Medical practices

Physicians have invested an incredible amount of time, money and resources to get to where they are today – helping patients improve the quality of their lives while running a successful medical practice. Honkamp Krueger understands a doctor’s passion is with the former – helping people – and our passion is helping medical practices optimize their business potential.

Honkamp Krueger specializes in consulting with independent medical practices on both business compliance and advisory services. We understand this unique field – both the opportunities and challenges – and are ready to partner with physician owners and their administrative team to take their practice to the next level.

Our approach to serving independent medical groups is comprehensive, meaning you can receive all of the following services at one business partner, the HK Family of Companies. This includes:

Monthly accounting/bookkeeping services
Business and personal tax planning and preparation
Medical practice consulting including compensation planning, organizational structure review, and buy-in/buy-out analysis
Wealth management
Decision support services/practice consulting
Human resources consulting and benefits/health care law compliance
Retirement plans
Payroll processing and human capital management
Business valuations
Succession and exit planning
Retirement and estate planning
State and local tax compliance
Software solutions
Cost segregation studies on new construction

Medical Practice Team Leader

Kevin Schmitt, CPA, CFP®, Partner

Medical Practice Blog

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Testimonials

“The professionals at Honkamp Krueger and HKP are valued partners for our practice. Because of their knowledge and expertise, we are able to spend more time focusing on our patients and less on the day-to-day business operations that come with running a growing practice.

HK’s tax department is an invaluable asset to us. We feel like our HK professionals really know our business and our industry. They understand the challenges and opportunities we face as an independent medical organization and have solutions for our specific needs. Their thorough research and proactive tax planning for our practice has brought peace of mind to our tax strategy.

Additionally, HKP’s human capital management platform, iSolved, has taken the time-consuming payroll tasks off our plate. Our dedicated account representative is knowledgeable and always available when we need them. Through HKP’s services, we have saved a significant amount of time and resources.

Overall the service we receive from the HK Family of Companies is second-to-none, and we truly value the partnership between their firm and our practice.”

Jon Honsey, CEO
Advanced Radiology S.C.

“I honestly don’t know what I would do without the services provided by HK. Everyone I work with is an expert in their field, very detail-oriented and willing to share their knowledge. I especially appreciate the deep industry knowledge and personalized attention and have confidence in knowing that things are done right.”

Mig Brewster, Practice Administrator
College Hill OB/GYN, P.A.

“The experience and knowledge of the staff at Honkamp Krueger and HKP have been the reason we do business with the firm. Our partner-in-charge has given us sound financial advice and recommendations. He has always been available for questions and has good rapport with the physicians. It is helpful to have one firm that can handle our financial oversight, payroll and tax preparation. They know our business and owners, and we don’t feel like a number. They look out for our best interests.”

Annette Tomlinson, Administrator
Davenport Surgical Group, PC

“Honkamp Krueger takes a lot off my plate by knowing my business and understanding my needs. They help our practice run smoothly and make my life easier. When I need something, HK deals with it promptly. I know I can contact anyone on the team and always get a timely response.”

Cheri Kraklio,
Digestive Disease Specialists of the Quad Cities

“DEP has been doing business with HK for the last three decades. We have never seriously considered switching our accounting service.

Our accountant knows our business inside and out. I can always call her with questions and she can usually provide me with an answer immediately. She knows all of the doctors in our organization on a first-name basis and has been with us through all of the highs and lows over the years.

We often find ourselves in need of quick accounting updates and guidance. We also need to be able to make reliable projections and give our group members precise financial information. HK has always been able to provide that service for us.”

Dr. Mark McKeon,
Dubuque Emergency Physicians, P.C.

“We appreciate the attention we receive from our partners at Honkamp Krueger. No matter who we call, we always speak with a knowledgeable employee who will take the time to answer our questions and make sure things are clear. Previously, we used several vendors to manage our needs; now, we have one vendor who can do multiple engagements.

Everything moves quickly with our improvements and deadlines. It is so nice not to have financial or communication issues, and the open financials that the doctors can understand is a big plus. We are very excited about where we can go with this partnership.”

Gina Keifer, AR Manager
Family MedCenters, P.A.

“Working with HK/HKP has been great. I appreciate the responsiveness of the associates in the accounting, tax and payroll departments; they always respond within 24 hours! HK/HKP continue to offer solutions that make sense for our industry and help us to improve our business.”

Tonya King,
Gastroenterology Associates, P.C.

“Honkamp Krueger is more than an accounting firm; they have a solution for almost everything. Everyone is easy to work with and very helpful. It’s like one-stop-shopping for business solutions. The relationship our practice has with HK is invaluable to us. They act more like a friend than a company.”

Amber Marshall, Practice Administrator
Iowa Cancer Specialists

“We reached out to HK for assistance due to positive interactions several of our physicians experienced with their personal tax needs. HK was very easy to work with.

We found ourselves in between CFOs and needed temporary assistance. HK was very responsive and flexible in meeting our needs. With limited information and the need to recreate a number of complex functions, HK came through in a professional and timely manner. Equally important, the quality of work was superb.

HK was crucially important in getting us through a difficult period. I hate to think of the alternative had we not had their capable assistance. I recommend HK without reservation.”

Jay Collier, MBA, CMPE, Chief Administrative Officer
Medical Associates of Clinton, Iowa, PLC

“I value the service I receive from Honkamp Krueger. My questions and concerns are always answered promptly, and my partners are willing to adapt to my schedule to discuss my accounting and other business matters outside of normal business hours. Plus, the other multiple practice management resources beyond accounting are invaluable to our business.

Thanks to HK, I have been able to focus more on patient care and step away from the facets of practice management. As a business owner, it is important that the firm we work with is efficient, cost-effective and operates with integrity. Through HK’s aggressive yet ethical tax planning, they have been instrumental in helping plan for the future of the growing practice as well as later retirement.”

Dr. Nick Morio,
Morgan & Morio Oral and Maxillofacial Surgery