Healthcare continues to become more complex.  The downward pressure on revenue from managed care and increased costs have created a “squeeze” on profits.  It is more important than ever to manage your healthcare practice as a business.

GMP can help.  We have professionals with specialized knowledge of issues confronting your medical business. 

In addition to traditional accounting services like bookkeeping, tax preparation, financial planning and financial statements, we can add value to your medical, dental or other healthcare practice with:

Complete practice assessment
An assessment evaluates the overall efficiency of your practice.  We benchmark your practice and make recommendations to improve your profitability.

Internal control review and implementation
Medical practices can be vulnerable to embezzlement.  We can advise you on checks and balances that may avoid employee theft.

Accounts receivable assessment
Accounts receivable that are not properly managed can cause a delay in cash flow.  Review of the accounts receivable cycle may identify areas that need improvement.

Billing service review
A review of outside billing services can determine if services are billed correctly and payments are collected on a timely basis.

Coding analysis
Accurate coding determines if you are paid for all services provided to patients.  A coding analysis may determine areas that need improvement.

Review of Medicare/Medicaid billing practices
Medicare and Medicaid have specific billing requirements that must be met to receive reimbursement. Noncompliance with these requirements can cause lost revenue.

Practice setup
New physicians need assistance in establishing their practice.  Credentialing, hiring personnel and other operational issues need to be handled prior to starting business.

Physician compensation
Changes in the type of services provided or the size of the practice can create a need to change the compensation formula.  We can make suggestions and model the proposed formula for your review.

Practice valuations
Determining the value of your ownership in your medical practice may be needed for practice acquisitions and buy/sell agreements.

Evaluation of new services 
Adding a new ancillary service can enhance your practice revenue. We can help determine if the service will be profitable.

Wealth building/retirement planning
We can advise you on wealth building strategies such as retirement and tax planning.

In addition to her CPA designation, Lori A. Bogan is credentialed as a Certified Medical Practice Executive (CMPE) from Medical Group Management Association (MGMA) and a Certified Professional Coder (CPC) from the American Academy of Professional Coders (AAPC).