One aspect of running a medical facility that few people give thought to is the need to deal with financial entities such as banks, insurance, and lenders at some point. Most medical practitioners just dive right into their practice without giving much thought on how to deal with these entities and how they can affect their practice.
If you are a doctor fresh out of residency, you’ll discover that you’ll need the expertise and services of an accountant and a lawyer to create a good relationship with each of these entities. You’ll also learn that these professionals’ responsibilities might overlap at times. They have to work hand-in-hand to help a client achieve his financial goals. That being said, here are examples of services that a good accountant should be able to provide:
- Help in choosing which ownership structure to use when establishing practice
- Create and implement an accounting system to make year-end reports easier
- Ensure client pays the right taxes with the right amount
- Teach doctor how to separate personal and business expenses
- Provide guidance before, during, and after an audit
- Compile financial records
- Help doctor understand and analyse financial statements
More importantly, a good accountant always keeps an ear to the ground to know about changing laws and regulations and how they apply to the practice.