While
doctors play a very important role in preserving and improving public health,
the reality is that they can’t sustain themselves without money. Even then,
money brings with it a number of challenges, like budgeting expenditures and
following tax regulations, which doctors may be hard-pressed to handle on their
own. What they need are experienced and reliable accountants who can handle the
financial aspects of medical practices for them.
Medical
accountants do more than just count money; they are also responsible for obtaining
a suitable
insurance policy for the office in order to protect the doctor, his staff,
equipment and workplace from harm, theft and other unforeseen events.
Accountants also have the responsibility of calculating the costs of rather
expensive procedures such as bypass surgeries, especially if they have to be
outsourced to a separate, more-specialized medical facility.
Perhaps,
more importantly, accountants formulate a suitable financial strategy that the
medical office can use to maximize profits and keep operating costs low,
without sacrificing the quality of service they provide. This involves
determining the proper overhead, or operating costs, that the office should
adopt. A fixed overhead allows for greater control of expenses, while a
variable overhead allows greater flexibility in providing multiple
services.