Wednesday 09/21/2016

When Did Your Healthcare Practice Last Have a Check-Up?

Ann Emery emphasizes the importance of a CPA firm to a healthcare practitioner:

 

 

If you’re running a healthcare practice, your primary concern is your patients. But how often are you checking in on the health of your business? Just as essential to a successful practice is timely financial information for effective management decisions and tax planning. This is where your CPA can step in and help you make the best choices for your company while you help patients make the best choices for their well-being.

As an example, we recently helped a dental client who was looking to make a large purchase of equipment for the practice. The major concern they had was the cost of equipment, but they also had questions about any tax effects of purchase, financing options, and liability exposure. However, through proactive planning, we were able to develop a plan that minimized taxes, limited liability exposure, and was beneficial for estate planning. Without the help of a CPA in this instance, the practice would not have benefited from the comprehensive planning that looked at multiple key factors while keeping the practice on track for financial growth and long-term success.

Corrigan Krause wants to help clients achieve financial success in their business. We are aware of the challenges in the healthcare industry- healthcare reform, fewer reimbursements and increase in costs- and the impact on your business. Our team of professionals has years of experience in providing consulting, financial and tax services to healthcare practitioners. Some of the services we provide to our healthcare clients include:

  • Pension and profit sharing unique to healthcare practices
  • Tax & financial planning
  • Budgeting and forecasting
  • Compensation planning
  • Financial benchmarking
  • Facility planning
  • Sale/transfer of practice
  • Sales and use tax consulting

It’s important to have a dedicated team behind your practice checking in on the health of your business. Call us if you think we can help you.

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