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.
