You Know Why You Chose Your Specialty – Find Out Why We Chose Ours!
When you dreamed of becoming a doctor, what enticed you most? Was it the feeling you get when you help a patient achieve a health goal? What about the respect you garner from having “Dr.” in front of your name. Maybe it was the thought of working for yourself, and setting your own hours. Maybe it was for the paycheck. Regardless of your reason, it probably wasn’t the thought of sitting behind a desk, staring at numbers and pushing paper that inspired you to become a doctor.
Do You Know What You Need…
Traditional tax and accounting services barely skim the surface of the needs a successful medical practice has. Our firm understands the amount of time and dedication it takes to building a successful practice, and we provide several fee-based, industry-specific consulting services to help you understand your financial position. True financial consulting involves in-depth benchmarking of a practice’s Key Performance Indicators (KPIs) to determine areas of inefficiency and acts as a foundation for measuring the progress made toward reducing inefficiencies to meet an organization’s goals.
Are the practice’s fees too low? Is the firm spending excessive amounts of money on unnecessary overhead expenses? Are the collections timely and adequate? How does my practice stack up against the competition? These are all questions a doctor needs to ask that industry benchmarking can answer. If you don’t benchmark your practice against other firms and against the goals you’ve set, how will you know which areas you need to improve? Regardless of your goal, we can find the causes of inefficiency and work with you to determine what the cost is to your practice in dollars, and point you in the direction to increase productivity and revenue.
Parkhurst Consulting has extensive experience working with medical practices of various specialites. Our reputation and experience lies in our breadth of knowledge of the financial side of the business. We understand how overhead is managed and benchmarked for each type of medical practice across the country, whether your’re a solo-practitioner or in a multiple-partner practice.
- Business valuation and transition strategies with a partner(s)
- Merger or acquisition of a practice
- Ratio & industry benchmarking
- Split-up of a partnership
- Implementation of strategy-based partnership income allocation methodologies
- Benchmarking of overhead and practice fee assessments and consulting
- Comprehensive financial planning
- Practice development services, including business and marketing plan coaching, HR consulting, and management mentoring
- 360 Analysis of the practice
We are versed in all kinds of medical specialties, including but not limited to:
– General Practitioners
– Family Practice
– Orthopedic Specialists
– Physical/Occupational Therapists
– Surgical Specialties
– Mental Health Professionals
Let Us Serve You!
Just one consultation is all it will take for you to understand the value our firm can add to your medical career. We would be happy to serve you by scheduling a free initial consultation to discuss the financial statements for the practice, and show you what we can do for you. For more information about the specific services Parkhurst Consulting offers, or to learn how we can help you save money on taxes, better understand the financial side of a dental office, or grow your practice by correcting inefficiencies give us a call at 512.582.7500. We will send you an information packet via email or post, which ever is convenient. We look forward to working with you as your Medical CPA Firm.