From medical billing, financial preparations, revenue cycle management, and tax preparation, let TAG CPAs & Advisors focus on your financial success so you can focus on patient outcomes.
In today’s challenging healthcare landscape, independent physician practices face mounting pressures on both financial and operational fronts. Rising costs, staffing shortages, and complex regulatory requirements make it increasingly difficult for independent physician practices to stay independent. At TAG CPAs & Advisors, we understand that these practices are the cornerstone of positive patient outcomes. Let us focus on your financial operations so you can focus on your patients.
At TAG CPAs & Advisors, our industry expertise provides independent physician practices with medical billing, financial preparations, revenue cycle management, and tax preparation and planning. Here are some key benefits of choosing TAG CPAs & Advisors as your strategic partner.
1. Reduced Administrative Workload for Your Staff
From coding and claim submissions to managing accounts payable and cash flow, our firm can alleviate the administrative burden on your in-house staff. By outsourcing these responsibilities to TAG CPAs & Advisors, your team can dedicate their time and energy to patient care, free from the extensive financial and billing tasks that demand so much attention. Our services encompass all aspects of medical billing, comprehensive monthly financial reporting, and strategic tax planning, providing physicians and staff with the support needed to concentrate on consultations, treatments, and patient-centered activities. With TAG’s full-spectrum approach, your practice can run seamlessly, enabling you to focus on delivering exceptional care without the distraction of financial management and reporting.
2. Enhanced Expertise in Billing Codes, Regulations, and Utilization
Staying current with evolving billing codes and insurance regulations is no small feat—yet any missteps can mean underpayments, delayed payments, or even costly denials. Our team at TAG CPAs & Advisors has in-depth knowledge of billing codes and payer requirements. We reduce claim denials and optimize submissions by ensuring accurate, up-to-date billing practices, which helps keep your revenue cycle running smoothly and your reimbursements timely. Additionally, if your office has claims that have been denied, our team can assist with the appeal process.
3. A CPA Firm that Understands Your Operations and How They Impact Your Tax Planning
Having a CPA firm like TAG CPAs & Advisors that understands the unique operations and financial intricacies of physician practices is invaluable for effective tax preparation and planning. Medical practices encounter complex tax scenarios, from navigating multi-tiered revenue streams to managing regulatory requirements that directly impact eligible deductions and credits. TAG CPAs & Advisors brings specialized expertise, helping optimize tax strategies tailored to the specific needs of healthcare providers, whether through maximizing deductions on medical equipment, managing physician compensation tax implications, aligning tax plans with practice growth goals, or understanding the impact of uncollectible on your return. This targeted, proactive approach ensures physician practices achieve compliance while maintaining long-term financial health.
4. From Financial Preparations to Practice-Specific Revenue Cycle Management Reports
Accurate and timely financials are essential for the smooth operation and strategic growth of any physician practice. With the healthcare landscape's complexity, practices need real-time insights into their revenue cycle management to make informed decisions on staffing, equipment, patient care resources, and expansion plans. At TAG CPAs & Advisors, we understand these unique pressures and go beyond traditional accounting services. Our specialized knowledge allows us to deliver precise monthly financials and detailed practice management reports, like the Net Collection Rate report, which provide a comprehensive view of revenue cycle performance. These insights empower practices to optimize operations, improve collection rates, and maintain financial stability, positioning them for continued success in a challenging environment.
5. Improved Revenue Cycle Management Through Standard Monthly Reports
Our medical billing services streamline your entire revenue cycle, from claim submissions to payment collection. Leveraging our industry experience, TAG expedites claim processing, leading to faster and higher reimbursements. We manage every detail, giving your practice a proactive approach to revenue cycle management that shortens the gap between service delivery and payment.
6. Higher Collection Rates
The shift towards patient responsibility in healthcare payments means that managing patient balances is more critical than ever. TAG CPAs & Advisors brings structured strategies for collecting outstanding balances and minimizing delinquent accounts. Our methods and dedicated follow-up services ensure that your collections are optimized, maximizing your practice’s revenue.
7. Cost Savings, Alleviating Staffing Challenges, and Preventing Shrinking Margins
Hiring and training in-house billing staff is both costly and resource-intensive, especially as financial pressures on independent practices continue to grow. Operating margins have dropped nearly 46% since late 2022, according to Deloitte, and staffing shortages strain every aspect of practice management. Additionally, ongoing payer and regulatory updates add complexity that can easily overwhelm already stretched practices. TAG CPAs & Advisors offers a cost-effective solution, eliminating the need for internal billing staff and equipping your practice with advanced technology. Our state-of-the-art billing software ensures seamless claim submissions, effective denial management, and detailed reporting—resources that may be out of reach for many small practices. We also provide robust data insights, empowering you to refine and enhance your billing strategies for sustained financial health.
Ready to Optimize Your Practice’s Financial Health?
Partnering with TAG CPAs & Advisors offers more than just relief from administrative strain; it provides your practice with a strategic partner dedicated to maximizing your financial outcomes. Call today for a free consultation.
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