Our Services


Client Accounting & Financial Services

Our staff of experienced Certified Healthcare Business Consultants (CHBC) and Accountants are committed to providing quality and responsive services to ensure that our client's monthly needs are met. We view our role in the monthly financial reporting process as an opportunity to provide business strategies for maximizing success.

  • Monthly Accounting
  • Check Writing Services
  • Payroll and Payroll Tax Compliance Services
  • Workers Compensation, ESC, and DOL Reviews and Audits
  • Periodic On-Site Financial Consultation

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Payroll Services

It pays to outsource your payroll. Cost assessments have proven businesses save money by outsourcing payroll processing, tracking, and filing. There is more involved than writing payroll checks and the distribution of checks to employees on time. Accurate records must be maintained, taxes must be calculated and paid timely, and employers and employees need clear, concise records. To help you make profitable use of your time, we offer affordable and comprehensive payroll and payroll tax solutions to our clients.

Our payroll services:

  • Save staff time = more productivity
  • Save money = more profit
  • Avoid penalties = peace of mind

Calculating the federal and state employment taxes and filing the related paperwork accurately results in fewer penalties. Our expertise and close tracking of government regulations assists the employer by the preparation of timely reports as required by law.

The process – Quick, Accurate and Easy!
The payroll process is a simple streamlined process. Clients send in the data by fax, email, or by a quick phone call. Payroll is entered, employee records revised, and updated at each payroll by a staff accountant. The client tells us how many hours or earnings for each employee. We calculate the payroll, including deductions for taxes, 401K, cafeteria, insurance premiums, and garnishments.

Check options:

  • Live checks
  • Direct deposits
  • Direct deposit checks can be inserted in envelopes, sealed for security, and ready for distribution. Advantages:
    • Risk of stolen or lost checks is reduced
    • Employees spend less time cashing or depositing checks
    • Funds are available on payday

Delivery options

  • UPS overnight or two-day delivery
  • US Mail
  • Pick-up at our office

Support
Support is only a phone call away. We provide up-to-date answers to questions our employers may have. We work with the office manager or owner to insure your questions are answered accurately, timely, and professionally.

Supplies:

  • Professional Management supplies forms needed for payroll
  • New hire
  • Federal W4, W9, I9
  • State withholding forms

General Ledger interface
The payroll processed each pay date is electronically imported into our Creative Solutions general ledger software. Benefits of this interface include:

  • Convenience – no retyping data
  • Safety & Security
  • Improved management reporting
  • Meets tax obligations
  • Flexibility
  • Bonus payroll runs can be scheduled when needed
  • At year end, bonus checks can be calculated without the hassle of regimented prior scheduling.

Year-Round preparation of federal and state forms:

  • Each payroll
    • Social Security, Medicare, and Federal taxes are computed.
    • State withholding taxes are calculated.
               
  • Quarterly payroll returns are prepared for federal and state agencies.
    • Quarterly forms are sent to you for signature and mailing.
    • Easy-to-follow instructions save time and headaches.
    • 941 preparation
    • 940 preparation
    • State withholding form
    • State unemployment form

We offer enrollment in Electronic Federal Tax Payments System (EFTPS).
This program allows easy tax payment for federal tax payments and is required by the IRS for most companies.

W2 and 1099 Processing:
We calculate and produce the W2s and 1099s necessary at year end.
We prepare the 940 and annual state withholding forms required.

Workers Compensation Audit Preparation:
Our automated payroll system helps us verify wage reports needed to complete workers compensation audits. Audits are usually required annually by the insurance company, and we complete these forms for you. Our accurate record keeping enables us to provide this valuable service to our clients.

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Management & Business Consulting Services

In today's changing healthcare environment providing cost-effective healthcare, while not sacrificing the quality of service, is a major hurdle to ensuring success. As one of the exclusive Practice Management and Financial Consulting firms throughout the Carolinas and Virginia, we use our expertise and resources in order to educate and assist our clients with ways to ensure their success within the healthcare industry. All of the consultants at Professional Management are Certified Healthcare Business Consultants with the Institute of Certified Healthcare Business Consultants (ICHBC).

We help our clients understand the issues and assess the risks, then seek to eliminate problems based on the client's informed judgment. We understand the practical issues and risks faced by start-up and growing businesses. Whether we are preparing business plans used to obtain financing, projecting cash flow for future growth or acquisitions, implementing internal procedures for regulatory compliance or preparing cost studies and reviews, our firm individually tailors its services to meet each client's specific requirements.

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Retirement Plan Administration Services

Professional Management has a team of Certified Retirement Planning Specialists and they provide all aspects of plan design, document maintenance, and administration. We offer a number of different plans and have the ability to tailor each plan to meet the needs and objectives of the plan sponsor. In addition to plan setup and design, we provide ongoing correspondence to ensure that you are aware of ever-changing pension law and regulations.

We offer the following types of plans:

  • 401(k) Plans including Safe Harbor
  • Profit Sharing Plans
  • Money Purchase Pension Plans

Professional Management provides the following services:

  • Plan Consulting
    • Initial in-depth plan design and ongoing review with plan sponsor
    • Yearly enrollment meetings with staff
    • Discussions with plan participants regarding individual accounts
  • Plan Document
    • Standardized Prototype
    • Non-standardized Prototype
    • Volume Submitter
  • Plan Administration
    • Annual nondiscrimination testing
    • Top heavy and annual additions
    • Funding calculations including forfeiture allocations
    • IRS Form 5500 preparation including Summary Annual Report
    • Monitor value of plan and ensure fidelity bond is adequate
    • Preparation of year end tax forms including Form 1096, 1099-R and Form 945
    • Internal Revenue Service/ Department of Labor audit assistance
    • Vesting calculations
    • Valuation of trust accounts
    • Processing of plan distribution including loans and hardships
    • Participant statements
    • Calculation and processing of Required Minimum Distributions
    • Maintain beneficiary forms on file

Quote for Services

    If you are interested in receiving a quote from Professional Management regarding your retirement plan, please email the information below to info@pmhcc.com

    • Company Name
    • Company Contact
    • Phone Number
    • Email Address
    • Is this an existing plan?
    • Comments/Questions

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Practice Management Services

  • New Practice Establishment
  • Financial Statement Presentation
  • Accounts Receivable Management
  • Expansion of Practice Operations
  • Practice Merger & Acquisitions Support
  • Overhead Expense Analysis
  • Comprehensive Practice Assessments
  • Income Division Formulas
  • Group Practice Evaluation
  • Evaluation and Negotiation of Contracts
  • Office Automation Assessment
  • Appointment Scheduling Review
  • Practice Survey Development & Implementation
  • Reimbursement Analysis
  • Fee Structure Analysis

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Corporate Compliance Services

  • Risk Assessment
  • OSHA & HIPAA Compliance Plan
  • Development & Implementation
  • Education & Training
  • Ongoing Support

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Practice Valuation Services

  • Practitioner Buy-in or Buy-out Formulas
  • Practice Combinations
  • Practice Valuations (Non-Certified)
  • Dissolving Partnerships
  • Mediation Support
  • Acquisitions by Hospitals or other Healthcare Organizations
  • Obtaining Financing

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Information Technology Services

The application of computer technology to monitor daily, weekly and monthly progress is key to sound management planning. As healthcare regulations increase so will your need for the latest technology. Whether opening your first practice, expanding your practice or simply replacing your current technology, our consultants will assist you with the design and implementation of the latest technology to maximize efficiency and profitability.

  • Hardware Recommendation & Support
  • Groupware Recommendation and Implementation
  • Business Software Analysis
  • Accounting Software Analysis and Recommendation

We also provide guidance, installation, setup, training, and support for the accounting software package, Creative Solutions CBS.  We train your personnel to assimilate all key elements of financial information.

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Employee Benefit Services

Our Employee Benefit Service or Cafeteria Plan Service generally refers to Flexible Spending Accounts.  Flexible Spending Accounts, under Section 125 of the Internal Revenue Service, allow employees to set aside pretax dollars to pay for out-of-pocket eligible health care expenses and dependent day care expenses. Professional Management offers full-service Flexible Spending Account administration and makes it easy and convenient for employers to offer Health Care Reimbursement Accounts, Dependent Care Reimbursement Accounts, and Premium Payment Accounts.

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Tax Advisory Services

At Professional Management, we provide assistance with tax issues affecting planning, reporting, and tax position support to ensure our clients properly achieve maximum tax advantages. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities.

Our firm provides tax planning, compliance and preparation, representation and tax advocacy and support for Individuals, Fiduciaries, Corporations, and Partnerships. Our certified tax department prepares Corporate, Individual, Partnership, LLC, Fiduciary and Estate tax returns.

Tax Planning: Our tax planning services offer insight and guidance to individuals, partners and business owners on a wide range of tax aspects and with strategic planning. Some of our tax planning services include:

  • Entity Formations and Acquisitions
  • Reorganizations and Dissolutions
  • Business Succession Planning
  • Sales and Use Tax Issues
  • Tax Loss Utilization Planning
  • Payroll Tax Matters
  • Procedural and Compliance Issues
  • Tax Valuations

Tax Compliance: Most taxpayers find it difficult to stay ahead of the rapidly changing and complex tax laws to accurately prepare their tax returns. To maintain a level of expertise, our firm constantly attends conferences and other education courses to ensure that we have a comprehensive understanding of the latest tax laws or current developments relating to our client's needs and reporting requirements. Our Tax Department will assist our clients with the preparation and filing of all tax and informational returns in all jurisdictions (Federal, State, County, or City).

Tax Advocacy & Support: Part of ensuring our client's success is serving as their tax advocate through assistance or representation during tax disputes or audits involving all taxing authorities. When deemed appropriate, our firm will coordinate efforts with those of our client’s legal, insurance, and banking consultants.

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Comparative Annual Surveys

Professional Management provides both internal and external practice management surveys on an annual basis.  These annual surveys allow us to statistically compare your practice to those of your colleagues in your specific field, both locally and nationally.

  • Salary and Benefit Survey – Our firm gathers employee data from our clients in order to create a unique, “localized” survey detailing employee salary and benefits by job title and experience.  This survey enables our clients to fully realize the local market value of their staff and is used as a tool to assist our clients in their ongoing efforts to attract and retain employees.
  • Practice Statistics Report of Income and Expenses – Our firm submits key cost and revenue components from our clients’ year-end financial statements to our national organization as part of a larger nationwide survey.  This survey provides key statistical benchmarks on a national level such as overhead percentage, expense ratios, and average monthly charges in accounts receivable.  We use the results of this survey as a management tool, assessing the current financial status of your practice, as well as identifying areas in need of improvement.

Professional Management highly values our clients’ confidentiality in regards to their financial data.  In no way does the submission or presentation of these surveys violate our confidentiality agreement.  These surveys are always presented as an aggregate of all the data collect

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Human Resource Consulting Services

  • Staff Needs Assessment & Issues
  • Personnel Management Issues
  • Office Policies and Procedures Manuals
  • Employee Fringe Benefits Assessment & Implementation

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