Accounting for Medical Practices

To remain viable and relevant, players in the medical practices space must be on the cutting edge of understanding how to manage the trends, pressures and opportunities for success. Having experienced and insightful advisors who can help provide the knowledge necessary to make strategic decisions, optimize profits and enhance operating performance are keys to remaining viable and thriving in this competitive sector. 

Fortunately, Presti & Naegele Accounting Offices Medical Practice partners and professionals have just the expertise required. Since inception, P&N has provided solutions to a wide array of medical practices including surgi-centers, independent physician practices and group specialty practices. 

Our experience equips us to offer sound advice that supports strategic decision-making, operating performance and profit optimization.

COMMON RECOMMENDATIONS TO MEDICAL PRACTICES 

Entity Structure

Choosing the right business entity, like an S corporation or LLC, for potential tax benefits and liability protection. 

Business Expense Deductions

Properly categorizing and deducting business expenses, including medical supplies, office rent, staff salaries, and professional development costs. 

Equipment Purchases

Taking advantage of Section 179 or bonus depreciation for equipment purchases, which can offer significant tax savings. 

Retirement Planning

Maximizing contributions to retirement accounts like SEP IRAs or 401(k)s, which can reduce taxable income. 

Health Savings Accounts

Utilizing HSAs for tax-advantaged savings on medical expenses. 

Cost Segregation

For those who own office buildings, conducting a cost segregation study can accelerate depreciation deductions. 

Tax Credits

Taking advantage of available tax credits, such as those for energy efficiency or employment.