Archive for December 2013

What is Income Protection for Doctors?

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Doctors are exposed to all sorts of dangers in the practice of their profession. With the possibility of contracting a serious illness or suffering a debilitating injury while on the job, doctors are often faced with the danger that something might happen that may cost them the ability to perform their jobs properly—putting their incomes at risk as well.

Income protection for doctors will allow them to receive a regular income in the event that they become incapacitated. With this type of insurance, a doctor should be able to maintain his quality of life in spite of his inability to continue his practice. It also provides protection to the physician’s family who has become dependent on his income.

Income protection might often be compared to critical illness insurance, however, there are differences. Unlike critical illness insurance, income protection does not provide the insured with a lump sum payment. This feature means that the insured will continue to receive protection throughout the duration of the insured’s incapacitation, or until the insured no longer suffers a loss of income, the policy ends, or the insured dies.

Unlike critical illness insurance, income protection is only designed to cover the insured until he reaches a given age. Typical options are 50, 55, 60, and 65, but some insurers are able to provide options that will protect the insured until he turns 70.

Importance of Medical Accountants

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Service-based offices such as hospitals and medical practices will inevitably keep records of all transactions made with patients, health insurance providers and other practices. This is done so that accounting expenses and profits will be easily computed using correct and updated patient records and accounting records.

However, not all doctors and medical practitioners have the ability and the time to record all transactions, update records, and perform all accounting tasks. Hiring a medical accountant relieves medical professionals of the burden of taking on administrative responsibilities. Doing so also ensures that all areas of accounting are covered by certified professional accountants.

Accounting firms that focus on helping medical practitioners and private practices offer a range of services which include:

  • Accounting and bookkeeping services
  • Workers compensation audit and review
  • Consultation and creation of new employee benefits packages
  • Payroll services
  • Retirement planning including pensions, retirement investment plans, and annuities
  • Maximizing earnings using sound strategies
Most accounting firms take into account the unique needs and various demands of clients from the medical community. This is why many of their services are tailored to address these demands so that their clients don’t have to spend time doing administrative tasks, allowing them to focus on their practice and their patients instead.

Proper Financial Advice for Your Practice

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As a medical professional in Melbourne, you are bound to have plenty of other concerns outside of your practice. Providing exceptional health care comes with an array of contributions along with record keeping, client and health card billing, expenses, and bookkeeping. Minding all these complex details will only add to your already busy workload, so it’s best to get the support of an expert.

Medical accountants can offer guidance beyond that of the usual taxation and accounting. More than just reducing your tax burden, an accountant can assist you in streamlining operations and practice management. If you’re planning to expand your practice, a practice accountant can help determine the best loans and financing options.

With a sound financial strategy, you can realize opportunities for enhancing your medical wealth. An accountant can offer sound advice for investments for both short and long-term goals. Being exposed to inherent risks unique to your medical practice, you need the advice of a professional that knows the ins and outs of insurance policies. 

Medical accountants who are fully focused on medical practitioners and their families have updated strategies and extensive experience in the field that will surely steer your practice in the right direction. You can have effective solutions to tax or accounting difficulties and a financial methodology customized to your needs. 

Financial and Debt Management Guide for Doctors

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Even medical practitioners or doctors need proper guidance on financial planning and debt management. After all, only certified accountants specialize in those equally intricate fields. No matter how well compensated some doctors are, they are also likely to deal with questionable income tax reports and mounting debts when they don’t implement sound financial strategies.

Many doctors, particularly new medical practitioners, aren’t as knowledgeable when it comes to appropriate debt structure and tax deductibles. Some physicians don’t even bother about income and asset protection, investment or retirement planning, and other crucial financial management options. As a result, they had to confront with costly issues and some legal matters that jeopardize their medical wealth.

When it comes to securing financial future, doctors may also need to consult with professionals on the field of medical accounting. A credible accounting firm focusing on the provision of solutions for medical practitioners will help any doctor solve his tax, debt, or any other accounting concerns. This is imperative for physicians in need of financing options, and planning or strategic advice for estate investments and insurance for family members.

Proper debt and wealth management like controlled spending and saving must be exercised regardless of how substantial the doctor’s salary package is. Knowledge on medical accounting and taxation is also beneficial, but it’s inevitable that busy doctors don’t have the luxury of time for these matters. Hence, entrusting accounting concerns for applicable financial management programs to a trusted and proven experienced firm is the best option to consider.

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