Over 30 Years of Excellence
Over 30 Years of Excellence

Accounting for Medical Professionals in Minneapolis, St. Paul & Rochester Minnesota

Treating Medical Accounting Complexity

Medical practitioners of every variety face complex accounting challenges everyday. Whether you are a doctor, dentist, optometrist, or any other variety of medical provider, the rules and regulations associated with the accounting requirements seem to always be growing and changing. Business accounting in every industry has nuances that demand the assistance of skilled professionals, but medical professionals face special challenges. At Haworth & Company, we understand the complexities of medical accounting and are here to help you.

A female doctor in a lab coat accurately tracking medical expenses on a piece of paper.

Medical Accounting Challenges

Accounting for medical professionals can be tricky for several reasons, including:

  • Complex income streams: Doctors often have income from multiple sources, including salaries, private practice income, consulting fees, and investments. Each income stream may have different tax implications and require different accounting methods.
  • Practice management: Running a medical practice involves a wide range of financial tasks, such as billing and coding, accounts receivable management, and financial reporting. Doctors may not have the time or expertise to handle these tasks effectively, and they may require specialized accounting services to ensure that their practice is financially stable.
  • Regulatory compliance: Healthcare is a highly regulated industry, and doctors must comply with numerous federal, state, and local regulations. Failure to comply with these regulations can result in significant penalties and fines.
  • Liability concerns: Doctors face significant liability concerns, and they may require specialized accounting services to manage their financial risk. This includes liability insurance coverage, asset protection strategies, and tax planning to minimize their liability exposure.

Specialized Accounting for Medical Professionals

In addition to the standard accounting concerns of most businesses, doctors and other healthcare professionals have unique financial needs that require specialized accounting services. Some of the specific services that Haworth & Company assists medical professionals with include:

  1. Accounting: Medical professionals need financial statements and analysis to know where they are and where they’re going. Our team of Staff Accountants and Business Advisors can help you with budget to actuals, A/R and debt management, and dig into balance sheet or P&L issues that could derail your small business.
  2. Tax: Healthcare professionals often have complex tax situations, including income from multiple sources, real estate ownership, and retirement savings. We help them maximize their tax savings and plan ahead.
  3. PayrollFrom hourly and salaried employees, garnishments, levies, deductions, and more, payroll is too involved and complex for a busy healthcare professional these days. We take that stress off your shoulders and empower your team with tools like Employer on the Go and HR on Demand.
  4. Consulting: Whether you need advice on growing, how much your staff are making relative to billing, or how a new state regulation may affect you, our Business Advisors are ready to help you.
  5. Provider Tax, Succession Planning, & More: We also help healthcare professionals calculate and file their MinnesotaCare Provider Tax, develop succession plans to pass their business on, advice on stock and asset sales, and much more.
A woman is consulting a man in an office for medical professionals.