The Importance of Effective Accounting for Plastic Surgeons
As a cosmetic surgery practice, you specialize in boosting the confidence of individuals by helping them make the physical changes they wish to see in themselves. As an accounting practice, we help practices, like yours, improve their confidence by tapping into another common source of self-confidence – financial security and compliance.
We’re here to walk you through the benefits of getting your numbers in order and to identify some of the major areas of potential loss if you don’t.
How Dedicated Accounting Allows Cosmetic Surgeons to Sculpt Their Future
Every week or twice a month, payroll must be processed. Every 30 – 60 days, accounts payable and receivable must be calculated. Every quarter, taxes must be prepared and submitted. When the situation calls for it, bank reconciliations must be initiated. Other accounting tasks arise. Adhering to these established schedules and keeping room to handle impromptu accounting tasks is a full-time job in itself.
Your accountant is your ace in the hole. By preparing monthly budget reports and comparing costs of operation vs. profits, this person (or team) plays a vital role in eliminating unnecessary operational costs and improving both practice revenue and overall profitability. This professional knows the numbers inside and out, which not only allows them to give data-driven operation suggestions but also keeps the practice compliant with all regulations and standards.
Medical Billing & Coding: The Most Prominent Source of a Practice’s Pitfalls
Every year, new medical billing codes are added, subtracted and modified – and every year, countless practices fail to keep up with the changes, which costs profit margins and damages industry reputation. Cosmetic surgery practices are no different. Failing to use updated codes is the biggest, most consistent mistake we have seen, but coming in second is the use of bad documentation. Bad documentation isn’t necessarily always the coder’s fault, but having the time and expertise to remedy these issues shouldn’t be considered a luxury, rather a standard.
Medical billing and coding experts stay on top of each annual medical billing and coding change; some even obtain additional education credits to ensure they’re on their A-game on behalf of clients. Skip the risk and add an expert to your roster!
Doctor-Patient Advocacy: Answering Questions About Tax Deductions for Cosmetic Procedures
As an expert in the personal aesthetic arts, you act as an advocate for your patients. You guide them along their journey to greater self-confidence. Another method of helping them along the way is through informed discussions regarding tax reductions for cosmetic procedures.
When you have an experienced medical CPA at the ready, you can get a quick rundown of annual changes in tax deduction protocols and give better, more up-to-date advice to patients who may be financially weighing their options.
Every year, the rules change. Having someone who has the rulebook bookmarked will always be a plus for your practice.
Been A While Since You Last Had Some Accounting Work Done?
Holbrook & Manter offers a number of one-off or on-going accounting services to help cosmetic surgeons become more profitable, get their numbers in order and move with confidence toward the future.
How can we help?
- One-on-one Quickbooks Training
- Financial Statement Preparation
- Payroll services & Bookkeeping
- Benchmarking & Business Planning (including medical equipment acquisition and growth strategies)
- Handling as much (or as little) as you need, while you fill the gaps internally
Take a closer look at all of our plastic surgery accounting services here. Have additional questions about the benefits of excellent accounting for cosmetic surgeons?