Practice Management Services
AdvantEdge offers its clients a full range of practice management services that complement and extend the company’s physician coding and billing services. As a result, physician groups have much lower administrative costs and managing the group requires less physician time.
The services include:
Credentialing (enrollment): AdvantEdge manages the application process for provider participation in government and commercial health plans, managed care organizations, etc.
Payor contracting: AdvantEdge works on behalf of the practice to maintain and update commercial payor contracts on a regular basis.
Financial statements and general ledger: AdvantEdge prepares monthly, quarterly and annual financial statements, including profit and loss, balance sheet, cashflow and other important results. They are reviewed with the practice on a monthly basis and as required. As an option, cost centers can be established for P&L reporting.
Cash management: AdvantEdge monitors and manages day-to-day practice cash flow with reporting and audit trails.
Accounts payable: all routine accounts payable are processed by AdvantEdge using a set of procedures and guidelines established with the practice.
Payroll: AdvantEdge performs timely payroll processing for the practice including automatic clearinghouse deposits of paychecks into employee bank accounts. This includes appropriate tax and benefits withholding to meet all federal and state regulations and legal requirements. AdvantEdge verifies unusual time card entries and audits all payroll checks (deposits) for accuracy. If or where appropriate, AdvantEdge will calculate and pay bonuses based on practice parameters and guidance. AdvantEdge also administers and calculates pay increases based on practice guidelines and tracks vacation time versus allowed with regular reporting to the practice.
Pension: AdvantEdge works with the practice’s pension manager to ensure accurate and timely pension deposits with complete reporting visibility. 401K contribution deposits are tracked similarly. Monthly reports show pension accruals and 401K status. AdvantEdge works with the practice’s pension manager as necessary to complete the plan’s year end testing and the timely filing of the practice’s annual 5500.