Archive for July 2014

Healing the Healers: Finding the Right Income Protection for Doctors

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"When doctors get sick or injured from such work related incidents as needle stick injuries, bone dust inhalation, or even work-acquired HIV, their capacity to earn can greatly diminish. In some cases, this can render years of studies and training practically without value. Unfortunately, the nature of a doctor’s work and income is such that a regular life insurance policy may not be sufficient to cover the specific nature of their incapacitation or loss of income. What is needed is a comprehensive income protection for doctors that will give these professionals and their families adequate financial protection. Finding the right insurance policy for doctors is not an easy job, and these physicians could easily fall into the trap of settling for a standard life insurance policy. Medical finance specialists, like those at MEDIQ Financial Services, can help find excellent income protection insurance for doctors. These financial professionals have trained and laboured to identify the sp

Medical Accounting: Providing Adept Financial Management for Doctors

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"New York Times blog columnist and editor Ron Lieber even says that among all professionals, doctors are some of the most vulnerable to the effects of financial blunders. While they may commit the same mistakes as the rest of the population, the amount of money they make can magnify the effects of these mistakes a few times over. Several factors can lead to the mismanagement of a doctor’s finances, and Lieber cites three of these. First, doctors tend to be impatient with regard to investments, given that they often start late on a flourishing career. Second, Lieber cites doctors’ trusting nature, something nurtured by the openness of the medical profession in general."

Coping with the Changes: Doctors Need Medical Accountants in Melbourne

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"Doctors have to review and compare past and present policies to ensure they apply the correct coverage when billing for the services they offer. Otherwise insurance companies may refuse to cover expenses in relation to the new rules. This then can lead to financial issues on the doctors’ part, which may take considerable time and effort to unravel. Situations like this highlight the need for the services of medical accountants in Melbourne. Not only can a qualified medical accountant, like those from MEDIQ Financial Services, perform accounting tasks fundamental to the smooth operations of a practice, he can also be expected to be informed of any changes in the legal subsidy systems. This professional’s awareness of such possible changes can help him and the doctor lay down plans or strategies geared to cope with these changes. A medical accountant may be able to create multiple options to protect the medical practice from any issues with insurers and the ATO."

Skilled Accountants for Doctors in Melbourne Help Streamline Services

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"Large public hospitals are typically highly-organised institutions, staffed by different professionals who perform specific functions. In contrast, small to average-sized private practices are run by fewer people, sometimes no more than the doctor himself, and perhaps a nurse or an assistant. It is not often that the doctor is an accounting expert himself– something which has led to accounting woes among many practices. To address this situation, the services of accountants for doctors in Melbourne are needed. Fortunately, there are companies like MEDIQ Financial that provide accounting services for medical practices. The pros in these services can perform various related jobs, such as taxation and bookkeeping. They can even design financial strategies that can streamline the transactions in a medical office. With the help of a skilled accountant for doctors, physicians can go about their roles of keeping others healthy without having to worry about the state of their books."

Some Important but Commonly-Overlooked Tax Deductions for Doctors

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"Common tax-deductible items may include medical supplies necessary for the medical practitioner’s professional practice (rubber gloves, precision surgical instruments and the like), office space (if the individual is self-employed), uniforms (if the individual works for an employer), continuing education (this can either be required by an employer or solely the personal choice of the individual), and travel expenses (miles travelled for official business). All of these items and services are subject to various state-specific tax laws under the Affordable Care Act (a.k.a. Obamacare). Financial issues, such as complex tax deductions for doctors, can be too confounding for the fiscally challenged or na├»ve, and the risks of having to confront the IRS for overlooked income declarations can be daunting. Doctors also miss out on sizeable tax refunds if they fail to itemize their deductibles. Fortunately, help is available and companies like MEDIQ, which specializes in financial management

Dissecting Tax Deduction Concerns with Medical Accounting Experts

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"Conversely, there are expenses that may be work-related but cannot be claimed, such as daily accommodation and meals, work-to-home travels, and debt repayment through HECS-HELP or other loan schemes. Some expenses, especially tools or assets like desks and computers may be subject to value depreciation or reduction, which can be computed by expert medical accountants for tax deductions, as well. Calculating tax deductions from your business expenses can be rather complex. Declared income, offsets against personal health insurance, superannuation, and other issues, also play into doctors’ comprehensive audits. How these factor into annual financial planning for doctors can be analyzed and simplified by consulting with chartered accountants and financial planning advisers, such as MEDIQ. With medical accounting as its specialty, MEDIQ offers doctors a range of financial services, including accounting and tax planning solutions, to help protect their clients’ business and make life le

Medical Accountants Can Help Doctors Run a Financially Tight Ship

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"Fortunately, medical accountants from Melbourne firms like MEDIQ Medical Financial Services can help you keep track of your money so you can focus on treating patients instead. Aside from the accounting services mentioned above, they can also do expense claim and controls, government or employer record keeping, and process your payments for BAS, GST, PAYG and superannuation contributions. They provide tax minimisation strategies too, so you won’t have to pay more taxes than you absolutely have to. When you operate a private practice, you are the captain of the ship. Unfortunately, the financial mistakes that doctors commit are like holes that will slowly but surely sink the vessel. Medical accountants help you keep track of where your money goes to maximize your practice’s profitability and as well as your income."

Your Income is Insured: The Need for Income Protection for Doctors

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"For doctors, this is good news. Who knows about the human vulnerability towards sickness and death better than they do? Surely, doctors – being the humans they are – are equally susceptible to illnesses like their patients. As with other types of insurances, there are policies and processes that can make income protection for doctors complicated to claim. Here’s where reliable financial advisers come in. They may be able to assist in and educate you about strategies in approaching the risks and issues that you may encounter upon claiming the insurance. The truly competent advisers are those who display efficiency and professionalism from years of dealing with people from your industry."

How to Know the Right People to Trust Your Medical Accounting with

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"Medical accounting is a type of accounting practice that specifically caters to individuals and businesses in the medical field. It is a booming industry that thrives on medical practitioners’ or medical practice operators’ reliance on external accounting services. Jane Porter of the Entrepreneur gives some tips on how to find the competent accountants most suitable for your needs. She emphasises that one must make sure that the accountants or the medical financial service company “understands your type of business.” This ensures that not only do they have a clear sense of the practice; they also know the services needed to survive the unpredictable industry and economic climates."

Medical Accountants in Melbourne Promote Tax Fairness for Doctors

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"The reminder comes with new research from the ATO that suggests that small businesses agree that paying goods and services tax is important and is the right thing to do. The same research found that around two thirds of businesses would report anyone they knew evading paying tax to the ATO. It also found that majority of businesses didn’t think that tweaking numbers on their business activity statements would help them financially. As a significant segment of the small business sector, it wouldn’t be incorrect to assume that a large portion of doctors feel the same way about paying their taxes as the ATO’s research suggests. It is in this regard that hiring a professional medical accountant from a respected firm, like MEDIQ Financial, is important to any upright doctor’s business."

Why a Medical Practice Needs Accountants

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The key to running a successful private medical practice is to manage the financial aspects properly without losing track of quality health care services. The reality, though, is that not all medical professionals can gain sufficient mastery of General Accepted Accounting Principles (GAAP). As such, they rely on medical accountants to handle complex accounting and bookkeeping tasks so they can concentrate on providing their core services.

These certified accountants are primarily responsible for monitoring a medical practice’s cash flow. As such, they have a duty to ensure that the practice does not spend inordinate amounts on medical supplies and equipment. Consequently, accountants see to it that the practice as a whole buys products in accordance with the most cost-effective purchase methods. They may also be in charge of administrating payroll salary systems.

Finally, medical accountants can identify opportunities that may lead to a reduction of the practice’s tax obligations. They will look for opportunities for tax deductions and credits and find ways to take advantages of it. For example, they may suggest that some of the doctor’s family members be employed in the practice and be paid fairly within a lower income bracket. This will accordingly reduce regular tax obligations.

Accountants for Doctors in Melbourne Can Help Doctors Maximize Funds

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"The move made by the newly sworn minister is sure to give some breathing room for medical professionals and accountants for doctors in Melbourne who are working hard to effectively meet the harsh requirements of the ATO. Doctors working beyond the walls of a hospital, like other self-employed professionals, have a lot of financial issues to handle. They have to handle taxation, retirement savings, and income management all by themselves. Such tasks can become daunting for a professional who deals with the lives of his/her patients."

Avoid Financial Setbacks with Reliable Income Protection for Doctors

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"Medical financial service providers allow you to create a contingency plan in the unfortunate event that disallows 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 deep 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 be your investment portfolio, personal expenses, or particular tax deductions for doctors, their specialisation in the medical field allows for customized services that suit your income stream. In turn, you will not have to deal with unexpected financial setbacks, knowing that somebody is working to strengthen your financial capabilities."

Manage Medical Accounting Effectively to Sustain Your Private Practice

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"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 rely on their family doctors for up to four generations. If you are having trouble with your medical accounting obligations, consider hiring a medical financial services provider such as MEDIQ so you 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 seasoned professionals. As a result, you can manage your private wealth better, specifically your loans, investments, and insurance strategies."

How Can Reliable Medical Accounting Help You Out?

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If you’ve been operating a private medical practice for some time, then you know how stressful it can be to worry about earning money and managing costs. Indeed, Dr. Danielle Clode (2004) said that these concerns are two of the most severe stressors general practitioners in Australia grapple with today. Rather than shoulder most of the bookkeeping, why not work with reliable medical accountants to lend you a hand?

The core of a medical accountant’s duty is to gather and analyse financial information from your practice, which they will then use to create accurate financial reports and help you make business decisions. This information isn’t easy to come by, considering that different practices have different methods of earning income and different expenses, which in turn means different financial reports. For example, some practices charge per session, while others require a fixed facility fee from their patients.

Your method will give medical accountants an idea of whatever tax credits, rebates, etc. you may be qualified for. It is also their duty to ensure that your financial documents are correct and up to current industry standards. This will protect you from unforeseen tax liabilities, which can also stress you out, and instead allow you to focus more on making money and managing overhead costs.

Medical Accountants in Melbourne Assist with Accounting and Taxation

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"Healthcare professionals in Melbourne, Victoria, have reason to be concerned. Australia’s cultural capital has a robust medical industry, which suits various disciplines. Healthcare institutions include the Royal Victorian Eye and Ear Hospital; St Vincent’s Private Hospital; and the Royal Women’s Hospital—plus a number of cancer research centres. Whether this proposal is approved by the federal government or not, medical practitioners should continue to rely on the services of trusted medical accountants in Melbourne, like the chartered accountants of MEDIQ Financial. These chartered accountants can meet their clients’ accounting and bookkeeping needs; expense claims and controls; patient and Medicare billing; and government/employer record keeping. They can also assist their clients with their PAYG, BAS, GST, and Superannuation contributions."

Accountants for Doctors: More Needed in the Face of Medical Advances?

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"Scientists are also looking into developing bionic devices to help treat Parkinson’s disease and epilepsy, among other conditions that involve tremors. Moreover, they are working on a “bionic spinal cord” that can have paraplegics controlling robotic arms in five years. 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. Availability might be influenced by factors as simple as distribution, or by ones as decisive as cost. Nonetheless, having all these cutting-edge resources should not remain a pipe dream for both patients and medical practitioners alike."

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