CMP, PC serves a variety of clients in the healthcare industry including dentists, physicians, pharmacists, and care centers. We know the industry is constantly changing, and each medical practice is uniquely different. We pride ourselves on taking the appropriate amount of time to understand your practice thoroughly in order to appropriately address your concerns so you can focus on taking care of your patients.
Our seasoned team of tax and accounting professionals have a wide array of experience in many different areas within the healthcare industry. Having a vast team of professionals will allow us to match you with a professional who is very knowledgeable in your specialization and the specific issues you face.
CMP has been our tax advisors for many years. They spend the time necessary to update themselves every year to understand the complex tax code changes and the impact it will have on their clients. Their insight, experience, and candor will steady and sustain the decisions you make financially in this critical part of your business life. I highly recommend you spend time getting to know the people in this professional organization, and the strength they will give to your business ventures.
Some of the services CMP specifically offers to the healthcare industry include:
There are many areas within practice management that can take your focus away from patient care and keep you up at night. Physician compensation, receivable aging, billing & collection procedures, and data analytics are just a few of the hot topic items that we are well versed in to ensure you’re on the cutting edge of practice management.
Whether you’re contemplating a sale or are looking for timely financial information, we have the tools to help you achieve your financial goals. Tax efficiency is a must in the healthcare industry, and our proactive approach will ensure your business structure is appropriate and your tax liability is minimized.
In addition, CMP offers the following services to healthcare industry clients:
We understand that payroll is one of the greatest headaches for many business owners. Our payroll services are comprehensive. We calculate paychecks and withholdings, make payments to taxing agencies and garnishment recipients, and prepare and file payroll tax reports. We can initiate direct deposits or print paychecks for you.
Accounting System Implementation
Whether you have an existing practice or a new startup, we can help you implement an accounting system that will be efficient and easy to use. We can manage this for your or train one of your employees to use the system.
Outsourced CFO Services
This is one of our specialty services where we really excel. As an outsourced Chief Financial Officer, we typically help practices with budgeting, cash flow forecasting, and profitability analysis. Many of the health care providers we help in this way are not to the point where they need a full-time CFO. However, the benefits of having us onboard in an outsourced capacity typically improve profitability that goes far beyond the cost of our services.
This is an often-overlooked aspect of business accounting. Our proactive approach to tax planning is centered on minimizing your income tax burdens by actively pursuing tax reduction strategies.
Let’s face it: you want to focus on taking care of your patients. Our bookkeeping services include income and expense tracking, account reconciliation, preparation of financial statements, and management of accounts payable and receivable.
Retirement Plan Administration
This is a key benefit for you and your employees. We can assist you with selecting a retirement plan and with third party administration.
These are the traditional services that many businesses turn to an accountant for assistance. Of course, we can help you here as well. Tax laws are ever-changing, and we stay abreast of the current situation to help you reduce the taxes you will have to pay.
Need to know what your business is worth? We can help here, too. Whether you’re considering a merger, selling your practice, or a host of other reasons, you may need to determine the value of your operations. This can be complex. Our seasoned team of business valuation experts is competent and highly trained in this specialty.
Cost Segregation is the practice of identifying assets, their costs, and classifying those assets for federal tax purposes. This is a permitted tax strategy that can increase cash flow and reduce tax liabilities. Please read more about cost segregation by following this link to our blog.