Healthy Bodies of Finance works with established health and wellness practices generating $1 million or more in annual revenue.
We work with medical spas and aesthetics practices, dental practices and DSOs, therapy and mental health practices, chiropractic and wellness centers, physical therapy and rehabilitation clinics, and urgent care centers. We also serve functional medicine practices, naturopathic medicine practices, holistic and integrative medicine practices, addiction and behavioral health centers, and direct-pay medical practices.
Many of the practices Healthy Bodies of Finance works with have multiple providers, multiple locations, or both. Growth can change provider compensation, staffing costs, cash flow, and service profitability, even when revenue looks strong.
A Certified Fraud Examiner, or CFE, is trained in fraud prevention, detection, and investigation. The training also includes financial transactions, fraud risk, internal controls, and the responsibilities involved in reviewing financial activity.
Lozelle Mathai’s CFE background shapes part of the financial perspective at Healthy Bodies of Finance. We bring that perspective to established and growing health and wellness practices where financial responsibilities, management review, and internal controls can become more complex as the practice expands.
We pay attention when financial authority has become concentrated or when management review no longer gives the owner enough insight into the activity taking place. We also notice when the accounting records do not match the activity behind them. Differences like that deserve another question.
An unusual transaction deserves a question, not an accusation. Our approach is to understand what happened before anyone starts writing the ending and calling it fraud or embezzlement.
Your CPA and fractional CFO can both be part of the finance team, but their responsibilities may differ. Some CPAs focus on tax planning and tax compliance, while others do it all: tax, CFO, and advisory services. Healthy Bodies of Finance chooses to focus on CFO advisory services and works alongside the practice’s CPA.
Our role is to help the practice understand what its numbers can support throughout the year. Can the practice afford another provider? What happens to cash flow if compensation changes? Is there enough cash to add another location without pressuring the rest of the practice? Those are the kinds of questions we help owners answer.
We look at financial reporting, forecasting, service profitability, and provider compensation to understand what is happening beneath the revenue number. For a multi-location practice, location-level financial reporting can also reveal differences that consolidated results do not explain.
Our CFE perspective is part of our CFO advisory approach. We focus on financial authority, internal controls, management review, and whether the accounting records reflect the activity behind them.
The goal is not to replace the CPA. Your CPA and fractional CFO can each bring a different part of the financial picture to the table, so the practice owner/s has the information needed to make the next decision.
Yes. Healthy Bodies of Finance works with established health and wellness practices across the United States through virtual fractional CFO and financial advisory engagements. Once we begin working together, we are also open to visiting your location when being onsite makes sense for the engagement.
Every engagement with Healthy Bodies of Finance begins with a paid Financial Assessment. We want to understand what is happening financially before recommending a service. We also need to know whether the accounting records give us enough information to answer the questions that brought you to us.
Two practices can operate in the same industry and have completely different financial stories. Provider compensation may be structured differently. One practice may depend heavily on insurance reimbursement, while another is primarily direct pay. A multi-location practice may have one location carrying more of the financial weight than the others. Similar revenue does not mean the same financial problem.
During the Financial Assessment, we review financial reporting and focus on the questions that deserve more attention. Cash flow may be getting tighter even though revenue is growing. A high-revenue service may not be producing the service margin the owner expected. Consolidated financial statements may be making a multi-location practice look healthier as a whole than some of its individual locations.
The assessment helps us identify what deserves attention and why. We share what we found and talk through what the financial information is telling us. From there, the appropriate next step may be fractional CFO support, finance team development, or another Healthy Bodies of Finance service. Sometimes the assessment also tells us that the service you thought you needed is not the one we would recommend.
A practice may be ready for fractional CFO support when accurate books and tax preparation are no longer enough to answer questions about cash, profitability, provider compensation, or growth.
Revenue may be increasing faster than cash, or the owner may not be able to explain which services are producing the strongest margins. Provider compensation can also put pressure on profitability in ways the financial statements do not make clear.
Adding providers, another location, or a more complex compensation structure can make those questions harder to answer from historical financial statements.
Fractional CFO support helps the owner use the financial information to evaluate a decision before committing to it. We use reporting, forecasting, and financial analysis to understand what the decision could cost and how it could affect cash flow and profitability. We also look at whether the practice can support the decision.
At Healthy Bodies of Finance, we want to understand what is creating the revenue, margin, and cash results. Bigger revenue is nice, but we also want to know what the practice is keeping from it.
A practice may be ready for Finance Team Development when the accounting workload has grown beyond what the current team can manage.
Month-end close may be taking longer, or financial reports may reach the owner without a defined review. Too much accounting knowledge may also depend on one person.
An outsourced bookkeeper may meet the practice’s needs for years. As the practice becomes more complex, some accounting responsibilities may need to move in-house.
The first question is not always whether the accounting department needs another person. We want to know which accounting responsibility needs to be assigned, where review is missing, and whether the current mix of in-house and outsourced support still makes sense.
Healthy Bodies of Finance uses Finance Team Development to help the practice answer those questions before adding another position.
A practice may need forensic accounting when something in the financial records does not add up. An unusual transaction may need closer review, or the owner may have questions about how money moved through the practice.
At Healthy Bodies of Finance, we do not start with an accusation. We look at the financial evidence and ask what can be verified.
Fraud prevention may make sense when the concern is not one transaction, but whether the practice has enough financial oversight.
Internal controls may not have kept pace with growth. Too much financial authority may rest with one person, or management review may not give the owner enough visibility into what is happening.
At Healthy Bodies of Finance, our CFE perspective keeps us focused on where financial access is concentrated and where review may be missing.
If something in the financial activity of your health and wellness practice does not add up, contact Healthy Bodies of Finance before drawing a conclusion. A suspicious transaction does not prove fraud or embezzlement, but it may deserve a closer review.
We look at the financial records through a CFE perspective and ask what can be verified. If the records do not explain what happened, we determine whether a deeper forensic accounting review is appropriate.
If the facts point to a need for legal counsel or coordination with the practice’s CPA, we will tell you that too.
Consolidated financial statements show how the practice performed as a whole, but they can hide important differences between locations. Location-level financial reporting helps us compare the revenue each location produces with the margin it contributes to the practice.
The location with the highest revenue is not always the most profitable. Provider compensation and the cost of delivering care can change the margin from one location to another, so two locations with similar revenue may produce very different financial results.
Healthy Bodies of Finance looks at whether each location is producing enough financial return to justify the cost of operating it. A busy location can still be the one putting the most pressure on profitability.
Healthy Bodies of Finance does not provide bookkeeping services. Our role is fractional CFO and financial leadership for established health and wellness practices.
We rely on the accounting records prepared by the bookkeeper or accounting team supporting your practice. The records need to give us enough information to evaluate cash flow and service profitability. They also need to support the financial reporting we review with the owner.
If something in the accounting records needs correction, we identify it before those numbers are used to evaluate a financial decision.
