Entity structuring, equipment depreciation, and insurance reimbursement tracking for doctors, dentists, clinics, and therapists.
Healthcare practices, doctors' offices, dental practices, clinics, and therapy practices, share a common set of accounting challenges: complex insurance reimbursement timing, entity structures that vary by state and specialty, and payroll that spans a wide mix of clinical and administrative roles. Hasco Tax Advisors works with practice owners across healthcare on the bookkeeping and tax planning that fits how a practice actually generates revenue and pays its people.
Many states require healthcare providers, physicians, dentists, and licensed therapists alike, to operate through a Professional Corporation (PC) or Professional Limited Liability Company (PLLC) rather than a standard LLC. Layering an S-Corp election on top of that structure, where permitted, allows splitting income into reasonable salary and distributions.
Clinical equipment, dental chairs, imaging systems, therapy equipment, is expensive, and Section 179 allows most practices to deduct the full purchase price of qualifying equipment in the year it is placed in service, up to the annual limit. Timing a purchase relative to your practice's profitable years matters.
Associate dentists, physicians, and therapists working in a practice are almost always employees, not 1099 contractors, given the degree of control most practices exercise over scheduling and patient assignment. Misclassifying an associate creates real payroll tax exposure if it is ever reviewed.
Insurance and Medicare/Medicaid reimbursements often arrive weeks or months after a service is performed, creating a gap between when revenue is earned and when cash is received. Books that only track cash received, rather than what is actually owed, distort your real practice profitability.
Higher practice-owner income often justifies retirement plan strategies beyond a standard SEP-IRA. A Solo 401(k) or a defined benefit plan can allow significant annual contributions, meaningfully reducing current taxable income.
Insurance and Medicare/Medicaid claims tracked from submission to payment, so you see true accounts receivable, not just what has hit the bank account.
Payroll processed correctly for a mix of clinicians, associates, and administrative staff, each with different pay structures and classifications.
Major equipment purchases tracked and depreciated correctly, coordinated with Section 179 timing for the biggest annual tax impact.
Owner-provider compensation reviewed against real industry benchmarks, protecting the S-Corp election's tax benefit while staying defensible.
From equipment purchases to insurance reimbursement timing, we handle the details generalist bookkeepers usually miss.