Financial Services


Cash Management

  • Monitor Cash Balances Daily and Determine Cash Requirements

  • Transfer Funds

  • Execute Line of Credit Advances and Paydowns

  • Process Manual Deposits using Online Banking Remote Deposit Feature

  • Manage Lockbox Deposit Process

  • Reconcile Patient Revenue per Cash Account to Billing System

  • Manage Merchant Services including Allocation of Funds to Appropriate Client Accounts

  • Re-Deposit NSF Checks

  • Reconcile Client Bank Accounts

Budgeting & Financial Statements

  • Determine Appropriate Financial Reporting Formats – by Location, Cost Center, or Other Reporting Unit

  • Create General Ledger Accounts

  • Prepare Annual Budgets

  • Prepare Monthly Financial Statements

  • Conduct MTD/YTD Variance Analysis to Budget and Prior Fiscal Year

  • Oversee Year End Close Process to Minimize Taxable Income

  • Calculate and Allocate Partner Bonuses

  • Act as Liaison with Client Accountant to Provide Necessary Information for Income Tax Reporting

Accounts Payable

  • Maintain Database of all Vendors including Updating Contact/Address information

  • Process Vendor invoices

  • Process Education Expenses including Confirming Available Balance, Verifying Receipts and Appropriateness of Expense based on Client Guidelines

  • Process Accounts Payable Checks including Allocation to Appropriate General Ledger Account for Expense Tracking

  • Execute Electronic Payments via ACH and Wire Transfer

  • Maintain Account Payables Files

  • Determine 1099 Eligibility and Update W9 and Tax Information for Specified Vendors.

  • Process 1099’s

  • Determine when Use-tax is payable, Process Invoice Accordingly, and Maintain Files for Use-tax Payable Back Up

  • Reconcile Client Petty Cash Accounts

Payroll Administration

  • Review Timesheets to Confirm Accuracy and Adherence to Employee Handbook Guidelines

  • Process Routine Payrolls including Salary, Hourly, Shift Differential, and Temporary Rates

  • Process Bonus Payrolls

  • Administer Banking Instructions for Direct Deposit

  • Administer Payments of Employee Withholdings including Taxes, 401K, Roth 401K, 401K Loans, HSA and Section 125

  • Calculate Match and Employer Contributions based on Formulas and Remit to Retirement Vendor

  • Track Sign on Advances and Convert to Income

  • Review Quarterly and Annual Payroll Tax Information to Verify Accuracy

  • Design Payroll Detail Reporting to Meet Client Information Needs

  • Review and Forward Employee W-2’s

  • Provide Compensation and Deferral and Loan Information to Client Retirement Vendor

  • Provide Compensation and 1099 Payment Information Workers Comp Carrier for Annual Audit

  • Provide Employee Headcount Information to Dept of Labor

  • Maintain Payroll Records

Additional Financial Service Capabilities

  • Calculate Revenue Impact of Fee Changes

  • Monthly Invoicing and A/R Follow Up for Hospital Stipends

  • Calculate Partnership Value for Buy-Ins and Buy-Outs

  • Prepare Sales & Use Tax Returns

  • Prepare Property Tax Returns

  • Provide Amortization for Leases

  • Create Pro Forma Financial Statements to Assist in Client Decision Making (e.g. adding new site, hire new employee, capital equipment purchases)



Contact Us


Integrated Physicians Management Services
99 East River Drive
Fifth Floor
East Hartford, CT 06108

Phone: (860) 282-4124
Fax: (860) 282-0170
Email: contact@ipmscorp.com

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Spring Recess
The Senate went on Spring Recess without voting on the bill (H.R. 4851) that includes the Medicare Physician Fee Schedule freeze extension.  The Senate returns on April 12th and a cloture vote is scheduled for 5:30 pm that evening.
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