Running a medical practice is more than just providing excellent patient care. In today’s complex healthcare landscape, financial management is crucial to the success of your practice. Here at Huddleston Tax CPAs, our team of experienced and qualified accountants understands the unique challenges faced by medical professionals in the Seattle area.
Specialized CPAs for Medical Practices
While many doctors are highly skilled clinicians, managing finances often takes a back seat. Our CPAs go beyond basic bookkeeping to provide specialized services tailored to medical practices:
- Compliance Navigation: Stay ahead of ever-changing regulations with our help. We ensure your practice adheres to HIPAA, Medicare, and other healthcare-specific compliance requirements.
- Profitability Optimization: We analyze your financials to identify areas for cost savings and revenue growth.
- Strategic Planning: Develop a clear financial roadmap that aligns with your practice’s goals.
- Physician Compensation Structuring: Craft compensation plans that attract and retain top talent, while optimizing tax benefits.
- Risk Management: Minimize financial exposure with proactive planning and mitigation strategies.
We serve:
- Medical Practices
- Mental & Behavioral Health Organizations
- Hospitals
- Home Health & Palliative Care
- Senior & Assisted Living
- Skilled Nursing Facilities
- among others
Technology Solutions for Streamlining Operations
We understand the importance of utilizing the right accounting software for your practice. Our team includes Certified QuickBooks ProAdvisors to help you:
- Set up and configure QuickBooks for optimal functionality.
- Train your staff on proper data entry and reporting practices.
- Provide ongoing support to ensure you get the most out of your software.
Choosing the Right Business Entity
The legal structure of your practice can significantly impact your taxes and overall financial picture. Our CPAs will guide you through the pros and cons of various options, including:
- Sole Proprietorship
- Limited Liability Company (LLC)
- S Corporation
There are finer details to work out, so when it is time to select an entity under which to operate, be sure to consult a professional and disclose the details of your unique circumstance.
Entity Selection
- As of 2011 $.51 per mile
- Business travel expense miles include meeting with clients, trips to the bank, post office, etc.
Actual Expense Method
- Deducting the business portion of actual expenses to operate your vehicle
- Expenses such as gas, repairs, oil changes, loan interest, tires, etc.
Note that once you elect to utilize the Actual Expense Method, you cannot revert back to the standard mileage deduction.
Home Office Deductions
Calculate the deduction using the square foot method – this method determines what is deductible of mortgage interest, property taxes, insurance, rent, etc. by establishing the percentage of square feet your office occupies versus the square feet of your entire home.
Equipment Expenses Deductions
- Lease – deductible as incurred
- Own – depreciated over a useful life
These are just a few of the considerations that commonly affect doctors and those that work in the medical profession.
When you need answers or direction in taxes and accounting related to a medical profession, seek the counsel of a CPA that is versed in your needs. Seek the Counsel of Huddleston Tax CPAs.
Give us a call at 1-425-483-6600 or send us an email at [email protected] today.
Frequently Asked Questions
What is a healthcare accountant?
A healthcare accountant is a CPA specializing in the medical practice field, determining deductions specific to your industry and staying abreast of the policies and tax implications around your area of expertise. It is not to be confused with a cardiopulmonary arrest (also CPA).
What do medical CPAs do?
Depending on the size of your practice, a CPA can range from bookkeeping and filing your taxes to payroll, budgeting, invoicing and even business coaching. As money is at the core of any financial venture, your CPA keeps meticulous records of what the company is doing; how many inpatient vs outpatient visits; types of insurance being billed/invoiced; avg. turnaround time of said insurance invoices, etc.
Medical CPAs enable you to run your practice to the best of your ability while they focus on forecasting your business’ growth based on your company’s cash flow.