Medical accounting can be complicated but deciding on the right specialist firm or accountant for your medical practice can also pose a challenge. If you nail the search process, you’ll boost your practice, helping it thrive and run seamlessly on the backend, leaving you to deliver life-changing care. More than that, the best medical accountants will go above and beyond the call of duty to help medical practitioners grow their practice via business acquisition, restructuring or personal financial planning strategies. With so many options to choose from, here are some things to consider when selecting a medical accountant.
Find the right medical accounting specialist
A great medical accountant will not only free up your time from accounting tasks, they’ll also help you with monthly and annual financial statements, cash flow reports, tax records and returns and help you with financial planning and retirement planning. Additionally, if you’re looking to grow your medical practice, a skilled medical accountant can help you identify suitable acquisition targets or advise you on the purchase or sale of a business. Whether you’re looking to grow with debt, equity or a mixture of both, your medical accountant will have sufficient expertise to guide you in the right direction. Overall, your medical accountant can help maximise profitability, minimize tax, and optimise strategic business outcomes.
Selecting a firm: Look for quality and personal service
If you’re shopping around for a medical accounting firm, focus on quality and personal service. To discern the level of quality you can expect, it’s worthwhile to have a conversation with the accountant you’ll be working with. Ask them about their experience in the specialty area and how they can help your medical practice achieve its specific goals.
Additionally, a great medical accountant will not only deliver quality results, but they’ll also focus on delivering a personal service; one where you can expect to hear from your accountant on a regular basis, keeping you informed and apprised of your accounts and business. Over time, they’ll be best positioned to serve as a natural sparring partner for business growth. Ideally, it’s best to work with one accountant who will know your practice inside-out, as opposed to other firms who may rotate your dealings across a variety of accountants. Also, in making your decision, be sure to ask what will be included in the service and what will be covered for an extra cost. Regardless of the discussion, keep in mind that a skilled accountant will often recover more funds for your business than they charge in costs!
At Iatriki, we’re proud of the quality and personal service we provide to our healthcare and medical clientele. If you’re looking for the right medical account for your business, please do not hesitate to contact us for an informative, friendly, no-obligation consultation now.