Other Services

Bookkeeping

Accurate and well-maintained bookkeeping in medical billing is essential for financial management, billing accuracy, and regulatory compliance. TechStar MDs provides healthcare providers and organizations with a clear understanding of their financial performance, facilitates decision-making, and supports effective revenue cycle management. Our primary objective of bookkeeping is to create a detailed and reliable record of all financial transactions. This information is then used to prepare financial statements such as the balance sheet, income statement, and cash flow statement. 

KEY ASPECTS OF BOOKKEEPING:

1. Recording transactions

2. Chart of accounts

3. Accounts receivable management

4. Reconciliation

5. Financial reporting

6. Compliance and documentation

7. Software and technology

Month End Financial Reporting

Month-end financial reporting in medical billing is crucial for monitoring the financial health and performance of the practice. TechStar MDs allows healthcare providers to assess revenue, expenses, profitability, and cash flow on a regular basis. By reviewing financial reports and analyzing the data, providers can make informed decisions, identify areas for improvement, and take proactive steps to optimize financial outcomes. 

KEY ASPECTS OF MONTH-END FINANCIAL REPORTING:

1. Financial statement preparation

2. Revenue analysis

3. Expense analysis

4. Accounts receivable management

5. Key performance indicators (KPIs)

6. Variance analysis

7. Management reporting

Account Reconciliation 

Account reconciliation is an important control process in accounting and financial management. It helps detect errors, fraud, or irregularities, ensures the accuracy of financial statements, and provides assurance to management, auditors, and stakeholders regarding the reliability of financial information. Our primary purpose of account reconciliation is to identify and resolve any discrepancies or differences between the two sets of records. We help ensure the integrity of financial information and provide assurance that the recorded transactions are complete and accurate by following the below procedures.

• Gather relevant records

• Compare balances

• Identify discrepancies

• Investigate and resolve discrepancies

• Document and record adjustments

• Reconcile to zero or a defined tolerance

• Review and approve

Payroll Processing

Payroll processing requires attention to detail, adherence to legal and regulatory requirements, and the use of reliable payroll software or systems to automate calculations and facilitate accurate recordkeeping. TechStar MDs offers the systematic and accurate calculation, recording, and disbursement of employee wages, salaries, and other related payments by an employer. It involves the calculation of employee earnings, deductions, and taxes, as well as the generation of paychecks or direct deposits.

Our payroll process encompasses various tasks and considerations, including:

1. Employee data management

2. Time and attendance tracking

3. Wage calculation

4. Deductions and benefits

5. Tax compliance

6. Benefit administration.

7. Paycheck generation

8. Recordkeeping and reporting

9. Compliance with labor laws

State Notices

It is crucial for healthcare providers, medical billing professionals, and organizations to stay informed and regularly review state notices to ensure compliance with state-specific requirements. TechStar MDs help healthcare entities navigate the complex landscape of medical billing and reimbursement, enabling them to accurately submit claims, maximize reimbursement, and avoid potential penalties or audits related to non-compliance with state regulations by ensuring the following.

1. Regulatory changes

2. Coverage policies

3. Audits and reviews

4. Claim submission requirements

5. Reimbursement policies

6. Program updates

Quarterly Withholding Filing

Quarterly withholding filing is a critical aspect of medical billing and payroll management for healthcare providers with employees. TechsStar MDs ensure compliance with tax obligations and facilitates the timely reporting and remittance of payroll taxes. We are offering Quarterly withholding filing of medical billing via process of reporting and remitting payroll taxes withheld from employees' wages to the appropriate tax authorities on a quarterly basis. 

KEY ASPECTS OF QUARTERLY WITHHOLDING FILING:

1. Withholding taxes

2. Quarterly reporting

3. Deadlines

4. Payment of withheld taxes

5. Accuracy and reconciliation

Yearly Filing of Business Taxes

Yearly filing of business taxes is a significant responsibility for medical billing businesses. TechStar MDs ensures compliance with tax obligations and enables accurate reporting of income, expenses, and deductions. We have qualified tax professionals or accountants to navigate the complexities of tax filing and ensure adherence to the specific tax requirements for their business structure and jurisdiction.

KEY ASPECTS OF YEARLY FILING OF BUSINESS TAXES:

1. Determining the fiscal year

2. Gathering financial information

3. Completing the appropriate tax forms

4. Reporting income and deductions

5. Calculating and paying taxes

6. Submitting the tax return

7. Compliance with tax regulations

Tax Planning

Effective tax planning in medical billing requires a thorough understanding of tax laws, regulations, and the specific considerations of the healthcare industry. We have qualified tax professionals or accountants with expertise in medical billing.  We are offering the strategic and proactive management of a healthcare provider's financial affairs to minimize their tax liability within the framework of applicable tax laws and regulations. It involves making informed decisions and taking advantage of available tax deductions, credits, and incentives to optimize the financial position of the medical billing practice.

KEY ASPECTS OF TAX PLANNING:

1. Entity structure selection

2. Deduction optimization

3. Expense categorization

4. Tax credits and incentives

5. Retirement planning

6. Timing of income and expenses

7. Compliance with tax laws

Financial Planning 

Financial planning in medical billing is crucial for the financial success and sustainability of healthcare practices. TechStar MDs helps healthcare providers make informed financial decisions, allocate resources effectively, manage risks, and achieve their financial goals. We provide valuable guidance and support in developing and implementing a comprehensive financial plan tailored to the specific needs and circumstances of the medical billing practice.

KEY ASPECTS OF FINANCIAL PLANNING:

1. Budgeting and forecasting

2. Cash flow management

3. Revenue optimization

4. Expense control

5. Risk management

6. Tax planning

7. Investment planning