We understand the complexities of running a medical practice, splitting income between doctors and reconciling your accounting system back to your front office system.
We help you understand the numbers.
Professional, Responsive, Outcome Driven
3 Owner Practitioners, 9 Non Owner Practitioners.
Bookkeeping costs reduced by more that 25%
Wages reduced by 3%
Prior to Successful Alliances taking over the bookkeeping role in 2018 the bookkeeping was completed by a part time employee.
We have been able to reduce the bookkeeping cost by over 25% and the percentage spent on wages/turnover has reduced by 3%.
On commencement Successful Alliances reviewed and streamlined processes.
The key areas we concentrated on were:
* The reconciliation between the Practice Management System (Medtech) and the accounting system. This resulted in a more accurate collection of Practice Facility fees and an automated approach to Doctor payments.
* Automating the accounts payable. This resulted in less data entry, less paper filing & the security of knowing all supplier invoices are electronically stored & fully searchable.
* Implementing an electronic timesheet system that allows for accurate clock on/off times for staff, allows for leave to be requested & approved electronically and automates the payroll process, saving time & reducing the wages bill as a percentage of income.
The next stage was to prepare a budget & cashflow which is reported against quarterly to ensure the practice is tracking and growing as expected. Any discrepancies against budget are quickly addressed. This provides the owner doctors with a level of certainty regarding their monthly and quarterly distributions .