Bookkeeping and Accounting for Psychiatrists

Searching for a bookkeeper and accountant for your psychiatry practice? We handle your books, so you can devote more time to your patients' mental well-being. Try us for free.

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How Bench works with psychiatrists

Experience a streamlined way to manage your finances, suitable for your unique profession. Whether it's bookkeeping, income tax preparation, or filing, Bench provides specialized services for psychiatrists—all under one powerful platform.

We get you set up

Our team diligently works to gain a comprehensive understanding of your psychiatry practice, answer any queries you may have, assist you in connecting your accounts, and guide you through how Bench can work for you.

We do your bookkeeping

Each month, your dedicated bookkeeper meticulously organizes your psychiatric practice's transactions and prepares comprehensive financial statements. Should they require any further information from you, they won't hesitate to contact you.

We deliver tax-ready financials

Our team of experts are familiar with the tax regulations specific to the psychiatry profession, and will tailor their approach to your practice’s individual needs.

Here’s why psychiatrists like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

We're always at hand with your financial updates as a psychiatrist. Got critical questions that need immediate answers? We pledge to respond in less than a business day.

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screenshot of Bench support app

Guaranteed accuracy in every detail

With Bench Accounting, Psychiatrists can conveniently automate data inputs from most leading providers to sidestep prevalent errors. We've formed partnerships with respected merchants such as Gusto, Stripe, Shopify, and Square—ensuring your financial data stays precise and up-to-date.

See where you’re spending. Make smart decisions

Say goodbye to the mountain of patient invoices and time-draining manual financial tracking—we automate entries directly from your linked accounts. Gain essential financial insights from a central dashboard, enabling you to easily comprehend the financial wellbeing of your psychiatry practice and empower you to make key strategic decisions.

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Bench integrates with your favorite small business tools

We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.

Trusted by 25,000+ American small business owners

“Bench helped me replace QuickBooks, and save about 6 hours per month of horrible accounting work, which is priceless.”

CHRIS RONZIO

CEO, TRAINUAL
“This is the first year where it’s tax season and I don’t feel anxious one bit.”

DR. BUKKY KOLAWOLE

FOUNDER/EXECUTIVE DIRECTOR, RELATIONSHIP HQ
“Bench has lifted a giant weight off my shoulders and freed up my time so I can focus on earning money and working with clients, meetings and calls.”

HEATHER SHOLL

FOUNDER, THE VILLAGES GYM
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We know bookkeeping for psychiatrists

Running a psychiatry practice comes with its own unique financial challenges. From managing patient invoices, tracking medical billings and receipts, budgeting for expensive equipment, to dealing with industry-specific taxes and laws, these are tasks that can become overwhelming for psychiatrists. Bench understands the complexities involved in financial management for this profession. With our team of expert bookkeepers, we take care of all the time-consuming bookkeeping activities, giving you back those much-needed hours that you can instead devote to your patients and growing your practice.

Our team at Bench isn’t just familiar with accounting – we’re knowledgeable about the specific ins and outs of the psychiatry industry. Whether it's understanding the nuances of medical billing codes, meeting the financial record-keeping standards of HIPAA, or being aware of certain tax deductions available to mental health professionals, we have you covered. Also, when tax season comes around, we streamline your tax filing process, ensuring compliance with all the industry-specific tax laws. Leveraging our unique blend of intuitive software and real, human bookkeepers, Bench has revolutionized bookkeeping and tax for small businesses in the psychiatry sector.

Simple, straightforward pricing for everything your business needs.

Get bookkeeping, tax prep, advisory, and filing with Bench's powerful, easy-to-use platform.

Choose Plan

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$249/mo

billed annually

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$399/mo

billed annually

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$299/mo

billed monthly

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$499/mo

billed monthly

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Frequently Asked Questions

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As a psychiatrist, what specific tax deductions can I claim on my income?

As a psychiatrist, you may be eligible to claim a variety of tax deductions on your income. These can include the cost of professional development courses, registration fees, professional association membership fees, home office expenses, work-related books or journals, medical equipment, insurance, cost of outsourcing tasks to other professionals such as bookkeeping or cleaning, and travel expenses if you travel to see patients or attend conferences. However, tax laws can be complex and vary from place to place, so it's always a good idea to consult with a professional bookkeeper or accountant to ensure you're claiming all applicable deductions.

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How does bookkeeping for a private psychiatry practice differ from other businesses?

Bookkeeping for a private psychiatry practice can differ from other businesses in a few significant ways. First, healthcare practices like psychiatry often deal with a combination of private pay clients, insurance claims, and potentially government healthcare programs, each having their unique billing procedures. These multi-layered income streams require intricate tracking, documentation, and precise record keeping.

Second, medical practices have to deal with high amounts of confidential patient data. This involves additional layers of record keeping to ensure compliance with privacy laws such as HIPAA in the United States. Any bookkeeping or financial tracking software used would need to have robust security measures in place to protect this sensitive information.

Lastly, psychiatry practices often have additional expenses related to medical supplies, practice insurances, and continuous education requirements that aren't seen in other industries. Accurately categorizing and tracking these expenses is crucial for correct financial reporting and tax preparation.

At Bench Accounting, our experienced bookkeepers are well-versed in these unique challenges and are equipped to provide tailored bookkeeping services that meet the needs of private psychiatry practices.

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What should I consider for managing the financials in regards to health insurance billings and reimbursements?

There are several key aspects to consider when managing the financials in regards to health insurance billings and reimbursements:

  • Understanding of regulatory requirements: Complying with all relevant federal and state regulations is crucial when dealing with health insurance billing.
  • Accuracy: Errors in billing can lead to significant delays in reimbursements and potentially fines. Proper financial management would involve meticulous record keeping.
  • Time-management: Health insurance billing often involves strict deadlines. Hence, organized financial management is important.
  • Knowledge of health insurance plans: Different plans have different rules regarding reimbursements. This knowledge can help speed up the billing process and ensure maximum reimbursement.
  • Security: Financial information associated with health insurance billings and reimbursements is sensitive, it should be well-protected against potential breaches.
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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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Will I have one point of contact?

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

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How much time each month will I have to spend managing my Bench account?

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.

Bookkeeping Services for Psychiatrists

Sign up for a Bench trial, and get one month free. If you decide to go with us, we’ll take bookkeeping off your plate—for good.

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