We understand the nuances of running anesthesia practices. Medac's practice management services save time and money for anesthesiologists across the country. Instead of handling the details of their office, our clients are able to leverage our vast resources to details of their practice more efficiently. Services include:
Strategic Management
Physician Compensation - We will develop an integrated billing report which will extract the essential elements of your group's compensation formula and calculate each physician's point values on demand. Using the Physician Point Formula, we will generate payroll and fund the retirement plan on a monthly basis.
Meet on a regular basis with the Executive Committee or the designated physicians responsible for practice oversight. We will review all billing reports, financial statements, and offer insights and advice regarding the practice. This is also an ideal forum to discuss potential business opportunities and to develop strategic plans for the practice.
Financial Management
Coordination of Federal and State Income Tax Returns.
W-2 and 1099 Preparation.
Accounts Payable, processing of invoices, and check printing - We will pay all practice bills using a secure financial software package, which will print the checks in our local office. Access to the system will be limited and only designated physicians will be authorized to sign checks.
Payroll and complete tax filing services with direct deposit.
Bank reconciliation.
Financial Statements - Each month we will provide a corporate financial report which will include a summary of the corporation's income and expenses, as well as, an individual breakdown of each physician's compensation and expenses based on the Physician Point Formula.
Fringe Benefit Design & Management - We will assist you in determining your goals and in coordinating the implementation with your tax advisor and financial institutions.
Insurance and Risk Analysis.
Income Distribution Plans - Working with your group's philosophy, we will assist in the development of income distribution plans that accomplish your goals, yet are understandable by the group partners.
Practice Support
Audit Reporting
Compliance Review
On-going Client Education
Managed Care Contracting
Anesthesia Record, Charge Slip Design
Electronic Demographic Interface
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