Healthcare Consulting – Services

Accounting

• Financial statement preparation
• Accounts payable processing
• Payroll assistance
• Cash reconciliation and cash flow analysis
• Budget and comparative statements
• Internal control evaluation
• Income distribution formula review and management
• Emergency bookkeeper and finance director coverage

QuickBooks ProAdvisors

HMWC CPAs & Business Advisors offers certified “QuickBooks ProAdvisor” professionals.  Certified ProAdvisors are specially trained QuickBooks experts who help clients with this popular small business financial software. The Certified ProAdvisor for our Healthcare Services Department is Sandra L. Powers, who can help you to quickly set-up a system to create invoices, pay bills, and track expenses all in one place.

Tax Consulting

• Strategic review — balance tax advantage with unique medical group operating dynamics
• All tax return services (income, employment, property, sales and excise)

Practice Assessments

• Buy-in/outs
• Practice sales and purchases
• Accounts receivable analysis
• Benchmarking analysis

Patient Billing

• General consulting on billing options (internal vs. outside contract)
• Evaluation of billing department effectiveness
• Procedure analysis and review

Practice Management

• Office set-up
• Interviewing and hiring personnel
• Long-term operational support (consulting as needed)
• Regular attendance at physician meetings (or as needed)
• Emergency administrative coverage
• Board retreat coordination or participation

 Audit/Review

• Audit services
• Review services

Human Resources

• Review of policies and procedures
• Assistance in interviewing and hiring of administrative personnel
• Benchmarking salaries with our extensive database

Estate Planning

• Business succession planning
• Retirement planning
• Insurance review
• Family financial planning

Medical Practice Assessments - As experts in medical financial and operational management, HMWC CPAs & Business Advisors and its affiliate, MedDirect Executives, Inc., assess your practice to find opportunities to increase profitability. Some of the areas covered in a Medical Practice Assessment include: 

• Contracting
• Credentialing services
• Billing and collections procedure review

Our Operational Reviews analyze workflow patterns, personnel, billing processes, and coding

Cost Containment – As the healthcare industry continues to change and revenues either remain stagnant or decrease, increasingly medical practices are looking to reduce costs of operations. Since cost concerns are crucial for all physicians, we are constantly seeking avenues to help contain costs. Through an affiliated company, GroupSource, we are able to provide medical practices the opportunity to purchase medical products and other services at discounted prices.

• Design and administration of personnel policies and procedures
• Preparation of employee handbooks
• Recruitment of permanent and temporary accounting personnel, as well as executive search services
• General consulting on a variety of human resources issues

Pension & Employee Benefits – Few employers can successfully compete in attracting a qualified labor force without maintaining a comprehensive employee benefits program. As a third party administrator, our affiliate, Creative Retirement Solutions, LLC, is able to custom design plans, educate employees, and provide ongoing pension administration and consulting services. These services include:

• Individually designed retirement plans
• 401(k) – Traditional and safe harbor
• Profit sharing
• Cross tested/new comparability
• Money purchase
• Defined benefit
• Cash balance plans
• Cafeteria plans
• ESOP

Investment Management – Yosemite Capital Management, LLC (YCM), an affiliated company, designs investment strategies and manages investments to meet the needs of both individual and business clients. YCM’s goal is to help clients meet their financial goals and dreams by effectively controlling and accumulating personal wealth. YCM’s core investment services include

• Asset allocation
• Asset management
• Portfolio reviews
• Research reports
• Trust services