IPMS provides a range of financial management services to help medical practice managers work smarter, not harder. It can be a challenge to properly balance the operations and financial success of a practice while providing excellent healthcare to your patients. We tackle this challenge head-on, by leveraging decades of experience from our professional staff that understand your business and your goals. We utilize techniques and solutions refined from each client engagement to help you make effective management decisions, improve profitability, and reduce financial risk.
Efficient, effective cash management is a crucial aspect to the financial health and stability of your practice. IPMS handles all functions of wealth management with strict attention paid to your company’s goals, policies, and procedures.
- Build, maintain, and improve an effective payment infrastructure
- Monitor collections and disbursements regularly
- Optimize management of cash flow to meet payment obligations
- Utilize bank fraud preventive and protection services to safeguard your bank balances and company assets
- Execute line of credit advances and paydowns
- Comprehensively record all facets of your practice’s cash flow
- Pinpoint anticipated periods of excess or deficit cash flows
- Manage merchant service relationship including allocation of funds to patient accounts
In order to navigate the changing, dynamic landscape of the healthcare industry year-after-year, an effective, comprehensive budget is necessary. IPMS can support your medical practice by developing a thoroughly planned budget, working alongside you to alleviate pressures of the financial unknown, properly establish forecasts, and reach business benchmarks and goals.
- Create a finely-tuned budget and financial plan tailored to your practice’s unique and specific needs
- Transform your budget into a powerful tool with month-to-date and year-to-date Variance Analysis
- Evaluate and stay on top of financial trends and make agile business decisions
- Ensure less disruptions to cash flow
- Determine appropriate financial reporting formats – by location, cost center, and more
- Report financial results meaningfully, providing details on any areas of concern or significance
- Minimize taxable income
Our medical practice financial management experts can provide your business with a robust Accounts Payable solution that lowers costs, improves operational efficiency, and is streamlined for your success.
- Pay debts accurately and timely
- Exert greater control and agility over existing capital
- Utilize fraud protection banking capabilities to safeguard payment process
- Prevent risk of paying fraudulent, inaccurate, or duplicate invoices
- Maintain a comprehensive database of vendors, payment terms, 1099 and W-9 information, and more
- Enhance communication and information sharing in an organized, coherent system
- Effectively manage internal payments, business expenses and petty cash
IPMS makes managing payroll administration a painless process. We can accurately and responsibly manage, track, and issue payroll to your employees. Coupled with our outstanding customer service, we can help your business run smoothly, maintain compliance, and relieve the burden on your administrative staff.
- Calculate and process accurate payments to employees by cash, check, or electronic transfer, in accordance with company guidelines
- Manage time sheets and track hours, vacation, and PTO with adherence to employer guidelines
- Educate staff about salary and benefits and updates to the payroll process
- Handle and respond to payroll inquiries
- Ensure compliance with tax laws and other guidelines
- Review quarterly and annual payroll tax information to verify accuracy
- Collaborate with necessary authorities for annual audits
- Manage all facets of retirement plan administration
IPMS can also provide a number of additional financial services to add meaningful value to your business.
- Determine financial impact of various business decisions
- Provide monthly invoices and Accounts Receivable follow-up for hospital stipends
- Calculate entity value for buy-ins and buy-outs
- Prepare tax returns related to sales, use, and property
- Provide amortization for leases
- Support, guide and coach business decision making
- Interface with company advisors including Third Party Administrators, Insurance Agents, CPA firms and Attorneys
“IPMS has been an excellent asset over the past many years. They have been responsive and of valued assistance in many aspects of running a medical practice. Negotiating with insurance companies, credentialing new providers, helping with MIPS and MACRA, patient billing, keeping us up to date with monthly statements, even reviewing and advising us on our employee manual. Over the past few months with the Covid 19 pandemic, there were times when we worked almost daily with IPMS implementing changes in our practice and keeping up to date with changes in insurers and telemedicine reimbursement. IPMS continues to be of excellent assistance as we transition to EHR. Overall we are very happy that we are working with IPMS and plan on continuing our working relationship for the foreseeable future.”
Dermatology Associates of Glastonbury