Think Big Health Care Solutions’ Finance Division provides trustworthy healthcare financial services from an associated team of CPAs with expertise in revenue cycle, financial compliance, auditing, valuation, practice review, and compensation modeling in physician practice operations. We understand the challenges of running a successful medical practice today and deliver affordable, expert, real-world solutions to practices large and small.
Let us take this administrative task off of your shoulders and show you just how valuable your accounting data can be. Our detailed cost/managerial healthcare accounting service takes a deep dive into your accounting, productivity and payroll data to reveal financial winners and losers in your practice, from payers to provider productivity, average cost to see a patient, average revenue per patient, profitability by procedure/service, and more! Or, if your needs are more modest, we provide basic bookkeeping to local clients and monthly/quarterly accounting, 1099 preparation to clients anywhere in the USA.
athenahealth Financial Controls Center
athenaonesm is arguably the best practice management/EMR/patient portal system available, but tracking the money can be challenging. Properly using the Financial Controls Center and keeping up with the activity is crucial to ensuring payment batches get reconciled daily, monies posted make it to the bank and are reconciled, and adjusting items (like unpostables, unapplieds, zero-pays, open and in-transit items) are accounted for and recognized. Let us help you understand the different facets of the Financial Controls Center to take full advantage of this vital feature in athenaonesm.
Financial Practice Assessment
Working harder and not quite sure why cash flow has decreased? We provide practice assessments linking managed care, front desk operations, billing & collections processes, and accounting data to show where the bottleneck is and how improvements can be made in each area in order to free up your cash.
Need financing? We can prepare a financial pro forma and work with your banker to make sure they have all of the information they need to finalize your loan disposition. In addition, we prepare purchase vs. lease analysis documents and amortization schedules so that you have all of the facts to make an educated capital purchase decision.
Something not adding up? Concerned about employee theft? Our forensic accounting services tracks the lifecycle of collections through your practice to reveal the eventual disposition of the funds and provide you with best practices for internal controls and processes.
Human Resources Review
Prevention is the best defense when it comes to employment law claims. The cost to defend a discrimination or pay-related suit brought by an employee can be catastrophic most practices, even with EPLI coverage. Let us review your human resources practices, policies, processes and documentation to ensure best practices are in place to protect your company against unnecessary claims.
Without solid internal controls, processes you thought were being followed most likely are not, as over time steps are dropped, shortcuts appear, and knowledge becomes an oral history. Get back on track by updating your written policies and procedures and developing working controls to make sure what is collected gets posted, and what gets posted gets deposited. Be confident that your inventory is accurate and not bloated, walking out the door or expiring on the shelf.
Managed Care Contract Review
Do you know what your contracted rates are? Do you know if you are being paid per contract? Do you have any payers that are not meeting your minimum reimbursement level? Often, contracts go years without being reviewed, and rates can change if you’re not paying attention. If your practice does not have a current internal control for this, a periodic contract review is in order.
New Practice Formation
Utilize our over 20 years’ hands-on experience in practice development and management to make sure you have covered all of your bases when setting up your practice. From tax structure to choosing the best practice management/EMR system to managed care, real estate, finance and accounting, hiring, payroll, human resources and benefits, controls to processes and procedures, we can provide the structure necessary to build a successful practice.
Part-time CFO Services
Get the services of a CFO without having to hire one. We are available to provide oversight, interim services, and special projects.
Provider Compensation Modeling
Adding new providers or struggling with developing a fair partnership track? Unsure whether your current providers are ‘paying their way’ in productivity? Should you pay a straight salary or base plus productivity? What is the minimum required productivity level and does the provider know this? How to structure a fair a reasonable incentive program? Let us review your current compensation agreements and incentive programs and advise you on best practices and adjustments that can be made for better financial outcomes.
Need help setting up QuickBooks, transitioning your accounting records, just a tune-up or hands-on training? Our QuickBooks experts can help you maximize the benefits of using QuickBooks for your business accounting.
Revenue Cycle Management
How effective is your billing & collections team? Whether in-house or outsourced, you should be aware of how efficient your processes are, from charge capture to patient collections, to common denial reasons and proper coding. It could mean the difference between being successful and closing your doors.