Safeguard cash that enters the physician practice

Your practice size dictates how complex you make your cash-control polices, but there are common--sense rules that almost any office can implement. Generally accepted accounting principles call for a division of duties that ensures that no individual employee has control over a transaction from beginning to end.

Smaller practices with fewer staff have a difficult time following the division of duties principle, but you can still gain internal controls by working closely with your accountant and being involved in certain transactions yourself.

In fact, having your CPA audit and revise your internal controls as necessary may be money well spent. It demonstrates your awareness of what’s going on in your office, and without you having to hover over employees day in and day out.

Have questions? I’m here to help.

This field is for validation purposes and should be left unchanged.
This field is for validation purposes and should be left unchanged.
Categories
Accounting and Tax Services Litigation Support Managed Care Consulting Managed Care Contract Negotiations Medical Practice and Healthcare Entity Valuation Medical Practice Assessment Medical Practice Brokerage Medical Practice Embezzlement Consulting Medical Practice Management Medical Practice Merger Advice Medical Strategic Planning Newsletter Personal Financial Planning Oversight Physician Compensation Models Physician Compliance Physician Financial Management Services Retirement Uncategorized
About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >

Reed Tinsley, CPA