5 Things to look for when Hiring an Accountant for your Medical Practice

by Maryam Shaikh Blogger by Passion

The demands on today’s doctors are immense. Not only must they be medically proficient, but they're also expected to run a thriving practice and manage all of their finances as well. On top of this, efficacy, transparency, access, and quality of care are constantly requiring improvement.

If you're re-thinking how you run your medical practice, a good place to start is by hiring an accountant. They’re skilled at overhauling financial and operational models to help you balance all of the demands you face while still running a profitable clinic.

Here are five things to look for when hiring an accountant so that you can rest assured that your finances are in good hands while you focus on client care.

They should have experience working with medical professionals.

There are lots of accounting firms out there, but if you're a medical professional, you should seek out support from someone who is experienced in helping physicians to manage their finances.

As a busy doctor, it will be essential that your accountant understands the complexities of your needs. From minimizing risk to meeting your benchmarks, they should be fluent in the rules as they apply to physicians, dentists, optometrists, or veterinarians, depending on your area of practice.

The firm size should match yours.

We recommend that you find a firm that roughly matches the size of your own organization. This is because a small medical clinic might feel lost if they’re constantly shuffled around within a larger accounting group. On the flip side, the bigger you are, the more nuanced support you might need to continue to grow your practice.

Finding a firm that falls near the same small, mid, or large size as your own will ensure that you have the right kind of support and expertise when you need it, but maintain a balance with sufficient personalized attention.

They should be able to provide you with a customized range of services.

Medical clinics have a lot of financial demands. You’ll want to ensure your accountant can support you with them all.

This might mean making financial projections and setting benchmarks for growth. It could also mean managing payroll and the day-to-day cashflow for your business. Maybe you’ll need help managing specific risks, understanding new legislation, dealing with existing debt, and identifying tax incentives.

Additionally, if you don’t have access to a workplace pension, you’ll need advice about retirement planning to ensure that you’re setting enough aside in your investments to provide you with adequate income upon retirement.

Make sure that your accountant is able to manage the wide variety of services you may require from them, not only today but also as you grow.

They need to be knowledgeable about taxation and incorporation.

This is a particularly tricky area for doctors. The tax landscape is complex for medical practices and there are ways to significantly minimize your tax liabilities. Make sure that the accounting firm you work with is knowledgeable in this area and can work to reduce your tax burden and capitalize on any incentives available to you.