Financial Administration Services
Increasingly, practices of all sizes are using proven technology to bring a virtual accounting department in house. This relieves the burden of building and maintaining an internal financial department, allowing practices to focus on other key operational areas.
This standard service includes, but is not limited to, the following: process payroll (including paid leave, accruals, bonuses, etc.), prepare standard management reports and employee pay slips, print bank transfer orders for employee salary disbursement and transfer orders to tax authorities and social funds, and prepare monthly, quarterly and annual reports for tax authorities.
Accounts Payable processing is a function that contributes no value to the bottom-line; however, is one of the best places to look for financing opportunities and improving cash position of the practice. This service is a value-added business process service that will allow your company to outsource any phase of the accounts payable processing operations, from receipt of invoice to check processing and mailing.
This service is designed to provide meaningful, well-organized profit focused financial information to small-to-medium sized practices in a timely manner, while reducing and/or eliminating the costs of an in-house finance and accounting staff. This enables Physicians to focus their energies and resources on patient care which drives the practice revenue, while having access to a snapshot of the practice on a monthly or quarterly basis without having to hire and manage fulltime in-house financia lpersonnel.
Practices often do not understand or readily know the actual “cost of doing business” at a level necessary to compare and contrast true profitability for the various services provided. This type analysis will provide details for which practices can more appropriately compare key indicators for managed care agreements, new services andnew providers.
Designed to provide the practice with an “estimate of value” for the typical purposes, e.g., adding partners, terminating partners, selling practices, etc. Each practice is differen. Therefore, the most appropriate method for calculating the value differs according to the situation.