Archive for April 2014

Doctors Need to Be Kept Safe from Diseases, Too

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Many may think that doctors are immune to getting sick. However, this is not exactly true, considering how often doctors are exposed to a variety of disease-causing organisms and other health hazards in their day-to-day work. Some medical professionals may be able to afford some sick days, but what about those who need to put in extra hours at the clinic or hospital to pay the bills? This is where income protection comes in.

Income protection policies are a popular way to assure that a person’s quality of life will be maintained while suffering from a sickness or injury. Most policies can cover a person until retirement age and the compensation that a policyholder will receive is usually dependent on the amount of salary he wants to insure. Note that income protection for doctors should ideally cover up to 65% of income in case of an illness or accident.

It sounds like a great idea and often is. A doctor cannot predict what injuries or unfortunate incidents he might encounter while out in the field, so it’s best to be prepared with a financial “plan B”. However, getting a policy can be complicated. This is because plans can differ in terms of when you can start to collect payment, how long a period it covers, and what the insurer considers as legitimate claims. Fortunately, doctors seeking to protect themselves from the vagaries of misfortune via income protection insurance can count on the services of professional financial planners.

Types of Accounting Help for the Medical Field

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Medical establishments, like any other business entity, need sound accounting practices to keep them running. Fulfilling this need is considered a top priority for large hospitals, most of which possess enough resources for an in-house accounting department. Sadly, this isn’t the case for smaller-scale clinics, which turn to outsourcing accounting services. Here are some of their most common forms, along with brief descriptions.

Private accountants. These professionals often have multiple clients, and are trained on special accounting considerations concerning the medical profession. One such factor is detailed cost accounting, which typically deal with keeping patient bills constant with the rising costs of acquiring and maintaining medical equipment.

Accounting firms. They practically serve as a small clinic’s accounting department, and provide specific services tailored to meet their clients’ needs. These may include billing, payables, receivables, and the production of cash flow statements or monthly/annual financial reports.

Part-time accountants. Clinics can also hire accountants on an hourly basis, who work within the premises at frequencies ranging from a day or two per week. Their services typically don’t differ with the first two, only the work shift does.

Tax consultants. These professionals specialise in the preparation of annual tax returns, and giving out tax advices. As the saying goes, taxes are one of the most certain things in this world, and medical establishments are not exempted from taxation, regardless of their valuable services to people.

Three Useful Marketing Tips for Your Practice

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A medical practice needs a successful marketing strategy for profit, growth, and patient retention. With the proliferation of online advertising and social media, it’s easy for physicians to lose focus when trying to market their practices. The tips below can help you develop a sound marketing plan and keep help you choose the most efficient methods.

Implement a website content marketing plan.

Website content provides a unique opportunity for physicians. As an experienced professional, the knowledge you have acquired through the years can be invaluable to the patients you serve. This means that your website’s blog can prove to be an important resource for them.

Consider both online and offline marketing opportunities.

The Internet offers plenty of great opportunities for inexpensive (even free) marketing, but traditional marketing strategies also has its own rewards. Put simply, learn to harness these two marketing options well. A diverse marketing strategy that uses both online and offline opportunities will reach a wide variety of customers.

Turn loyal patients into passionate advocates.

Your current patients may very well be your best form of advertisement. Providing consistent, high-quality medical care, along with establishing client rapport, is the best way to turn patients into walking endorsers.

Once you have these marketing strategies in place, it is important for you to monitor the results. Hiring a reliable medical accountancy firm will be of great help to you in this regard.

An Accountant’s Role in Business Industries

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In a nutshell, an accountant’s job is to maintain and inspects his clients’ finances, and while most of the time those clients range from small businesses to huge corporations, even individuals (particularly those with a vast array of assets) may need the help of an accountant too. Basically, anyone who’s conscious about their wealth could benefit from the services of a dependable accountant.

Multiple Industries

Just about any industry can take advantage of accounting services. Take the medical profession for example. If you own a hospital or even a medical office, then you’d surely understand how even doctors need accountants to help with everything from managing business taxes to facilitating payment from your patients. This is of course because, in essence, medical services, like all fields of practice, also cannot thrive without an efficient flow of incoming and outgoing financial resources.

Publicly Traded Companies

Another benefit of having accountants on hand is for publicly traded companies. These public companies are limited (Ltd.) liability companies that offer its stocks/shares, bonds, and securities for acquisition by members of the general public, so just about anybody can buy a portion of these firms. Typically, such companies are required by local law to hire reputable accountants to conduct external audits.

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