As a rheumatology practice owner, you help people deal with muscle, joint, and bone pains. It can be rewarding to see your patients go from suffering from severe pain to living a pain-free life or at least being able to manage their pain.
However, as the owner, you are also responsible for managing the finances of your practice and your rheumatology practice tax planning. Unfortunately, these tasks can be difficult without any background or formal education in accounting. This is why it can be helpful to seek the services of a rheumatology practice CPA to help you address the unique financial challenges your medical practice will face.
Benefit Of Using A Rheumatology Practice Accountant
Rheumatology practice accounting can be complicated. Fortunately, a rheumatology practice CPA can help you navigate the typical accounting challenges you face, including revenue recognition and rheumatology practice bookkeeping. They can also help you deal with private insurers, government programs, and shifts in tax codes related to your nature of business.
Rheumatology practice accountants follow a set of standards followed by all accountants across the US, namely the Generally Accepted Accounting Principles or GAAP. Your financial records must abide by these rules as government institutions like the Internal Revenue Service and the Securities and Exchange Commission often penalize businesses that don’t. An expert rheumatology accountant can make sure that your accounting follows these rules to a tee.
Accounting Methods For Your Rheumatology Practice
A rheumatology accountant can help you decide the best method for your rheumatology practice bookkeeping. These methods include the accrual method and the cash method. With the accrual method, revenue and expenses are recognized as they occur as opposed to when they are paid. For example, a patient receives a service, and the hospital bills them. It is at that point that expenses and revenue would be recorded.
On the other hand, the cash method is a lot simpler and is usually used by small to medium rheumatology practices for their rheumatology practice bookkeeping. With this method, revenue and expenses are recorded when they are actually paid. The downside of this method is that payments may take months to be received, so this may result in improperly matched revenues and expenses. Our experienced team of rheumatology practice financial advisers can help you determine which method is right for you by basing on various factors such as the size of your business, your goals, and more.
Deductions & Deprecations For Your Taxes
Your taxes are another area where having good rheumatology practice financial advisers is beneficial. Tax laws about depreciation and deductions fluctuate from year to year.
As a healthcare provider, you are going to use depreciable assets such as IT infrastructures, commercial buildings, and capital equipment. Rheumatology practice CFO advisory services can help you navigate your rheumatology practice CFO tax planning when it comes to depreciation and deductions.
Other issues that your medical practice can face include payments and receivables. There are several ways that your medical practice can be reimbursed. You can be reimbursed by patients, insurance companies, governmental programs, or a mix of the three. Your rheumatology practice may receive payments from hundreds of different payers. A rheumatology practice CPA can help you keep this information accurate and always updated. They can also provide you with financial reports to help you understand and use this information when making important financial decisions. Here at Fusion CPA, we provide high-level rheumatology practice CFO advisory to small to medium rheumatology practices within Atlanta and other parts of the US. We also use leading accounting platforms to maximize accounting efficiencies. Our goal is to provide full-service financial management — including, but not limited to, rheumatology practice tax planning, bookkeeping, and financial planning. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.