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Medical Practices & Healthcare Accounting and Tax Planning for Medical Practices

Healthcare and Medical Practices Tax and Accounting Services

At SME we know the healthcare industry is one of constant changes. Insurance systems, medical technology and compliance and regulation are just a few of the struggles you face each day while managing your staff and patients. We are uniquely qualified to serve a broad base of health care organizations. SME is the most trusted CPA firm in the Augusta area and is willing and eager to take on any task. We understand how your business works and we are committed to helping healthcare providers anticipate and solve operational and financial challenges.

Our familiarity with the concerns faced by ambulatory surgery centers, physician practice groups, and individual physician practices gives us the expertise to help you operate more profitably and improve your quality of life.

A group of medical professionals meeting with the accounting partner SME CPA's in Evans and Aiken,


Medical professionals often struggle with financial management. This is due to the specialized nature of their work and the unique challenges it presents. That’s where a CPA who specializes in accounting and tax services for healthcare professionals comes in. At SME CPAs, we have a team of experienced CPAs who understand the intricacies of accounting and tax planning for medical practices. We’re here to help you manage your finances and plan for the future growth of your organization. 

How SME Can Help Your Medical Practice

Our familiarity with the concerns faced by ambulatory surgery centers, physician practice groups, and individual physician practices gives us the expertise to help you operate more profitably and improve your quality of life.

Accounting and Tax Services for Medical Professionals

Finding the right partner to take the burden of accounting, tax planning, and preparation off your plate means finding an accounting partner who understands the unique needs of healthcare providers and medical professionals.

Our team at SME CPAs has experience helping healthcare teams across the Aiken-Augusta region build smarter accounting solutions by providing them with assistance across a variety of areas, including:

Tax Planning and Preparation: 

We start by developing a tax strategy that takes into account the unique features of your medical practice. The typical tax planning process for a medical practice looks like the following: 

  • Determine the type of entity 
  • Review the business structure 
  • Consider tax incentives 
  • Develop a tax strategy 
  • Implement the tax strategy 

Bookkeeping and Accounting: 

Accurate bookkeeping is essential for any business, but it’s especially important for medical practices. This is because of the complex nature of billing and insurance reimbursement. 

Keeping your accounts current and up-to-date is one of the best things you can do to ensure the financial security of your practice.   

Budgets and Forecasting: 

You will need to develop a budget for your medical practice with your CPA. This will include forecasting your income and expenses. Effective budgeting and forecasting will allow your medical practice to: 

  • Make informed decisions about financial resources 
  • Understand where the practice is today and where it needs to be in the future 
  • Develop plans for long-term growth 

Accounts Payable and Accounts Receivable: 

Medical practices manage a large volume of accounts payable and receivable. It’s important to manage these accounts and ensure that you’re getting paid on time. 

Having a trusted accounting partner to help keep track of account balances and payment discrepancies in medical billing and vendor invoicing provides an extra layer of financial peace of mind in your day-to-day operations.

Insurance Billing: 

Billing insurance can be a complicated and time-consuming process. Your CPA can help by lifting this stress off of your shoulders and streamlining this process to get the most out of your insurance reimbursements. Medical billing and insurance impact tax filings by generating income or business deductions. SME CPAs help to simplify this process by providing expert advice and guidance as you prepare for your annual filings. 

Payroll Processing: 

Effectively managing payroll is crucial to every business. When you’re dedicating your time to exceptional patient care, many of the daily tasks of managing your business can fall by the wayside. Your CPA can help you develop payroll processes to ensure timely and stress-free payroll processing and payroll tax management services.  

A doctor in Augusta GA meeting with their tax professional SME CPA's.

Planning for the Growth of Your Medical Practice

In today’s rapidly changing environment, healthcare organizations have complex financial and accounting needs. Our team at SME CPAs is here to help you effectively manage the financial, operational, and organizational needs of your medical practice. 

We have a team of experienced healthcare accountants who will analyze your organization’s needs and provide accounting management and tax preparation practices. This way, we can get down to business caring for you, and you can get back to the business of caring for your patients. 

Financial Planning for your Medical Practice:

A financial plan for your medical practice enables you to effectively allocate funds for the future growth of your practice and for capital investments and loans. Once you have a strategy in place, it’s time to invest in financial management tools and resources.

Budgeting & Depreciation Strategies for Equipment:

Developing  budgeting and depreciation strategies for your medical equipment is very important, and depending on your long term goals and upcoming expenses, your strategies may change. A CPA can help you determine the best strategy for managing your tax liability over time. 

Succession Planning for your Practice:

Lastly, plan for the succession of your medical practice. This can mean planning for the sale of your practice or the transition of ownership to a new generation. 

Why Medical Professionals Struggle with Financial Management

Medical professionals are often so focused on the day-to-day operations of their practice and providing top-level patient care that they don’t have time to focus on the financial management and accounting aspects of their businesses. This can lead to a number of problems, including: 

  • Not having a clear understanding of your financial situation 
  • Not having a plan for the future growth of your practice 
  • Not knowing how to best use your financial resources 
  • Not taking advantage of tax planning opportunities 

A CPA who specializes in accounting and tax services for healthcare professionals can help you overcome these challenges. 

The Right CPA for Medical Professionals

When choosing a CPA, it’s important to find someone who has experience working with doctors offices, dental practices, primary care practices, long term care facilities and more. Finding the right CPA as a medical professional means finding one who understands the unique challenges you face and will be able to provide tailored advice and solutions.

If you are working with an accounting firm or CPA for the first time, here are a few pieces of advice to consider:

  • Have a clear understanding of your goals
  • Understand the services that are available and how they can benefit you
  • Choose a firm like SME CPAs that has experience working with medical practices
  • Do research on your own time to see what license and credentials your CPA has
  • Find out what their average turnaround time is during tax season
  • Make sure your CPA is keeping in touch with you via email
  • Look for a local CPA for a smoother and more productive relationship


A doctor searching for accounting services for healthcare professionals in augusta ga and finding SME CPA's.

Need Help with Your Healthcare Accounting & Tax Planning?

Our team at SME CPAs specializes in accounting and tax planning for medical practices. Contact us today to learn more about how we can help you with financial management and plan for the future growth of your practice. 

Contact Us

Have a question or want to discuss your specific need? Contact Us or submit your inquiry using the form below.