Accounting and Tax Services for Medical Clinics in Canada
Your clinic treats patients. Your accounting should treat the business with the same level of care. To run a medical clinic, one has to juggle patient care, physician pay, employee expenses, rent, technology, insurance, billing and tax issues, and multiple revenue streams.
By the time that one poor financial move starts to bite you in the pocket, the damage has already been done. Online Accountant offers accounting and tax services for medical clinics, physician-owned practices, multidisciplinary clinics, specialists and expanding medical practices in Canada.
Growing Clinics Need Smarter Accounting
Canadian clinics are well past the concept of the doctor and receptionist. Many are run these days by several practitioners, virtual appointments, larger administrative staff, third-party billing, private-pay services, and advanced EMRs.
Clinics can use practice-management software like TELUS Health PS Suite, Med Access, Accuro, Jane, or others to handle appointments, patient records, billing and payments. With over 40,000 Canadian healthcare professionals utilizing TELUS Health's EMR solutions, it's clear how technology plays a pivotal role in today's healthcare practices.
That means another financial challenge: More data, more transactions, and more decisions.
Like other practices nationwide, Western Canadian clinics are required to maintain a healthy cash flow while increasing services and operating at a profit, while simultaneously dealing with staffing costs, physician compensation, facility expenses, among others.
Treatment under tax laws can also be complex. Most health, medical and dental services provided by a licensed physician for medical purposes are GST/HST exempt, in general. But there are other supplies or activities that could be taxable in the clinics, and proper classification and recordkeeping are important.
Accounting That Understands
How a Medical Clinic Actually Runs
Managing a clinic's finances is not possible if you only consider transactions one by one.
We're considering the big picture: what your clinic makes, where the money goes, what your practitioners are making, what your staff is costing you, what you can deduct and what your next tax bill might look like.
For a single-doctor practice, a family practice big enough to need financial management, a specialist practice, or a multidisciplinary clinic, we can help you transform your financial records into information that is beneficial to your business.
Key Medical Clinic KPIs to Watch
Your numbers should be solving business questions, not just filling in a spreadsheet.
We support tracking of the following metrics:
These numbers can show you where you are losing money, whether you can afford an additional practitioner and how much cash you can withdraw from your business.
From Bookkeeping to
Smarter Tax Decisions
The function of medical clinic accounting should be more than just preparing records at the end of the year.
Online Accountant can assist in the following:
The bottom line is to minimize financial shocks and to retain more of what your clinic generates.
We can also integrate with the accounting systems already in place for your practice. Online Accountant is a Xero partner and supports QuickBooks, offering clinics the flexibility to keep well-structured, easily accessible financial records.
Who Is Online Accountant Best For?
We are well qualified to provide services to:
Solo and owner-operated medical practices
Both physicians and health care professionals
Start-up clinics setting up their financial arrangements
Clinics that are multidisciplinary and multi-practitioner.
Established practices seeking better tax planning and financial visibility
No matter if you're starting your first clinic or running an existing practice, the right accounting system can make expansion a breeze and advance tax planning a sensible consideration.
Make Your Clinic More Profitable
Not Just More Compliant
You have a lot on your plate without needing more. Don't let your accounting be a mere record of what went on last month. Online Accountant makes your financial information a wealth of information that can be used to understand profitability, prepare for taxes, control overhead, and make better decisions about your clinic's future.
Looking to improve your clinic's numbers? Call Online Accountant now and get your accounting to work for your practice.
Contact Online Accountant