Keep Your Healthcare Accounting Fees & Associated Costs Down?
Assuring complete information is provided in the first instance is a great first step!
High accounting fees often result from your accountant not being given complete information. Having to chase the client or third parties for missing data is very time-consuming. If you can provide your accountant with all the information they need at the beginning of their work, then:
- Your work is completed much faster.
- The majority of your work can be completed in one or two sittings and there is no time spent re-familiarizing.
- The overall time is reduced, resulting in lower fees.
We suggest supplying online access to your bank accounts, payroll processing firm and other relevant tax data, in read-only format. This saves a large amount of time on the job and is much greener as well!
Understand the value of your time versus your accountant’s time.
There are tasks that clients can take upon themselves to mitigate time spent on the job. Tasks such as hunting down K-1s from others that are not present for tax preparation, obtaining school information regarding dependent care credits, obtaining your mortgage information, maintaining your cost basis on your bonds and marketable securities through the years and being ready to provide them upon sale are good examples where you can do some legwork and save time on fees. Another example is sending previously issued tax returns to your banker or mortgage broker.
On the other hand, if you are extremely busy, your time may be better spent providing your service and delegating to the accountant’s office.
Utilizing “best practices” within your accounting department & others
When was the last time you did a process evaluation or had one done? To streamline a department, we ask questions such as:
- Is the step or process necessary?
- Does it add value?
- Can it be eliminated?
- Is it labor-intensive?
- Can it be automated?
- How accurate is the data?
- How many people participate in the process?
- Does it take excessive time to complete?
- Are too many handoffs occurring?
- Is there duplication of effort?
If your answers to any or multiple questions are problematic, it would probably be cost-effective to engage us to do an evaluation with recommendations. Call us to discuss.
“Best practices” within your accounting department can save an enormous amount of frustration, time and money. Take advantage of unused system functionality, possibly eliminating duplications of tasks, or unnecessary manual tasks. Conduct process training, develop system “super-users” and establish process metrics to measure your department’s success. Recognize successes!
Outsource your accounting functions
Outsourcing your accounting is often a very effective tool in limiting your finance department costs. In fact, at a time when lower expenses are almost a matter of survival, it creates a win-win relationship for both the CPA firm and the client, as well! If you are in a position where you do not need nor can afford an internal heavy hitter for 200k (and at times much higher than that), outsourcing is the way to go, especially if it is a position that can be completed at times for less than 40 hours a week. Why not pay just for the services that you need? This turns a higher fixed cost including salary, bonus, training time, payroll taxes, health insurance, vacation and sick days, into a variable cost that you pay for only when you need it. The expertise of the service provided by a CPA firm will be more streamlined and eliminate the potential for employee theft.
With information and a stronger finance function, you can more effectively manage your business because you as the business owner will receive more accurate and timely information. By working to outsource your accounting, you can gain all of this while reducing costs. An outsourced accounting firm can be a strong part of your company’s team.
Everyone knows price, but what is the cost?
One should always think cost/benefit when deciding on spending professional fee dollars. More often than not, the benefit will far outweigh a reasonable cost. Do not be afraid to ask, “What possible benefits can I obtain by asking for this additional service?” Remember, sometimes the cost of inaction is exponentially greater than resolving an existing issue.