Caring for Your Finances, So You Can Care for Patients

We handle all your day-to-day bookkeeping tasks to ensure your accounting records are accurate and up-to-date. This includes recording expenses (supplies, lab fees, medications), tracking revenue (patient payments, insurance reimbursements), and reconciling bank accounts and credit card statements every month. We close the books on a monthly or quarterly basis and prepare professional financial statements (Income Statement, Balance Sheet, Cash Flow) that reflect your practice's performance. With clean books, you'll always know where you stand financially and be ready for lenders or investors if needed.

Healthcare practices often use specialized systems – whether it's an Electronic Medical Records system (EMR/EHR) with billing features, a dental practice management software, or a pharmacy management system. We reconcile the data from these systems with your accounting software to ensure nothing falls through the cracks. For example, we'll tie out daily patient billings from your EMR to deposits in the bank, or match the prescriptions filled in your pharmacy system to recorded sales. By doing so, we catch discrepancies (like missed charges or unpaid copays) and provide assurance that your operational system and financial books are in sync.

One of the biggest headaches in healthcare is managing insurance receivables. QuantiFi supports your revenue cycle by working with your billing team (or service) to ensure that insurance payments and patient payments are properly posted and accounted for. We track accounts receivable aging – identifying old claims that haven't been paid – and flag high-dollar outstanding amounts. If needed, we can coordinate with your billing personnel to re-follow-up on denials or pending claims. Our accounting also distinguishes between gross charges, insurance adjustments/write-offs, and actual collections, giving you a clear picture of collection rates.

Beyond insurance, many healthcare practices have to manage what patients owe (deductibles, co-insurances, cash services). We implement processes to monitor patient accounts receivable. For instance, we'll generate aging reports that show which patients or payers owe money for over 30, 60, 90 days, etc. If your practice sends statements or payment reminders, we can integrate those into the workflow or help coordinate with collection agencies for seriously overdue accounts. By keeping a close eye on receivables, we help you maintain healthy cash inflows and avoid revenue leakage.

We manage payroll for your healthcare staff, including hourly employees, salaried professionals, nurses, hygienists, administrative staff, and providers, ensuring everyone is paid accurately and on schedule. While we don't process or file payroll taxes, we coordinate with your in-house or third-party payroll system (such as ADP, Gusto, or Paychex) to review data, reconcile reports, and record payroll entries correctly in your books. For physician or dentist owners, we help facilitate owner draws or custom compensation structures, and we incorporate productivity-based pay like RVU or procedure-based bonuses.

We help healthcare and dental practices stay fully compliant and financially optimized by preparing CPA-ready tax records, but we do not file income or payroll taxes ourselves. Our team organizes all the financial details your CPA or tax preparer needs, including reconciled books, categorized deductions, and accurate 1099s from your payroll system. We also provide strategic guidance on entity structure, equipment depreciation, and potential credits such as the Qualified Small Business Healthcare Tax Credit to help reduce liabilities.

We help healthcare practices avoid cash crunches by forecasting inflows and outflows. We know that insurance reimbursements can lag weeks after services, which can create strain. Our team projects your expected cash receipts based on billing and historical payment patterns, and balances that against upcoming expenses (like payroll, rent, malpractice insurance, quarterly taxes). We'll create a budget for your practice that sets monthly targets for revenue and expenses, helping you plan around things like anticipated hiring of a new assistant or buying a new piece of equipment.

Just like any business, medical practices and pharmacies have bills to pay – medical supplies, lab fees, office rent, vaccines, utility bills, and more. We handle your accounts payable process to keep your vendors happy and your costs under control. You or your office manager can forward invoices to us, and we'll enter them into the accounting system, categorize them (medical supplies vs. office expense vs. lab services, etc.), and prepare payments. We often set up a routine (weekly or bi-weekly) to process payments, and can utilize online bill pay or software to streamline approvals.

We deliver tailored financial reports that help you run your practice more effectively. Beyond standard financial statements, QuantiFi can prepare physician/dentist-specific metrics and dashboards. For example, we can report on KPIs such as: revenue per patient visit, overhead ratio (operating expenses as a percentage of collections), treatment acceptance rate (for dental plans presented vs. accepted), or pharmacy inventory turnover. We'll highlight trends like increasing supply costs or staff costs as a percentage of revenue. If you're a multi-provider clinic, we can create profit center reports for each provider or department.

As your practice grows or faces big decisions, our outsourced CFO services are there to guide you. Thinking of expanding your clinic, adding a new location, or bringing on another partner? We'll model the financial implications – how many more patients you'd need, what the break-even point is, etc. Considering investing in expensive new equipment (like an MRI machine or digital X-ray or a new compounding lab)? We'll perform ROI analysis and even help explore financing options. For pharmacies, we can assist with inventory optimization and cash management strategies, given the thin margins on reimbursements.