Physician and Dental Practices
Withum’s healthcare specialists are dedicated to providing the highest quality accounting, tax and practice management services to their physician and dental practice clients. Our mission is to help you provide a financially strong future for you, your practice, and your family.
Physician and Dental Practices Services
Tax and Audit
Services
- Preparation of business and personal tax returns
- Tax and financial planning
- Financial statement audits, review and compilations
- Virtual CFO/Outsourced CFO
- IRS audit representation
- Outsourced Accounting Systems and Services (OASyS)
Business Consulting Services
- Partner succession planning
- Practice mergers & acquisitions
- Real estate acquisitions
- Fair market value opinions
- Hospital & joint venture assessments
- Cybersecurity
- Due diligence, financial feasibility studies and operational review services
Practice Management Services
- Budgeting and cash flow management
- Benchmarking and best practices
- Data collection
- Billing and collections procedures
- Stark law assistance
- HIPAA compliance
- Employment agreements
- Withum Wealth Management
- Procedural efficiency
- Medicare and insurance billing
- Evaluation of medical record coding and documentation to substantiate eligible reimbursement
- Structuring compensation programs and buy-in calculations for new physicians/dentists entering practice groups
- Analysis of contracts, including capitated and risk-sharing
Physician Revenue Optimization
Optimizing medical practice revenue, regardless of size, is challenging, but a structured approach can help optimize revenue and performance.
Withum provides physicians with comprehensive medical practice management services. Using cutting-edge technology and current knowledge of billing and coding regulations, we are able to provide revenue management and consulting services to medical practices efficiently and cost-effectively.
Risk-Free Collection Performance Analysis
Determine your practice’s revenue potential, identify missed opportunities and provide insight on areas of improvement to bolster your allowable reimbursement. With our proprietary system and practice management tools, we will review your practice’s procedures – focusing on total charges, payer mix and units.
Physician Practice Revenue Optimization Results
- Reduction in overall accounts receivable.
- Reduce days in A/R to an average of 28 days.
- Average of 21 day adjudication of insurance claims.
0 - 10%
Return on Missed Opportunities
0%
Success Rate in Initial Claim Submittal
0 - 25%
Increase in Revenue For New Clients
Physician Practice Manager Tool
Demo Withum’s Physician Practice Manager Tool to see how it aggregates disparate billing systems into one platform.
Ambulatory Surgery Centers
Owning an Ambulatory Surgery Center (ASC) can be a rewarding and profitable experience, but it can also pose unique challenges. Withum’s experienced healthcare professionals are dedicated to providing ambulatory surgery center development, operation and management services that allow ASCs to provide their patients with the best possible care.
Services Specific to Ambulatory Surgery Centers:
- Work with your legal counsel to assist in the planning process for your surgery center
- Assist in the preparation of any necessary applications for certificates of need
- Assist you in the development of facility fee schedules
- Conduct financial statement analyses to project the financial results of the startup and operation of your proposed or existing facility
- Preparation of all required financial statements and federal and state tax returns
- Offer complete accounts receivable management
- Coordinate rejected claims processing
- Evaluate quality and risk management
- Assist with a cost per procedure analysis
- Review your operational insurance needs
- Assist in preparing an exit strategy
Contact Us
For more information or to discuss your business needs, please connect with a member of our team.
Leadership
Insights
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