Few see doctors as business people, and few doctors will admit to being businessmen, but the reality is that those who do operate their own practices, must find a balance between caring for their patients and running a service-based business. Even some of those doctors employed by hospitals or other medical facilities will be required to make important financial decisions.
With many doctors having spent years in training at medical school, most begin their careers later in life and are forced from the get-go, to make financial decisions that will enable them to pay off their medical school debts and save for retirement. However, most physicians have incredibly hectic schedules and work long hours, so finding the time to think about financial planning can be tricky.
What is the solution for busy physicians to stay on top of their finances?
There can be only one solution to this question, and it comes in the form of professional help. Doctors and medical practitioners need experienced accountants who can offer them a wide range of services, from tax preparation to financial planning, and every decision made must reflect the unique challenges that those working within the medical industry, face. The kind of financial decisions most physicians must make, need to be of benefit to their families, too, such as if they are preparing to send their children to college.
What are some of the services that specialised accountants can give physicians?
There are several services available to doctors and medical practitioners offered by reputable accountancy firms, and these include:
- Medical Practice Consulting
If you’re a doctor and have just set up your own practice, whether you’re expanding on the practice that you already have, if you’re thinking of hiring employees or making any other significant changes to your business, then you’ll need an accountant and advisor who can help you make the right decisions based upon your historical and current financial data. Monthly cash flow statements can also be provided, enabling doctors to focus on their practice and patients rather than their finances.
- Tax Prep:
If you’re a doctor and/or you run a medical practice, a qualified and experienced tax professional can help guide you through the minefield of tax deductions and exemptions that might be available to you. They can also assist you in making decisions that will affect you or your practice in the long term, and that will legally minimize your healthcare business and personal tax burden in the future.
Failing to make adequate plans for your financial future as a physician, can lead to untimely errors and costly mistakes. Going it alone can mean that you miss out on tax deductions, incur tax penalties and perhaps most importantly, are not prepared for when you leave your practice to retire. Seek professional help today and give yourself the peace of mind that both you and your family will be financially secure in the future or should anything unforeseen occur.