Medical Bookkeeping — Financial Clarity for Independent Physicians
There is a difference between having an accountant and having organised finances. An accountant files your taxes. They work from the records you give them. If those records are a year of receipts, bank statements, and rough categorisations, the accountant can still file — but you have lost the ability to make decisions during the year, not after it.
Paradocs International provides dedicated medical bookkeeping for solo and small-group physician practices across the United States, Ontario, and the United Kingdom.
Why Medical Bookkeeping Is Different from General Bookkeeping
A general bookkeeper can categorise your expenses. That is not the same as understanding them. In a medical practice, specific financial distinctions matter that generic bookkeeping services routinely miss.
Physician compensation vs. practice revenue. How the physician draws from the practice — salary, distributions, or a combination — affects how the profit and loss statement reads and how a buyer or partner interprets the margin.
Clinical vs. administrative overhead. Knowing which costs are fixed and which scale with patient volume is how a practice makes staffing and expansion decisions with confidence rather than instinct.
Accounts receivable in a fee-for-service environment. The gap between billed, collected, and adjusted-off is where most solo practices lose financial visibility. A bookkeeper who does not understand insurance payment cycles will miscategorise this routinely.
WSIB, medico-legal, and IME revenue tracking. For physicians conducting independent assessments, this income stream has different timing and documentation requirements than clinical billing.
What You Get
Monthly financial statements — profit and loss, balance sheet, and cash flow reporting delivered every month so you can make decisions in real time, not once a year in April.
Medical-practice-specific chart of accounts — built for how a physician practice actually operates, not adapted from a generic small business template.
Clean year-end financials — ready for your accountant, a potential buyer, a partner, or anyone else who needs to understand your practice as a business.
Collections ratio and overhead tracking — the three numbers every independent physician should know: collections rate, overhead ratio, and monthly net. We make sure you always have them.
The Three Numbers Every Physician Should Know
Your collections rate — of everything you bill, what percentage gets paid. The industry average for private practice is 85 to 90 percent. If you do not know your number, you do not know if your billing process is working.
Your overhead ratio — what percentage of revenue goes to running the practice before physician compensation. A solo specialty practice typically runs 40 to 55 percent overhead.
Your monthly net — not annually, monthly. A practice with a strong first quarter and a difficult third quarter looks identical on an annual return to one with steady monthly performance. They are not the same business.
How It Works
We work on a monthly retainer. Your books are maintained continuously — not reconstructed at year-end. You receive clean financial statements every month with a level of specificity that makes your practice legible as a business, not just as a tax entity.
Contact us at info@paradocsinternational.com to discuss what medical bookkeeping looks like for your practice.
Paradocs International — 20 years of medical transcription, now combined with the financial management that independent physicians have never been properly served. Transcription and bookkeeping, from one provider who understands both.