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 functions. To relieve overworked leaders and restore their focus on excelling at medicine, Brault offers a wide range of business-administration support services such as:
Brault can help you source and hire the best available providers for your practice. We work with clients to create a position description, recommend minimum credentials, and develop compensation and benefit structures for needed positions. We then use public and proprietary databases to find a variety of options, initiate contact with preferred candidates, and collect CV’s or other application documents.
A vital part of practice management is assuring that the provider schedule is created and distributed in a fair, timely and accurate manner. Brault uses industry-leading software that can build and track provider preference to help streamline the scheduling process, and even manage time-off requests.
Our scheduling dashboard allows providers to:
- View, select and/or swap shifts
- Respond to urgent needs on-line or by text
- Speak with a live scheduler to resolve coverage gaps
Periodic reports can then be prepared by provider and/or by location, with logged hours automatically integrated into payroll and provider productivity reports.
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 that each person works. We can accommodate myriad productivity compensation models, ensuring correct and timely incentive payments. Additionally, 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 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 timekeeping into 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, but 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.
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 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.
Available support in this critical area of practice support includes helping you manage the broker selection process, and tracking payments and coverage.
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