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February 12th, 2014
Being a medical practitioner can be too much to handle. From practising medical precision to saving hundreds of people from sickness, you might have less time to attend to equally important matters such as accounting.
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.
On another general note, Porter also highlights the need to know and assess the methods of the accountants or company. From billing to taxing programs to dealing with the Australian Taxation office, competency should manifest in both the display of practical knowledge, and efficient execution of processes. For instance, in the case of medical expense reimbursement plans, Porter warns, “If the accountant you’re speaking with is unfamiliar with such plans, you should be wary because that might be a red flag that he or she isn’t well versed in deductions that could save your business money.”
Australia, being the new centre of medical advances, Melbourne’s doctors might not only be facing an influx of breakthroughs, but also a rising need for accountants for doctors. MEDIQ is a Victoria-based company that aims to address this demand. There’s now no need to look further for medical accountants in Sydney.
(Source: 10 Questions to Ask Before Hiring a Tax Accountant, Entrepreneur, 14 Jan 2013)