Tax and Bookkeeping Built for Medical Practices
Running a medical practice means managing patient care, staff, compliance, and finances all at once. Sheikh, Osher and Scott provides dedicated tax planning and bookkeeping services designed specifically for physicians, group practices, and healthcare providers, so your financial operations run as precisely as your clinical ones.
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173
people hold the USTCP license. Our lead CPA is one of them.
$45K
vs. $120K prior audit cost. Same quality, better process.
100%
of engagements reviewed by a manager and partner before delivery
Form 1040 and 1120S Preparation and Filing
IRS Representation
SALT Compliance
Why audits feel harder than they should
The stress usually comes from the same few things
- Time it takes to complete the audit. Audits sometimes take 6-8 months to complete
- Practitioner’s understanding of the non-profit industry
- Audit fees being too high
- Working with a new team every year
How Our Tax Process Works for Medical Practices
Practice Assessment and Entity Review
We review your practice structure, whether solo, partnership, S-Corp, or multi-entity, along with prior filings and financials to identify your current tax position and uncover planning opportunities specific to healthcare providers.
Data Alignment and Preparation
Financial data is organized and verified against your bookkeeping records, including insurance reimbursements, patient revenue, equipment depreciation, and payroll, ensuring your returns are built on accurate, reconciled information.
Healthcare-Specific Tax Planning and Filing
We identify deductions and credits relevant to medical practices, including equipment write-offs, retirement plan optimization, continuing education credits, and malpractice insurance deductions. Tax planning starts the moment your data is entered, so your filing reflects a deliberate strategy built around your practice.
Review, Filing, and Year-Round Guidance
Every return goes through manager and partner review before submission. Filing is followed by year-round guidance on estimated taxes, quarterly planning, and strategies to strengthen your tax position as your practice grows.
How our audit runs
A simple audit process you can plan around
- Kickoff + timeline (you’ll know the milestones up front)
- Clear request list (what we need, by when, and why)
- Fieldwork with minimal disruption (we stay organized and communicate)
- Draft review (questions resolved early, not at the finish line)
- Final delivery (board-ready outputs and clean closeout)
Trusted by Healthcare Providers Across Illinois
How Our Bookkeeping Process Works for Medical Practices
Setup and Chart of Accounts
We configure your chart of accounts to reflect medical practice categories, including patient revenue by payer, clinical supplies, lab costs, equipment leases, and provider compensation, building a foundation that supports accurate monthly reporting from day one.
Consistent Transaction Recording
Every financial transaction, including insurance payments, patient copays, vendor invoices, and payroll, is recorded and categorized using a consistent method, giving you reliable tracking of income, expenses, and practice profitability each month.
Monthly Reconciliation and Close
Bank accounts, credit cards, and patient receivables are reconciled monthly. Discrepancies are identified and resolved promptly, and books are finalized within a defined timeline so your financial data is always current when you need it for decisions or compliance.
Manager and Partner Review
Every engagement goes through a structured two-level review before delivery. A manager reviews the work. A partner signs off. You receive accurate, dependable financials every time, ready for lenders, partners, or tax season.
FAQs
It depends on your funding requirements. If federal or state grants require it, we’ll help you confirm what applies and plan the work accordingly.
Yes. We support pre-audit planning and readiness so the engagement runs on schedule.
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Nonprofit Audit Prep Checklist: What Your Auditor Will Ask for and Why
Every nonprofit finance team has experienced the same moment. The Prepared by Client list arrives. It is 40 items long. Fieldwork starts in 3 weeks.
Your Practice Deserves a Financial Team That Understands Healthcare
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Get in Touch With Our Healthcare Tax and Bookkeeping Team
We handle tax planning, preparation, and monthly bookkeeping for physicians and medical practices, so you stay focused on patient care while we keep your finances running smoothly.
Address:
401 N. Michigan Ave. Suite 1217, Chicago, IL 60611
