From payroll to supply chain management, complicated financial decisions play a significant role in business success – and this is all the more critical among private practices looking to maintain their independence in today’s challenging medical landscape.
The experienced finance team at MedVanta offers a variety of accounting and banking services to help our partner practices run smoothly. Most importantly, we specialize in working with private practices of all sizes, so you can rest assured your financial outcomes are in good hands.
Financial support services include:
General Accounting Services:
- Maintenance of accounting books
- Preparation of monthly and annual profit and loss statements, income statements and other financial statements
- Collaboration with tax advisors to assist with the preparation of tax returns and other tax forms
- Budget preparation and related services
Payroll & Practice Management Services:
- Processing and distribution support for payroll and payroll tax-related statements and documents, including completion of K-1, W-2 and 1099 form
- Processing of expense accounts for employees, including IRS compliance and related services
- Administration of physician and employee bonus plans
- Supply chain management, including inventory management, procurement, logistics, compliance and related technology
- Recommendations related to the acquisition of medical equipment, instruments, medical fixtures, office equipment, telephones, computers, office furniture and other supplies
- Assistance selecting an appropriate GPO relationship
Banking Relations:
- Cash management, bank reconciliation and banking relations, including establishing bank accounts
- Management of the lockbox and deposit functions
