Archive for January 2014

Income Protection Services for Doctors

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Doctors are among the list of professionals with some of the greatest risk of occupational hazards, since they are constantly exposed to communicable diseases and other harmful microorganisms. Thus, it is essential for people in the medical field to get income protection insurance, just in case the said risks take their toll on them.

As a medical practitioner, you need to secure income protection for doctors to be prepared if anything ever happens to you. Since majority of your income comes from professional fees, you should receive proper compensation from missed income opportunities that stem from occupational injuries.

Medical financial service providers allow you to create a contingency plan in the unfortunate event that may hinder you from providing for your family. Entrusting your income protection claims to financial advisers with services that are dedicated to medical professionals is different from typical workers’ compensation claims, because they have a thorough understanding of your line of work, they can represent you better so you can receive rightful compensation for your financial protection.

More importantly, you can take advantage of their services in your other financial endeavours. Whether it’s your investment portfolio, personal expenses, or particular tax deductions for doctors, their specialisation in the medical field allows for customized services that suit your financial needs. In turn, you will not have to deal with unexpected financial setbacks, knowing that somebody is working to strengthen your financial capabilities.

Benefits of Medical Accounting to Your Practice

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Regardless of what your specialization is, your medical practice is reflective of your ability not only as a professional but also as a manager and proprietor. However, since not every medical practitioner is well-versed in accounting and finance, it’s still important to hire a reliable medical accountant to help your practice.

You have already invested time, effort, and money into your private practice. As much as possible, you should try to keep it sustainable for the benefit of your patients, especially since most Australians are said to rely on their family doctors for up to four generations. If you’re having trouble with your medical accounting obligations, consider hiring a medical financial services provider so you can focus on treating your patients.

By turning to experienced financial advisers who specialise in the medical field, you can explore options that will work for you as a medical practitioner. You can manage your financial well-being as a doctor and as a sole proprietor of your practice successfully with the help of skilled professionals. As a result, you can manage your assets better, specifically your loans, investments, and insurance.

Since maintaining your practice is similar to running a business, your service provider will be able to help you conduct effective financial planning in terms of compliance, taxation, and other accounting strategies. In turn, you can enjoy financial stability while attending to the needs of your patients. This will help your practice become resilient amidst constant change within the government and the medical industry.

Melbourne Doctors Need Accountants More than Ever

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The Australian Medical Association purports that the recent efforts to impose additional fees on patients for visiting their general practitioner could severely limit health care access for the financially disadvantaged. Dr. Steve Hambleton himself, president of AMA, reports that he feels for what might be a lack of access to the aboriginal people, pensioners, and others in similar situations.

Even healthcare professionals in Melbourne have reason to be concerned. Australia’s cultural capital has a robust medical industry suiting various disciplines. They include the Royal Victorian Eye and Ear Hospital, the St. Vincent’s Private Hospital, and the Royal Women’s Hospital, not to mention a number of cancer research centres. If you’re a medical practitioner who’s worried that the proposal may result in your services getting closer to the red, hire medical accountants in Melbourne.

Health care in Australia, for the most part is covered under Medicare, plus any private health insurance options you and your patients may seek. However, the proposal mentioned above may warrant further scrutiny between you and your accounting specialist. A closer study indicates that a $5 fee will be set on bulk-billed consultations with a GP.

The proposal, which is an offshoot of another plan presented in another administration around 20 years ago, is being touted to augment a recent insurance premium hike. However, it still needs you to sit down with skilled medical accountants to further map out how it may affect your finances as a medical practitioner.

How Accountants Help in the Medical Industry

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Medical science is an ever-expanding field – as diseases develop, become more virulent or mutate over time, doctors and medical researchers rush to develop means of protecting humans from their growing threat. Here are some reasons why having an efficient accountant could greatly benefit a doctor in this pursuit:

For one, scientists are looking into developing bionic devices to help treat Parkinson's disease and epilepsy, among other conditions that involve tremors. Some are even working on a “bionic spinal cord” that aim to provide paraplegics with robotic arms, which they can control. Indeed, this is just one of the many developments that the medical industry is counting on.

Even if a number of the studies are expected to be completed within the decade, none of the treatments, vaccines, and technologies can be expected to be available in the near future for all medical facilities and hospitals, much less private practices. Nonetheless, having all these cutting-edge resources should not remain a pipe dream for both patients and medical practitioners alike.

While many of the heralded advancements remain in the hands of researchers, medical practitioners might want to formulate plans on how they can eventually acquire and offer these new treatments. Forward-thinking accountants for doctors might be able to help them in this regard. These professionals can help medical practitioners implement financial strategies, manage their incomes, and maximise tax refunds so they can build a fund for future investments that will support their practice and better serve their patients. 

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