Sometimes, busy physician groups lack the time to optimally manage workforce, financial and operational activities. This can lead to over-commitment by practice principals and force them to assume time-consuming accounting or other functions. To relieve overworked practice leaders and restore their focus on practicing medicine, Brault offers a wide range of supportive business-administration services such as:
Brault’s recruiter has more than 25 years of experience recruiting for physician practices, most of it working with the specialty of emergency medicine. We work with the practice to develop a position description and identify compensation and benefits structures and preferred candidate credentials. The recruiter then uses proprietary and commercial databases to look for probable candidates, initiate contact, receive CVs and application documents and advocate for a successful placement with the group.
A vital part of practice management is assuring that the provider schedule is created and distributed timely, fairly and accurately. Brault uses industry leading scheduling software that builds and tracks provider preference records and manages time-off requests. The scheduler then personally builds preliminary and final schedules and distributes them electronically when approved by the group. Providers can see, select and swap shifts and respond to urgent needs on-line or by text and can speak with a live scheduler who is skilled at quickly resolving coverage gaps. Monthly and periodic reports by provider, by location are easily distributed and hours worked are directly integrated into the payroll and provider productivity reporting.
To provide a clear picture of where you are financially, Brault can produce a monthly financial-statements package that includes a P&L statement, a balance sheet, and cash flow reporting. We can also prepare a monthly variance and trend analysis, an amortization and pre-payment schedule, and related journal. Other available support include preparing and posting payroll journal entries, reconciling your payroll bank account and all balance sheet accounts.
Working Capital Management
To help you better monitor and manage available capital, Brault can generate detailed metrics reporting, as well as a monthly cash-flow forecast. We can also reconcile bank accounts and assist with recording, monitoring and reconciling credit card expenses. If necessary, we can work with your Bank on covenant monitoring and reporting.
Accurate time tracking is the first step in accurate compensation. To make this essential function easier, Brault translates provider time cards into a record of time each person works. We can accommodate a myriad of productivity compensation models ensuring accurate and timely incentive payments. Addtionally, we provide summary time monitoring and reporting.
Payroll – Contractor Model
To help ensure that your contractors are paid properly and on time, Brault offers monthly contractor payment and reconciliation services. In addition, we can set up, monitor and administer direct deposit and check delivery, and handle the documentation and reporting of 1099 income.
Payroll – Employee Model
Meet expectations of timely, accurate compensation with Brault’s employee payroll services, including the translation of payroll cycle timekeeping into employee payroll input and funding. We also oversee direct deposit and check deliveries, as well as coordination with banks and payroll processor reporting.
Benefits brokers are plentiful, and identifying one that’s compatible with your practice isn’t always easy. Because of Brault’s extensive industry network, we often aid clients in the broker-selection process. We also: coordinate employee-benefit selection with your practice’s HR contact; make and track retirement account deposits; and track employee benefit deductions in your payroll system.
Available support in the critical area of malpractice insurance includes helping you manage the broker selection process, and tracking malpractice insurance payments and coverage.
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