Chicago CPA Healthcare Advisors
Lewis CPA, Ltd helps you free up time and run your medical practice smoothly. With a team of financial healthcare industry experts at the helm, you can expect reduced taxes, streamlined accounting processes, and industry benchmark standards met or exceeded.
Our medical practice accounting services and tax planning techniques create the foundation for a successful healthcare organization. We offer sound financial advice and provide optimal solutions and tax strategies, helping you grow your practice and personal wealth.
As a trusted CPA for doctors and healthcare organizations, we partner with you to provide innovative solutions to assist you in making informed decisions regarding practice management and staff and maximizing your practice's productivity.
Lewis CPA is here to help you meet your current and long-term objectives.
What Makes Healthcare Accounting Unique?
Healthcare accounting requires an intimate knowledge of the nuances associated with the industry, including unique services, disparate fee structures, various reimbursement systems, and government regulations.
- Complex regulatory requirements: Healthcare organizations need to comply with a variety of federal, state, and local regulations related to areas such as Medicare/Medicaid, HIPAA, and fraud and abuse prevention
- Managing large volumes of financial data: The large volume of financial data must be accurately maintained and organized to ensure accurate reports, financial statements, and adequate resources.
- Accurate billing and reimbursement: To remain financially stable, healthcare providers depend on properly executed billing and reimbursement processes. Additionally, accountants must stay abreast of any changes in insurance policies to ensure they remain compliant.
- Unique financial needs: Healthcare organizations face distinct financial obstacles and requirements, such as dealing with vendors and suppliers specific to the healthcare field, combating patient care expenses, and financing research and development.
- Patient confidentiality and HIPAA compliance: Healthcare organizations are tasked with maintaining patient confidentiality and adhering to HIPAA regulations when managing financial data. This creates an extra level of complexity in healthcare accounting.
Our Tax Services for Healthcare Industry
That’s why many healthcare organizations rely on the medical accounting services provided by Lewis CPA to navigate these financial complexities.
Tax Planning and Compliance
Our compliance services take the complexity out of meeting the numerous and often changing laws governing the medical industry. We have specialized knowledge and experience ensuring healthcare professionals comply with the latest federal, state, and local regulations.
Tax Returns for Doctors
We ensure doctors make the most of their deductions and credits while at the same time minimizing their taxes. We guarantee that all investments and income-generating activities are accurately reflected and reported promptly.
Income Tax Preparation
Our specialized services include conducting pre-tax analysis, guiding clients through complex income tax laws, and identifying and applying the newest tax credits available. Lewis CPA’s comprehensive and personalized touch helps clients reach their goals.
IRS Representation
We provide comprehensive tax preparation, analysis, and representation services if you become subject to an audit, appeal, examination, or other enforcement proceedings. Our team has extensive experience handling intricate IRS tax matters.
Our Healthcare Accounting Services
Bookkeeping
Our medical accounting services include a full suite of services to cover everything from invoicing to accounting reconciliation and financial reporting. Accuracy and confidentiality ensure that your finances are in good hands.
Payroll Services
We provide a secure, online payroll system with integrated payment processing, direct deposit, and other payment options to simplify payroll for healthcare organizations. Access employee pay info and create/maintain records with minimal effort.
Audit
We go beyond traditional audits and aim to identify areas of organizational improvement and cost-saving potential. Ensuring compliance and data accuracy and carrying out due diligence when assessing new opportunities is made possible by reviewing internal processes and procedures.
Medical Organizations We Do Accounting For
We offer accounting services to healthcare organizations of all sizes – from small independent practices to large hospitals. Our services are tailored to meet the specific needs of each establishment, including the accounting, tax, and financial support of:
- Ambulatory service centers;
- Assisted-living facilities;
- Diagnostic facilities;
- Home health organizations;
- Independent practice associations;
- Management service organizations;
- Multi-specialty physician groups;
- Nursing homes and long-term care facilities;
- Private and group practices for dentists and physicians;
- Wellness centers.
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