Bookkeeping Services for Medical Practices Toronto
Focus on your patients’ well-being instead of dealing with numbers. We handle bookkeeping for your medical practice; you receive insurance payments up to 40% faster!
Health & Financial Care Come Together: Bookkeeping for Toronto Medical Practices.
Turn Billing into Revenue.
Avoid rejections by accurate OHIP and private insurance billing. Using all credits and lowering your taxable income by 15%, we keep more money in your pocket.
More Time for Patients.
Save 10+ hours per week to focus on your patients rather than paperwork. Our Toronto healthcare bookkeeping uses Quickbooks and Xero to cut manual entry time.
Risk-Free CRA Audits.
Safeguard your practice from penalties that can exceed $100,000. Our expert bookkeepers guarantee 100% compliance with CRA regulations.
Peaceful Medical Practice.
Take care of your patients without stress. It is our job to manage the general ledger, cash flow forecasts, and revenue cycle management, not yours.
Our Bookkeeping Services for Medical Practices in Toronto.
Get the most out of your practice and build long-term financial success! Our Toronto medical bookkeeping services catch all opportunities and help you shine among all other competitive healthcare providers.
Medical Billing Management
- Accounts receivable automation
- Revenue cycle management
- Precise uninsured services invoice
- OHIP and private insurance claims process
- Payment reconciliation from OHIP, private insurers, patients
Cloud-Based Financial Reporting
- Cloud-based bookkeeping systems integration (Quickbooks, Xero)
- Customized financial statements for medical practices
- Real-time access to financial data with KPIs
- System setup, training, and 24/7 support
Expense and Cash Flow Tracking
- Medical practice expense management
- Cash flow analysis and forecasting
- Custom tracking for medical equipment
- E-procurement systems integration for suppliers
- Automated allocation tracking for multi-physician practices
Payroll Processing for Medical Professionals
- Payroll structuring for physicians, nurses, and staff
- On-call pay and shift differential management
- 100% compliance with Ontario’s healthcare sector labor laws
- On-time T4 preparation and deductions
Tax Compliance & Planning
- HST/GST return preparation and filing
- Managing corporate tax (T2) implications
- Annual business tax return preparation
- Strategic tax planning for healthcare professionals
Budgeting & Financial Forecasting
- Comprehensive budget planning
- Analysis of patient volume and service mix
- Revenue analysis by service type or department
- Integration with Ontario Health Insurance Plan (OHIP) fee schedules
- Customized financial insights for practice growth
Trusted by Leading Toronto Medical Practices for Bookkeeping.
Our CPA helps solo doctors to multi-physician clinics of 50+ professionals with Toronto specialized bookkeeping for healthcare providers. We manage OHIP billings, expense tracking, and flawless financial analysis.
50+ Medical Practices Choose Our Bookkeeping in Toronto. Hear Their Success Stories.
Using healthcare-specific financial tools and technologies, our CPA takes your medical practice’s books to another level.
Hear directly from our clients about how they “improve revenue cycles and double their profits with our bookkeeping services for doctors in Toronto.”
Claim Approval.
There are no more denied claims! We make every OHIP and private insurance billing process approved.
Real-Time Information.
With a 24/7 online dashboard, analyze data like days in A/R or average revenue per contact.
Complying Files.
Enjoy 100% compliant books with GAAP standards, CRA requirements, and OHIP rules.
See Why Medical Practices Rely on Our Toronto Bookkeeping Solutions.
Only Pay When You’re 100% Satisfied with Our Bookkeeping for Medical Practices.
Money-Back Guarantee.
Only pay if you’re satisfied with our bookkeeping services. We try to satisfy your expectations.
0% Audit Risk.
Worried about CRA audits? With SAL, you can relax knowing we offer free audit support.
Transparent Pricing.
Our virtual bookkeeper offers transparent pricing, ensuring reliable financial management.
Why Toronto Medical Practices Choose Our Bookkeeping Services.
Toronto's #1 Industry-Specific Bookkeeping Solutions for Medical Practices.
Family Medicine Practices
Coordinating 25+ patient appointments per day can be frustrating. Our bookkeeping solutions for medical practices in Toronto reduce days in A/R by 30%. We manage billing cycles so you can focus on patient care instead of dealing with paperwork.
Dental Clinics
Don’t let expensive equipment and complex claim processes waste your money. We save $10,000+ on annual taxes by automating insurance claims. Improving acceptance rates by 25%, our dentist accountants keep more money in your pocket.
Specialist Clinics
The billing process is complex for specialist clinics (e.g., cardiology and oncology). We help you custom-track extended treatments and equipment life cycles. This increases revenue recognition by 20% and reduces overhead by 12%.
Mental Health Practices
High no-show rates and irregular appointments are serious problems. Our expert medical practice bookkeeping in Toronto reduces this unpredictability by 40% with predictive cash flow models so you can provide consistent patient care.
Physiotherapy & Rehabilitation Centers
Paying part-time staff on time can be very challenging. At SAL, our bookkeepers improve revenue per treatment by 18%. We save 5+ hours weekly for you by implementing an advanced payroll system with service-specific KPIs.
Diagnostic Imaging Centers
Expensive equipment and imaging service bills might drain your income. Our medical practice bookkeeping in Toronto offers service-specific billing automation and advanced capital expenditure planning to save more money.
A Message from Our CPA.
Hello! I am the founder of SAL Accounting. I am deeply aware of Toronto’s medical practices’ unique financial problems. Our experienced bookkeepers streamline financial management by ensuring 100% accuracy and CRA compliance to grow your practice successfully. Allow us to handle the books so you can focus on what matters the most: your patients’ health!
M. SALMAN
Partner with Toronto's Top Bookkeepers for Medical Practices.
Sarah Zeyneb
Jazz Thind
Alex Hart
M.SALMAN, CPA
FAQs: Bookkeeping for Medical Practices in Toronto.
How can your bookkeeping solutions improve my medical practice's revenue cycle?
Our bookkeepers make sure all insurance claims are approved for quicker reimbursements. We also optimize your charge capture and reduce Days Sales Outstanding (DSO) by up to 40%. These are only a few things SAL’s bookkeepers do to improve the revenue cycle.
Is bookkeeping for medical practices different from general bookkeeping in Toronto?
The answer is yes. Bookkeeping for medical practices in Toronto requires expertise in OHIP billing codes, payer mix (OHIP, private insurance, self-pay) and Toronto-specific healthcare regulations. Fortunately, our CPA and bookkeepers in Toronto can submit OHIP claims professionally. We have expert knowledge of maintaining compliance at Ontario’s Healthcare Financial Management Association (HFMA).
How do you manage unique tax situations?
Our CPA sets expert tax strategies. We optimize the structure of Professional Corporations and split the income between salary and dividends, saving money on corporate tax deductions (10-15%).
Do you guarantee compliance with Toronto's healthcare financial regulations?
We ensure a 100% success rate in CRA audits. We keep your files compliant with Ontario Health Insurance Act standards. Our CPA also recommends internal controls to meet PIPEDA requirements.
What financial KPIs do your bookkeepers track for medical practices?
We track several financial KPIs for medical practices. Still, the most important ones are Net Collection Rate (target: >95%), Average Revenue per Encounter, Operating Margin (industry benchmark: 20-25%), and Days in A/R (target: <30 days).
Can you integrate books with my existing Electronic Health Record (EHR) system?
Yes! We offer professional bookkeeping for medical practices in Toronto, powered by Quickbooks and Xero. Our bookkeeping services can integrate with popular EHR systems used in Toronto, including TELUS PS Suite, QHR Accuro, and OSCAR EMR.
How do you improve the cash flow in my medical practice?
We use predictive cash flow models for accurate financial analysis and forecasting to secure your funds. Our CPA manages accounts receivable in order to reduce overdue payments. Our team negotiates payment terms with vendors to extend the Days Payable Outstanding (15-20 days).
How much do you charge for bookkeeping for medical practices?
Honestly, it depends on your needs. However, we offer affordable bookkeeping for medical practices in Toronto due to our flat-fee structure (vs. hourly billing). Hiring a bookkeeper is an investment. You pay once and see the revenue capture increase, administrative labor costs reduce, and tax savings exceed!
Where is SAL Accounting located?
We are in the heart of downtown Toronto. Our office address is 330 Bay Street, minutes from Union Station and CN Tower.
Schedule Your FREE Consultation with Our Medical Bookkeeping Experts in Toronto.
Ready to maximize the profitability and revenue of your practice? Goodbye to complex billing processes, and welcome to simplified, healthcare-oriented bookkeeping. Don’t wait; book a free consultation to learn more about our bookkeeping for medical practices!