Medical Bookkeeping for Doctors

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Medical Bookkeeping for Doctors in Private Practice

Taking the headache out of financials

Specialist medical practices often face some of the most complex accounting challenges. Working with a bookkeeper that specialises in the medical industry is one way to mitigate these complications and keep your business running smoothly.

With more than two decades experience, our bookkeeping professionals are both qualified and uniquely skilled to support specialist practitioners in managing their practice numbers.

Supporting your practice now and into the future

The VMORE Bookkeeping Service not only helps maintain compliance with your tax and payroll obligations, we also provide BAS Agent services, along with invoicing, receipting, payments, and reconciliations.

Because not keeping track of your finances is a huge risk, and it could lead to serious trouble down the road. We provide doctors with peace of mind, knowing that experienced bookkeepers are keeping on top of your business and maintaining your financial health.

Our aim is to help make sure none of this gets in the way of your thriving practice.

Bookkeeping service packages to suit all practice entities

Whether you’re a solo practitioner just starting out, or you’re looking to expand into group medical practice, we support you to meet your tax, payroll and superannuation compliance obligations and work to increase your profitability.

Bookkeeping Services for
Solo Practitioners

We can help you from the very first day, from helping you choose and set up your accounting software through to calculating your service fees and so much more.

Bookkeeping Services for Service Entities

We set up and manage service entities for medical practices. We’re experts in bookkeeping for doctors, and we ensure your entity is set up correctly and your books are always in order.

Bookkeeping Services for Group Practices

Our Group Entity service is best suited to practices looking to fully outsource their bookkeeping and practice support operations for a streamlined practice.

Do you know if your billings are ACTUALLY making it to your bank account?

Our healthcare system is complex, so it makes sense that this is reflected in the financial management of a practice.   There are many human touchpoints and software interactions that can result in errors such as your fees being deposited to another providers account and non-payment due to software glitches.

Many healthcare providers are too busy to reconcile each patient or banking transaction back to the Practice Management Software.   As industry experts, we know the healthcare payment system and vendor packages to ensure this is an efficient process and gives you peace of mind that you are getting paid for your efforts.

Maintain Your Medical Practice Financial Health

Better financial understanding of your practice means you can make better strategic decisions for your practice.

We know that our bookkeeping services for doctors helps our clients improve their understanding of the numbers and therefore feel greater confidence in making timely, strategic decisions.

VMORE offers a team of experienced bookkeepers who specialise in working with medical practices just like yours.

We understand the financial challenges that come with running a medical practice, and we are committed to helping you maintain accurate financial records, a positive cash flow and stay compliant with all applicable tax laws.

Reach out for a no-obligation assessment of your practice needs.

Calculating provider reimbursements or service fees, facilitating payroll and reconciling accurately between your practice management and accounting software requires attention to detail, knowledge of the healthcare sector payers’ methods and time frames along with standard accounting principles.

Often practice owners consider this activity to be basic administration/data entry, however not having a strong understanding of accounting principles can have a significant impact on a healthcare practice’s GST reporting can leave a practice exposed to penalties or tax implications.

Medical Bookkeeping for Doctors with Xero

Our Healthcare Bookkeepers support you to understand how your practice is performing with:

» data entry

» accounts receivable

» accounts payable

» bank/loan/credit card reconciliations

» BAS and IAS submissions

» superannuation guarantee submissions

» payroll services including payment summaries

» liaison with your accountant

» service fee calculations

» practice performance reporting

Medical Bookkeeping for Doctors
Our staff have considerable expertise in healthcare industry bookkeeping and VMORE (Virtual Medical Office Pty Ltd)  is a Registered BAS Agent with the Tax Practitioners Board abiding by the Code of Professional Conduct.

Privacy and confidentiality are second nature to us, which is particularly important in multi-provider situations.

Frequently Asked Questions about Bookkeeping for Doctors

Q. What Financial Reports do I Receive?

A. Our Healthcare Bookkeeping and BAS Agent service provides monthly management reports on the financial performance of your practice while our Practice Managers have oversight of your whole practice to ensure it is running efficiently.

Q. Why do I need Specialist Bookkeeping for Medical Practices?

A. Calculating provider reimbursements or service fees, facilitating payroll, and reconciling accurately between your practice management and accounting software requires attention to detail, knowledge of the healthcare sector payers’ methods and time frames along with standard accounting principles.

Often practice owners consider bookkeeping to be basic administration/data entry, however not having a strong understanding of accounting principles can have a significant impact on a healthcare practice’s business success.

GST reporting can leave a practice exposed to penalties or tax implications.

Q. When should I hire a bookkeeper for my medical practice?

A. Bookkeeping for doctors office is a specialised service and should be engaged before you open your practice. A medical bookkeeping service will make sure your accounting system is set up correctly, you receive the right financial reports and you avoid unnecessary costs.

However, if you’ve been doing your own bookkeeping, or you’re looking to change your service provider – it is never too late to enlist the help of VMORE experts to help you take control of your accounts and increase profitability.