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Accounting for medical and dental practices
Physicians, dentists, therapists, chiropractors and small clinics, from the first office to the second location.
What a practice owner deals with
A practice collects from many payers at different speeds: insurance reimbursements that arrive weeks after the visit, patient copays at the front desk, and card payments through a processor. The books have to reconcile what was billed, what was collected and what is still open, or the practice cannot tell whether a slow month is a billing problem or a volume problem.
Entity choice and compensation are the big tax decisions. Many Florida practices operate as a professional association or PLLC taxed as an S corporation, which requires paying the owner a reasonable salary and planning distributions around it. Equipment and build-out costs can often be deducted faster through Section 179 or bonus depreciation, which changes the timing of a purchase.
Staff bring payroll, benefits and, at four employees, mandatory workers’ compensation. Because we also quote health and business insurance, the same office can quote the coverage alongside the payroll.
What we handle
- Monthly bookkeeping with collections and open receivables reporting
- Payroll for clinical and front-office staff, and 1099s for associates
- Entity setup (PA or PLLC) and the S corporation election
- Tax planning for equipment purchases, build-outs and owner compensation
- Tax returns for the practice and the owner
- Business, health and workers’ compensation insurance quotes
“Marta and Carla are absolutely incredible. They are fast, reliable, informative, and friendly. I have been doing my taxes with them for over 5+ year wouldn’t have it any other way. You won’t regret working with them 10/10 recommend.”
Questions we hear from this industry
Should my practice be an S corporation?
Often, once profit is well above what a reasonable salary would be, because distributions above the salary are not subject to self-employment tax. The salary has to be defensible, and the extra payroll and filings cost something, so we run the numbers before electing.
Can I write off new equipment in the year I buy it?
Usually a large part of it, through Section 179 or bonus depreciation, within the limits for that year. Timing the purchase before or after year-end can change which year gets the deduction.
Do you handle medical billing?
No. We work with your billing system or billing company and reconcile what they report to what reaches the bank, so the books and the billing agree.
Do you quote health insurance?
Yes. Our licensed agents quote health plans for individuals and families, and can review what you and your family have today.
Tell us what you do
Book a free 15-minute consultation online, or call us today. In person or remote, in English or Spanish.