You didn’t become a doctor because you wanted to manage an accounting practice. CoEfficient Services specializes in bookkeeping and accounting for medical practices, so you can specialize in patient services. We offer practice owners and partners fraud protection, privacy, and financial clarity that is unrivaled from traditional accounting solutions.
CoEfficient Services offers a range of reliable accounting services including:
- – Bookkeeping & Payroll services provided by professional 3rd-party team, maintaining accuracy and privacy of fiancial aspects of your practice
- – Seemless integration with revenue cycle management firms
- – Proper oversight and separation of duties to prevent fraud or embezzlement
- – Real-time reporting to help you see the financial side of your practice clearly
We believe high-performance accounting requires 3 key priciples:
Accurate, timely accounting data: CoEfficient will deliver clear financial data in a predictable schedule to help management and decision making. We work with revenue cycle management firms and can support integration into QBs or other financial systems to improve efficiency and accuracy.
Data security & fraud protection: Between HIPAA and PCI requirements, you need your data secure. We’ll host your financial data in a HIPAA compliance data center, but still provide you remote access to your accounting system. In addition to data security, CoEfficient leverages a 5-point fraud protection system to ensure you are protected from theft or embezzlement as an owner.
Scalable solutions & services: You run a medical practice that happens function as a business. Our accounting team gives you access to a team of experts in the mix that you needs (from top-tier CPAs to work on structure to costs-effective accounts payable clerks to process transactions). Best of all, we can scale up or down with your business over time. No hiring or firing for you. We take care of team management behind the scenes. Busy season, no problem. Tough year, no problem. Rapid growth, no problem. We’ll get accounting out of your way so you can focus on your practice.
Your Financial Statements need to be Private and Confidential
If you’re a typical medical practice, dental office, optometry clinic or veterinary practice, you have a small almost family-like work environment. You’re a tight-knit group who shares birthdays, family events and has fun while running a successful small business.
But what you don’t want in this environment is the emotional messiness that can result from financial information being shared amongst your team. Because that sharing can lead to jealousy, resentment, and (worst case scenario) fraud.
The CoEfficient finance and accounting services offers the important safeguards you need to avoid being part of the *$25 Billion that was lost from medical practices last year due to fraud or theft.
*Source: Association of Certified Fraud Examiners
My Staff is Honest! They wouldn’t Commit Fraud or Theft!
We truly hope that’s the case. But the statistic above suggests that simple human emotions like opportunity, rationalization, and pressure are known to lead to fraud schemes.
The fraud may be small, and could include things like improper expense reimbursements, fictitious vendor payments, and unauthorized bonuses. These things could easily fall under your radar while you’re focusing on caring for your patients.
Let us be clear. We are certainly not suggesting this type of fraud happens in every practice. But we are saying that the issue is altogether avoided when you find an experienced finance and accounting services vendor.
After all, your staff should be focusing on your patients as well. Not on the details of managing your bookkeeping.
The CoEfficient 5-Points of Fraud Protection:
- Separation of duties – we offer enough scale to make sure duties are separated among staff members.
- Reconciliations (cash, bank accounts, credit cards, etc.)
- Reporting – monthly reporting designed to alert management of any anomalies
- Data security – all client data hosted in best-in-class data center with state of the art security practices
- Corporate structure – as a well capitalized services company, fraud costs us a lot more than it costs an individual employee or a solo bookkeeper
Seamless Integration with your Revenue Cycle Management Firm
Our systems and team will integrate seamlessly with your revenue cycle management firm. Again, let us take care of your bookkeeping, bill pay/accounts payable, cash management and reconciliation, payroll management, proper treatment of personal vs. practice expenses and work with your CPA on year-end tax preparation.
Since we integrate with the billing and report to insurance companies, this is one less accounting headache for you to manage.
Clear and Accurate Books You Can Trust
Are you tired of waiting 2-3 weeks for your books to close? We will report in a summarized way, clear categorization and offer comparisons (past performance and other firms) to help clients know quickly how they are doing.
CoEfficient Services helps you close your books quickly and reliably. Your books will be accurate so you can confidently make the decisions you need to effectively run your company.
Timeliness and accuracy should be table stakes, but this is not always guaranteed when you are relying on part-time staff or resources that may not have proper Accounting expertise.