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Success Story - Medical Practice Accounting Clean-up

Improving medical billing and physician payment processes

Superior consulting services delivering successful accounting and finance solutions

A for-profit medical practice implemented a new Electronic Medical Records capability and was having challenges in integrating the EMR with insurers and its own back office ERP system. Their CPA firm was concerned that tax filings would ultimately be impacted so referred them to Aventine Hill Partners.

OUR SOLUTION

Our Accounting and Finance Practice Director performed an initial assessment then deployed two consultants to address the urgent issues. One focused on the accounting set-up and processes. The second focused on physician payroll processes.

The organization was upgrading their ERP and implementing a new chart of accounts. Our accounting and finance consultant reviewed the mapping and made corrections to assure that transactions would post correctly. Next, detailed reviews of past accounting transactions were performed and correcting entries made to create a clean general ledger. A/R and A/P were reconciled and brought current. New physician financial statement reporting was developed.

Concurrent with the above work, our payroll accounting consultant took on the manual processing of physician payments. This addressed the immediate issue of late payments and allowed the consultant to develop a detail understanding of how the physician payroll currently operated. As part of the ERP upgrade, improved payroll processes were defined and implemented that were integrated with the improved physician statement reporting.

RESULTS

With the assistance of Aventine Hill Partners, this medical practice was able to pay its physicians accurately and timely; and produce accurate financial statements. The original concern that tax returns would be late was avoided. Required financial information was provided to the CPA firm accurately and on-time. Learn more about our Accounting and Finance practice areas.



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