We transform and manage the finances of your practice. Here are a few examples of how we have helped our clients.
We transform and manage the finances of your practice. Here are a few examples of how we have helped our clients.
CASE STUDY A
A PRACTICE IN DESPAIR
The finance manager for our client, a large clinical practice of over 25 physicians, suddenly left without any notice. Prior to our engagement, this individual managed all aspects of the financial operation and the departure left the physicians without any accounting or operational support.
Our solution involved the following steps:
1. Recover the operation
Gained access to the accounting system and financial assets of the practice.
2. Evaluate past processes
We quickly carried out a review of the financial operation to understand the daily tasks and workflows to mirror existing practices and eliminate operational gaps.
3. Implement cloud-based systems and processes
We implemented a cloud-based accounting system (Xero), payment system (PayEdge), and revamped the reporting systems and processes. We also added processes and resources to support financial planning and analysis (FP&A), including monthly cash flow statements, quarterly financial reports, year end financial statements and ongoing analysis to support decision making.
The finance manager for our client, a large clinical practice of over 25 physicians, suddenly left without any notice. Prior to our engagement, this individual managed all aspects of the financial operation and the departure left the physicians without any accounting or operational support.
Our solution involved the following steps:
1. Recover the operation
Gained access to the accounting system and financial assets of the practice.
2. Evaluate past processes
We quickly carried out a review of the financial operation to understand the daily tasks and workflows to mirror existing practices and eliminate operational gaps.
3. Implement cloud-based systems and processes
We implemented a cloud-based accounting system (Xero), payment system (PayEdge), and revamped the reporting systems and processes. We also added processes and resources to support financial planning and analysis (FP&A), including monthly cash flow statements, quarterly financial reports, year end financial statements and ongoing analysis to support decision making.
CASE STUDY B
SEEKING COVID RELIEF
This surgeon came to us after having recently purchased a home, while simultaneously having lost a significant amount of clinical income during COVID due to OR closures and other restrictions.
Our solution involved the following steps:
1. Assess the financial situations
We held a series of meetings to understand the physician’s circumstances, assess personal and corporate finances and identify potential tax and other financial strategies.
2. Implement cloud-based accounting system
A significant amount of historical information had been omitted for the corporation, and so we implemented a cloud-accounting system (Xero), and using hub doc integration, we were able to pull historical files to the system to complete the physician’ financial picture. We also implemented a payment system (Plooto) and completed a full onboarding process, which included a plan for maximizing deductible expenses via the corporation.
3. Develop tax plan
The improved accounting allowed us to confirm earnings and other financials required to confirm the tax plan. This significantly reduced year-end tax obligations and freed up necessary cash.
4. Develop and implement financial plan
With the improved accounting from the books, we were able to reach out to lenders, review corporation financials, generate a business case, and ultimately negotiate a lending facility to the corporation and personally to the physician.
The tax plan, combined with the additional funds from the lender, were critical to closing the real estate deal for the physician.
This surgeon came to us after having recently purchased a home, while simultaneously having lost a significant amount of clinical income during COVID due to OR closures and other restrictions.
Our solution involved the following steps:
1. Assess the financial situations
We held a series of meetings to understand the physician’s circumstances, assess personal and corporate finances and identify potential tax and other financial strategies.
2. Implement cloud-based accounting system
A significant amount of historical information had been omitted for the corporation, and so we implemented a cloud-accounting system (Xero), and using hub doc integration, we were able to pull historical files to the system to complete the physician’ financial picture. We also implemented a payment system (Plooto) and completed a full onboarding process, which included a plan for maximizing deductible expenses via the corporation.
3. Develop tax plan
The improved accounting allowed us to confirm earnings and other financials required to confirm the tax plan. This significantly reduced year-end tax obligations and freed up necessary cash.
4. Develop and implement financial plan
With the improved accounting from the books, we were able to reach out to lenders, review corporation financials, generate a business case, and ultimately negotiate a lending facility to the corporation and personally to the physician.
The tax plan, combined with the additional funds from the lender, were critical to closing the real estate deal for the physician.