Financial Management Services

Practicing medicine just got easier!  Medical Professional Resources (MPR) is now offering the following services:

General Ledger Accounting/Record Keeping – Experienced staff maintain accurate records using “Generally Accepted Accounting Principles” applicable to Medical Practices. Comparative Financial Reports are issued promptly. Reports can be tailored to meet your specific practice.

 

  • PAYROLL AND TIME & ATTENDANCE

 

Payroll Services – Utilizing the latest payroll software with competitive pricing eliminates the headache of processing payroll within practice environment.  Full range of services includes

1) Payroll processing;

2) A full range of payroll related tax services; and,

3) Time & Attendance using your own PC for clocking in and out

Accounts Payable and Bank Reconciliation – Services ranging from payroll to paying monthly practice expenses.  We monitor your bank account(s) for irregular activities and coordinate bill and payroll payments with deposits.

 

  • REPORTING:  The Lifeline of Every Practice

 

Management tools provide a detailed picture of the accounts receivable (A/R) for your practice. The report reflects A/R balance at the beginning of the reporting period, plus new charges during the same period, minus payments and contractual adjustments providing A/R ending balance. This tool provides a trend of the practice health and maintains a close monitoring of collections, the lifeline of every practice.

Tracking and management of denied claims helps uncover deficiencies in coding and billing practices. Denial management is used as a tool for the provider or office staff to address coding and billing errors and inconsistencies up-front, instead of correcting a denied claim. Clean claims translate to quicker, more complete payments and an improved bottom line.

The reporting package is developed and customized for each practice, based on the requirements and objectives of the physician(s) and administrative staff. Once in place, the system emails periodic reports to the appropriate recipients, including practitioners, administrative staff and any outside parties such as the practice accountant.

Additionally, we routinely schedule monthly meeting with practitioner and administrative staff. These meetings are tailored to meet each practice need. Frequency is determined by the practice.

Year End Reporting – We convert your Profit & Loss Statement and the Balance Sheet to the appropriate IRS form that is compatible to your legal entity formation, proprietor; partnership; LLC/LLP or C Corp for your Tax Accountant. We stand behind our numbers and are available to answer any questions to expedite the tax filing process.