Medical practice & clinic audits
Greywood CPA audits and reviews financial statements for physician groups, dental and specialty practices, and outpatient clinics. Practices usually need them when a bank lends, a new partner buys in, the practice is sold, or a health system or private equity group affiliates with it. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.
A review is often enough for a smaller bank loan. Buyers, investors and larger lenders usually want an audit. We confirm what the person relying on your statements needs before we quote.
Last reviewed: November 2026
| Situation | Usually requires |
|---|---|
| Bank loan or line of credit | Review for smaller loans, audit for larger ones or as covenants require |
| Equipment or real estate financing | Review or audit, per the lender |
| Partner buy-in or buy-out | Audit or review so the price rests on verified numbers |
| Sale to a health system or private equity buyer | Audit, often plus buyer due diligence |
| Management services or affiliation agreement | Audit or review, per the agreement |
Not sure which level? Read audit vs. review vs. compilation.
Practices bill far more than they collect. Under ASC 606, revenue is recorded at the amount you expect to collect, not your chargemaster price, which means estimating:
We test these estimates against actual cash collected after year-end. Practices that set their estimates from real collection history get through this part of the audit fastest.
Lenders and buyers want to know what your receivables are really worth. We look at aging and collection history by payer: Medicare, Medicaid, commercial plans, managed care and self-pay. Old balances that will never be collected should be written off before year-end, not carried at full value.
Many practices rent their building from an entity the physicians own. These arrangements must be disclosed, and sometimes the building entity is presented with the practice.
Production-based pay and year-end bonuses need to be accrued in the right year, along with retirement plan contributions.
Promises to pay retiring partners can be liabilities that belong on the balance sheet.
Many practices keep cash-basis books for tax. Audited statements are usually on the accrual basis, so we help convert.
Buyers price a practice on its earnings. Audited statements make those earnings credible and shorten due diligence. Before a sale, we can audit or review the historical statements and help you prepare for the buyer's questions, with transaction advisory support where needed.
A 30-minute call about your organization, who needs the report and your deadline.
Scope, report type, timeline and one fixed fee, in writing.
Everything we need, uploaded through a secure portal.
Remote testing, then a draft for your review.
A CPA partner signs, and we walk you or your board through the results.
It depends on who is asking. Banks often accept a review for smaller loans; larger lenders, buyers, investors and health systems usually require an audit. Your loan agreement or deal terms usually say which.
Under ASC 606, revenue is recorded at the amount you expect to collect, which means estimating contractual adjustments with payers and implicit price concessions for amounts patients are not expected to pay. Auditors test those estimates against cash collected after year-end.
Yes. Audited statements are usually prepared on the accrual basis, so we help convert your cash-basis records, recording receivables, accrued expenses and other year-end items.
Yes. Buyers price a practice on its earnings, and audited statements make those earnings credible, which usually shortens due diligence and reduces price renegotiation.
We quote one fixed fee in writing before any work starts, based on your revenue, number of locations and providers, the condition of your books and whether you need an audit or a review.
Tell us who needs the report and when. A senior CPA will confirm what you need and send a fixed-fee proposal within 1–3 business days.