Atlanta's Healthcare Accounting & Tax Specialists
We want to help you grow your Healthcare practice. As your practice expands, you must be able to provide the very best service and care to your patients. You shouldn’t be caught off guard about tax and accounting issues. When you outsource your healthcare practice accounting to Fusion CPA, you will be able to focus on your patients and grow your healthcare practice.
Our team works with healthcare practices to use effective strategies to minimize taxes, improve operations, and increase profitability for the practice. Our experienced healthcare accountants understand the challenges you encounter and will provide you with the services and advice you need throughout your practice’s lifecycle.
Whether you are a small clinic or an established hospital, Fusion CPA applies our experience and resources to help you identify opportunities to achieve your goals, provide operational efficiency through effective workflows and processes, and increase profits for your firm.
We have the resources to respond to your needs quickly. Contact us today at 404.955.7338; our team is here for you.
Managing a growing healthcare practice can feel exciting and a little nerve-racking at the same time. You may juggle multiple balls simultaneously. The last thing you want is to get caught off-guard by something that reduces the quality of care you provide patients, damages your reputation, or results in fines and fees.
The healthcare industry is under heavy pressure to reduce service costs, while increasing the quality of care. You will need knowledge and experience to implement smart business solutions in the face of an ever-changing industry.
Revenue cycle management is at the heart of maintaining a viable healthcare practice. This includes:
- Detailed monthly financial reporting
- Payment processing
- Aged accounts receivable collections
- Accounts receivable management
- Ancillary income development
We have worked with several practices to improve their current processes or implement new processes to achieve increased profits and growth. We want to do the same for you.
Our KPI tracking system can give you measurable data to track all efforts within your company. See where your team can improve on a weekly basis, rather than waiting for reports when it's already too late to get back on track.
We can do an expert revenue analysis to identify revenue leaks. This is challenging because leaks may result from undetected areas. Your EMR may not be charging appropriately, or insurance companies may underpay your claims. Your automated system may adjust something that you should charge for.
Furthermore, correct billing requires clean claims if your revenue cycle is to be successful. Payer edits and CCI edits will increase your claim's chances of getting denied if it is not properly billed. We have experience with medical billing and coding and can put that experience to work for you.
Businesses in the healthcare sector have complex taxes. You need to keep up-to-date with regulatory changes. If your healthcare business operates in multiple states or internationally, you need to ensure that you are compliant.
You likely want to offer your patients the best care possible. Part of that care includes maintaining your organization's reputation by complying with all areas of tax legislation. Your tax filing and the structuring of your tax affairs should be done accurately and adequately.
You also need to make the best use of the resources you have. This means minimizing your tax liability by learning about things like Healthcare R&D tax credits.
It is challenging to stay compliant, as tax trends and laws are constantly changing. Our healthcare accountants provide a full range of tax services. We focus on more than just tax compliance. We offer tax advisory, and we ensure that you are aware of filing dates, compliance regulations, and law changes well before they affect you.
Dealing with federal and local tax authorities can feel frustrating and be complicated. It is challenging for you to know every tax statute or take advantage of every tax break the law allows.
Let us worry about things like:
- Minimizing income and franchise taxes
- Analyzing new tax regulation
- Preparing state, local, and federal tax returns
- Representing you in federal and state tax audits
- Doing entity analysis and planning for the growth of your healthcare business
- Identifying and using all applicable healthcare tax credits
We understand healthcare tax. We have the expertise to support your desire to grow your healthcare business and protect your personal wealth.
Accounting that is focused on the healthcare industry has goals that are unique when compared to other organizations. In most businesses, the purpose of accounting is to aid in the maximization of wealth.
However, your goals are probably a little different. In addition to profits, you may be concerned about improving the health and well-being of the community that you serve. Success is more than numbers. It is the ability to offer the highest quality healthcare service.
You likely prioritize minimizing morbidity and mortality over the maximization of profits. Still, your organization must make some profits if it is going to be viable. Even if your healthcare organization is not-for-profit, profits are required to expand services and increase your reach in providing healthcare.
Every dollar matters. Your organization would likely benefit from the services of healthcare accountants who understand healthcare tax and who can provide suggestions on reducing operational costs and increasing profits.
Let us manage:
- Handling your cash flow
- Processing payroll
- Creating structured financial reports
These accounting services let you run your practice effortlessly. You can serve your customers better by providing them the highest level of medical care while leaving the number-crunching to someone else.
Our team of skilled healthcare CFOs can provide you with insightful opinions and monthly financials. We can break down complex and overwhelming financial data and present it in a way that allows you to make wise business decisions. Backed by years of experience, we will work with you to plan, evaluate, and decipher your accounting requirements. From there, we can create a healthcare accounting service plan to put you on track to grow your healthcare practice.
Cloud accounting software designed for the variables within healthcare can take some frustration out of financial management. This software offers multidimensional data that can be viewed in a multi-ledger system. Since these software options can be used across your entire organization, they present you with a single source of truth and an up-to-date view of the financial health of your organization.
Fusion CPA's software integration allows for the automation of healthcare processes, including purchasing, financial close, reporting, expense management, accounts payable, and spend management. Dashboard reporting gives you a global view of budgeting and allows for maximum visibility, especially if your organization operates across multiple locations.
The bigger your healthcare organization is, the more comprehensive the software you use needs to be to handle the scale of your transactions. We do not believe in a one-size-fits-all solution for software integration.
There are many choices out there. We will work with you to help you find one that reduces your risk by automating processes such as inventory management, accounts receivable, and vendor management. The software solutions we use are HIPAA compliant. This will give you confidence knowing that your data is being managed in accordance with federal guidelines.
We can help you grow your business by integrating the necessary software. Using the right software will increase sales, make marketing more effective, and improve overall operations.
Optimize Your Healthcare Practice Across The Board
Our goal is to be partners who help you grow revenue
Explore Healthcare Specialty Areas We Serve
Our goal is to establish your long-term vision.
“ As a financial advisor, I have referred clients to Fusion CPA / Trevor knowing they are working with a team that is competent, knowledgeable and detail-oriented. I love that they operate from a consultative approach taking the client's whole business picture into account and not just focusing on a one-time tax return” - Angela M.
Comprehensive Services for Healthcare Companies
- We Help Companies Make a Seamless Transition to the Best Software for Them
- Healthcare practice internal accounting services
- Financial statements for healthcare practice - Profit & Loss, Balance Sheet & Cash Flow analysis
- Strategic quarterly and annual tax planning to minimize tax liabilities for medical practice owners and investors
- Medical practice management and accounting platform guidance/evaluations
- Identifying the most advantageous form of professional practice entity structure (proprietorship, corporation, partnership, or limited liability company)
- Mergers and acquisitions - selling or buying your health care practice
- Medical practice agile financial planning
- Identifying key metrics and bench-marking your medical practice against industry standards
- Outsourced CFO financial advisory services via developing accountability-based financial management reporting processes through real-time financial analysis decisions
- Budgeting, forecasting, and performance review
- Customized monthly, quarterly, or annual financial reports
- Succession and ownership transfer planning for owners, managers, and associates for health care practices