FINANCIAL SERVICES

Busy practices are constantly faced with financial challenges: optimizing cash flow, maximizing profitability, accelerating growth and navigating financial strategy decisions. MPOWERHealth Financial Services partners with physician practice leadership as a trusted business advisor to develop a game plan that addresses the multitude of strategic, financial and business challenges.

We’re empowering physician practices with actionable insight leveraging data and analytics to provide clear, concise, and tangible recommendations tailored to the unique needs of the practice. From custom reports to financial modeling; deep dives into revenue streams to financial projects; MPOWERHealth Financial Services can be tailored to meet the specific needs of the practice.

Industry Leading Expertise

Advanced Technology and AI

Scalable, Reliable and Timely Insight Reporting

Healthcare Finance and CFO-Level Expertise

KNOWLEDGE IS POWER

Healthcare accounting can be complex for small medical practices with limited internal resources. Each practice deserves a Financial Service that understands the challenges physicians face within an ever-changing industry, such as:

  • Increasing costs
  • Healthcare reform
  • Decreasing reimbursement

ACCOUNTING SERVICES PROVIDES

  • Ability to focus on the practice of medicine and taking care of patients
  • Access to accounting and business experts
  • Scalable solution driving increased operational efficiencies – spend more time working on the practice and less time in it
  • Consistent delivery of reliable, timely financial information
  • Peace of mind – tax, audit, and lender ready financials

CFO ADVISORY SERVICES PROVIDES

  • Financial Strategy to Achieve Goals
  • Smoother Transitions During Periods of High Growth or Downturn
  • Assistance with Special Projects and Analysis
  • Availability of Scalable Expertise

When To Consider Outsourcing Financial Services

Practice has grown to the point of needing the CFO level expertise, but not necessarily on a full-time daily basis.

A practice has $1M+ in revenues.

Practice Manager (or CEO) can no longer keep up with every aspect of the day-to-day business.

Practice is experiencing a financial hardship (cash crisis) and needs expertise to help navigate a path forward.

The practice is bringing in new partners or investors.

The practice lacks regular, timely and accurate financial reporting.

Stakeholders are requiring more sophisticated financial reporting for data-driven decision making.

Practice has recently experienced a change in leadership or significant turnover of staff.

Practice is contemplating expansion (location, provider, service line, M&A, etc.).

How MPOWERHealth Helps Your Practice WIN

#1

Scalable, reliable, and timely financial reporting and insights.

 
 
 

#2

Scalable, reliable, and timely financial reporting and insights.

 
 
 

#3

Scalable, reliable, and timely financial reporting and insights.

 
 
 

Quick View: MPOWERHealth Financial Services

Strategic Planning

  • Capital Investments
  • Finance/Credit Facility Options
  • Practice Expansion
  • Service Line Expansion
  • Physician Compensation Plan Design

Accounts Payable

  • Invoice Entry
  • Payment Processing
  • Statement Reconciliation
  • Weekly A/P Management
  • A/P Aging Analysis
  • Annual 1099 Filing

Reporting

  • P&L (Month, Qtr, YTD, TTM, YoY)
  • Comparative Balance Sheet (PM, YoY)
  • Statement of Cash Flows (MTD, YTD, YoY)
  • Supporting Schedules for Annual Tax Filings
  • Creation and Presentation of Customized Reporting Packages

Advisory

  • Identify Key Metrics and Support Design of Customized Reporting
  • Develop Improvement Strategy and Workplans
  • Review of Internal Controls
  • Cash Crisis Support
  • Project Specific Financial Advisor Support

Supplemental Support

  • Supporting information and schedules for federal, state, and sales tax returns (excludes tax return preparation)
  • Financial audit support
  • Regulatory audit support
  • Develop Financial and Internal Control Policies and Procedures

Reporting and Analytics

  • Monthly Flux Analysis Summary
  • Monthly Review with value-added insights and recommendations
  • Service Line Profitability
  • Provider Productivity & Profitability
  • Custom Analysis

Forecasting & Budgeting

  • Annual Budget Process
  • Short-term or Long-Term Forecasts
  • Performance to Plan Review
  • Provider Compensation and Productivity

General Ledger

  • Set Up
  • Entry and Maintenance
  • Record Payroll
  • Monthly Account Reconciliations

Financial Management

  • Cash Management, Planning and Forecasting
  • Financial Planning, Forecasting and Reviews
  • Establish Cash Management Tools

Contact Us To Learn More About Our Financial Services