, a highly respected CPA firm based in Los Angeles, California, specializes in servicing physicians, their medical practices and their families’ needs. The financial and accounting needs of every doctor, dentist, and veterinarian are different and we customize our services to meet your specific situation.
Let us illustrate three levels of service which many of our physician clients utilize:
Full Practice Management
We offer complete practice management services for medical providers who do not have the time or energy to micromanage the business side of their practices. We respect that our clients may focus their limited time on seeing patients and practicing medicine, and we make it easy for them to do the rest. We handle and oversee all accounts payable, human resources (coordinated through Payroll Service), collection services (through the medical billing company of your choice), and monthly reporting. Our state-of-the-art software enables our clients, in real-time, to review and approve every disbursement online in real time with the ability to concurrently access books and records.
Our experienced team reviews all bills. We provide weekly cash-flow reports to keep an accurate and near real-time pulse on the practice’s cash flow. By having Gerber & Co involved in all cash and check movements and preparing monthly financials, the physician virtually eliminates the risk of embezzlement, which is all too common among practices with limited staff. By categorizing all disbursements accurately and appropriately, we maximize tax savings while remaining compliant. Our reports go ‘Beyond Beancounting’ to reflect critical accounting and non-accounting data. This is exemplified by our unique ‘Dashboard’ reporting, which provides a series of graphs and pie charts to communicate the financial results and contrast them to prior periods and with established targets, highlighting areas of concern.
Monthly Write-Up Work
For medical providers with the infrastructure to handle the day-to-day collections and disbursements of the firm and the necessary segregation of duties, Gerber & Co provides an accurate and reliable set of books monthly. Within 20 days following the close of each month, the physician receives a report with graphs and charts reflecting critical accounting and non-accounting data monthly.
Annual Taxes
Gerber & Co will prepare your returns. Our unparalleled expertise in this field enables us to offer up a myriad of tax saving suggestions. Our total focus is on pro-active planning, with the goal of saving and deferring taxes wherever possible. Our firm motto sums it up: ‘Surprises are for birthdays, not for tax time‘ ®.
All of Gerber & Co’s services are fully customizable to suit the exact needs and infrastructure of the client. All services are billed hourly or on a fixed monthly retainer and work is done at the lowest priced billing rates with competency necessary to get the task accomplished professionally, yet affordably.
If you're not a client yet, it's costing you!
The Dashboard
In addition to the standard accounting reports that we provide, we also customize a series of graphics and pie charts to clearly communicate all relevant data. Remember: A picture tells a thousand words ‘ and we’ll give you all the information you need in a manner that is easy to understand and enables you to manage your practice effectively.
10 WAYS
to Reduce Fraud in an MD, DO, DMD, DDS, or DVM's Office
- The physician should be the one to open and review the bank statement every month.
- The billing person should not make check deposits.
- Bank reconciliations should be independently reviewed monthly.
- Two signatures should be on every check above a relatively low threshold.
- Trend and Ratio analysis should be included as part of monthly reports.
- Every member of the staff must take annual vacations.
- Limit access to various aspects of billing, accounting and banking systems to the lowest necessary level of access.
- Strong passwords should be changed regularly.
- Run a credit report annually.
- Never use a rubber stamp with the physician’s signature.
5 TIPS
to an Effective Medical Practice
- Have a monthly report done with both accounting and nonaccounting data (Include data such as number of new patient visits; track revenues by procedure etc).
- Have good ‘systems’ for patient flow and internal controls.
- Use a PEO for your personnel.
- Hire expert professionals who work as a team to optimize your situation (lawyer, accountant, insurance broker, investment advisor).
- Pay yourself first. The very first check you write each month should be to your own investment account.