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Medical Practices

Physicians operate in a business environment that is increasingly complex.  In order to meet the economic challenges that confront your practice, access to expert tax, financial and accounting professionals is a must.  Lougen, Valenti, Bookbinder & Weintraub, LLP (LVBW) can bring value to your medical practice by providing the guidance and advice required in today’s business climate.

Our professional services have been tailored to meet the ongoing and specialized needs of a physician’s practice.  Our expertise has been developed over many years of servicing both group and individual practices.

Business Consulting Services
Our consulting services cover many aspects of a medical practice, including:

• Selecting the appropriate form of doing business
• Establishing physician compensation structure
• Assisting with retirement and other employee benefit plans
• Evaluating practice acquisitions, affiliations, and dispositions
• Valuation of medical practices
• Review of financing alternatives for asset acquisitions
• Benchmarking

Tax Services
The tax professionals at LVBW are expertly skilled in preparing your business and personal income tax returns in full compliance with the ever-changing federal and state tax laws.

Income tax planning for both the practice and the individual physicians is provided on an ongoing basis.  We take a proactive approach to client service by anticipating impending issues, foreseeing planning opportunities, and developing effective solutions in time to realize their full benefit.

Retirement and Estate Planning
Our professionals can help ensure that your practice’s retirement plan is effective in achieving the retirement goals of the physicians.  We review the plan design, employer and employee costs, and the use of third party administrators to cost effectively manage your plan for retirement.

Accumulation of wealth for retirement impacts your estate planning, as does an effective succession plan.  We can assist you in implementing buy/sell agreements that accomplish your business and estate planning objectives.

Accounting Services
We can provide bookkeeping services to medical practices on a monthly, quarterly or annual basis.  Alternatively, we can train your bookkeeper to use computer programs to generate your monthly financial statements.

The following services are also offered:

• Assistance with budget development
• Analytical review of revenue, expenses and accounts receivable
• Review of your internal accounting control system
• Preparation of Financial Statements