6 good reasons why medical professionals should leave their finances to the experts

Chances are, if you’re a medical professional, you’ve been faced a few times with a patient who thinks your knowledge and expertise can be replaced with a quick Google search. It’s increasingly common to think that the internet can provide all the answers, and too frequently, we overlook the value of a nuanced and educated professional opinion. 

But as a physician, you know that while someone may search for medical information online, they can’t diagnose or treat their condition accurately without the care of a trained medical professional like you. It’s the same with legal advice and qualified attorneys, who are infinitely more capable of representing you in court than representing yourself based on what you learned from surfing the internet. 

The same thing holds true when it comes to your finances. As a medical professional, you have your own area of expertise. As highly trained chartered professional accountants, we have ours. Accountants provide financial analysis and advice, ensuring compliance with tax laws and regulations. Not unlike physicians, it’s our job to help our clients make informed decisions and avoid costly mistakes when it comes to their financial health.

If you’re a medical professional who hasn’t yet sought the services of a skilled accountant experienced in helping physicians and nurses like you, here are just a few of the reasons you should make it your priority before the 2023 tax year is over.

1- Bookkeeping: Don’t remember this class from medical school? That’s because you’ve likely never taken a class in accounting, which means that hiring a professional is the best way to keep your medical practice financially on track. This will help you keep tabs on income and expenses, prepare financial statements, and ensure compliance with tax laws and regulations. We can even help with payroll. 

2- Tax planning: No one wants to pay more in taxes than they need to and it can be especially important for medical professionals to get financial advice in order to take advantage of the many credits and deductions available to them. Tax accountants can also prepare and file tax returns and keep you abreast of any changes in tax laws.

3- Business planning: Running your own practice requires much more financial expertise than payroll and taxes. If you really want to reach your full potential, comprehensive business planning can help you get there. Accountants offer advice on strategy, analyze data to identify trends, develop budgets and forecasts, and provide guidance on investments and retirement planning. Depending on your individual needs, you can see a general practitioner or a specialist with more extensive experience in one particular area – not unlike seeing a medical professional.

4- Practice valuation: Thinking of selling or buying? Accountants are skilled at providing accurate valuation of a medical practice, and can help you secure financing if you’re looking to sell or expand.

5- Revenue cycle management: You’ll want to manage your revenue cycle effectively so you get paid for the services you render. An accountant can help you do this, by offering strategies to improve billing and collections, claims management, and patient accounting.

6- Regulatory issues: Healthcare is heavily regulated. An accounting firm that specializes in helping medical professionals can provide assistance to ensure you’re complying with any applicable regulations and laws. 

If you aren’t yet convinced that you should hire a professional accountant to help you achieve your professional goals, consider what your time is worth. Whenever you’re able to free up more time for your own area of expertise, you’ll increase your earning capacity well beyond what professional assistance usually costs. 

Since we’re experts in our own field, we can perform financial tasks in a fraction of the time it takes someone with less experience. We’ll also improve the accuracy of your financial records, reducing the likelihood you’ll make costly or time-consuming errors. Plus, business expenses are usually tax deductible, and we’ll make sure you get back every penny to which you’re entitled.If you’re ready to have your finances managed more effectively while you focus on providing quality patient care, then book a consultation and find out how our team at MMT Chartered Professional Accountants can provide you with a wide range of financial services. Don’t trust your financial diagnosis to Google – get the expert advice you need to keep your finances and your business as healthy as possible.

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