As a doctor or healthcare professional, your priority is likely treating your patients and ensuring quality healthcare for all who walk through your doors. But running a clinic or doctor’s room involves so much more than just treating patients, such as accounting, bookkeeping and filing tax returns. This is where medical accountants come in.
Medical accountants are an important part of the healthcare industry. They manage and analyse the financial data of healthcare organisations to ensure financial stability and quality care for patients.
Additionally, medical accountants are often involved in making strategic financial decisions for healthcare organisations, which can have a significant impact on the success and sustainability of these organisations. Overall, medical accountants play a crucial role in the financial management of healthcare organisations and are essential to the smooth operation of the healthcare industry.
So if you’re part of a healthcare organisation and unsure how to find the best medical accountant for your practice or if you even need one, this article may help.
What a Medical Accountant Can Do For You
A medical accountant can provide various services to help your medical practice operate more efficiently and effectively. Some of the ways a medical accountant can assist your practice include:
1. Managing and analysing financial data:
Medical accountants can help you keep track of your practice’s financial information and provide insights into the performance of your business. This can help you identify areas for improvement and make more informed financial decisions.
2. Preparing and reviewing financial statements:
Medical accountants can help you prepare accurate and informative financial statements, such as income statements and balance sheets. They also review these statements to ensure they are complete and accurate.
3. Providing guidance on tax compliance:
Medical accountants know tax laws and regulations and can guide how to comply with these rules in your practice. This can help you avoid costly mistakes and penalties.
4. Assisting with budgeting and forecasting:
Medical accountants can help you create a budget for your practice and provide guidance on managing your financial resources effectively. They can also help you develop financial forecasts for future income and expenses.
5. Supporting strategic financial decision-making:
Medical accountants can provide valuable insights and recommendations to help you make strategic financial decisions for your practice. This can include identifying new opportunities for growth and cost savings and developing plans to manage financial risks.
Finding the Best Medical Accountants in Australia
Here are a few tips for finding the best medical accountant for your healthcare organisation:
1. Experience in healthcare:
The first thing to look for is an accountant with experience in the healthcare industry. Medical accounting can be complex and different from other types of accounting. It is important to find an accountant who has experience working with healthcare organisations and understands the unique challenges and regulations of the industry.
2. Ask for referrals:
Talk to other healthcare professionals and organisations to see if they can recommend a good medical accountant. Ask about their experience with the accountant and whether they would use their services again.
3. Check for certification:
Many medical accountants choose to become certified in healthcare financial management. This certification indicates that the accountant has completed specialised training in medical accounting and has demonstrated proficiency in this area.
4. Good communication skills:
Effective communication is key to successful collaboration and decision-making in the healthcare industry. Look for an accountant who can clearly explain financial information and provide recommendations in a way that is easy to understand.
5. Consider their availability and responsiveness:
Your medical accountant should be available to answer your questions and address any concerns promptly. Finding an accountant who is responsive and can provide the support and guidance you need is important.
6. Follow changes to Medicare rules:
The accountant you choose should try to stay updated with the latest changes to Medicare and how these changes might affect your finances. A regular accountant may not be knowledgeable about these trends.
Questions to Ask a Medical Accountant
When interviewing a potential medical accountant for your healthcare organisation, ask them the following questions to ensure they are the right fit for your needs:
- What is your experience working with healthcare organisations?
- Are you certified in healthcare financial management?
- Can you provide examples of how you have helped other healthcare organisations improve their financial performance?
- How do you keep up to date with changes in healthcare regulations and laws?
- Can you provide references from other healthcare organisations you have worked with?
- How do you communicate financial information to clients?
- What is your availability, and how do you prioritise client requests?
- What are your fees, and what services are included in your standard package?
- Can you provide additional services, such as strategic financial planning, if needed?
- How do you ensure the security and confidentiality of client financial information?
When searching for any type of accountant for a medical facility, whether a tax accountant or a financial advisor, keep the above tips in mind to ensure you make the right choice.