Medical Practices + SEC Compliance: The Challenge
As medical practice owner, preparing bank statements for sec compliance is a common but time-consuming task. Registered investment advisors, broker-dealers, and public companies need bank statement data for SEC compliance, custody verification, and regulatory examination responses.
How BankScan AI Helps Medical Practices with SEC Compliance
Convert practice bank statements to Excel to reconcile insurance reimbursements, patient payments, and vendor costs for accurate practice financial management. For sec compliance specifically, BankScan AI extracts Client fund custody verification, proprietary trading account activity, segregat automatically.
How Medical Practices Handle SEC Compliance
When preparing bank statements for sec compliance, medical practices need to Medical practice administrators reconcile ERA (Electronic Remittance Advice) payments from insurance companies against claims submitted, verify patien. BankScan AI automates the data extraction step.
Key terms you'll encounter: ERA payment, EOB, claim denial, CPT code.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 12-36 months for SEC examination document requests; custody rule compliance requires ongoing quarterly verification of statements for sec compliance.
AI extracts what you need
Our AI extracts Client fund custody verification, proprietary trading accoun — formatted for medical practices workflows.
Complete your sec compliance work
Download Excel files ready for sec compliance. Account-level detail with clear identification of client versus proprietary accounts, reconciled to ADV Part 1 reported AUM; transaction types coded for examiner review
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Medical Practices — SEC Compliance
- Built for Medical Practices — Saves 4-6 hours per week on insurance payment reconciliation and patient payment posting for a practice with 5+ providers
- Software compatible — Output works directly with QuickBooks, Kareo, athenahealth
- Built for SEC Compliance — Convert financial institution statements to structured spreadsheets for SEC examination preparation, custody audits, and regulatory filing support.
- Key data extracted — Client fund custody verification, proprietary trading account activity, segregation of client versus firm assets, fee deductions from client accounts, wire transfer activity
Compliance: Medical Practices + SEC Compliance
When medical practices prepare bank statements for sec compliance, specific compliance requirements apply.
- Medical practices must comply with HIPAA for financial record security, Medicare and Medicaid billing regulations, and Stark Law and Anti-Kickback Statute requirements. State medical board requirements affect licensing costs. IRS 1099 reporting is required for independent contractor physicians. Malpractice insurance costs must be tracked accurately.
- Legal basis: Investment Advisers Act of 1940 sections 204 and 206; SEC Rule 206(4)-2 (custody rule); Securities Exchange Act of 1934 section 17(a) (broker-dealer recordkeeping)
SEC Compliance — Built for Medical Practices
SEC document request responses typically due within 1-2 weeks during an examination; failure to produce records promptly can escalate the examination scope
Try Free — Medical Practices + SEC Compliance