Financial Medical Partnership

Paying less tax for your medical practice.

2 Aug 2011 by Accounts FMP Ltd

If youíre a busy specialist with a private practice, no doubt youíre aware of your many responsibilities other than patient care. You have to send out bills, manage an office and a group of employees and balance an increasing number of health regulations. Add to that everyday bookkeeping and accounting and you can easily become overwhelmed. Nowadays, medical accounting is a difficult area in which to maneuver. The complicated field of medical finance is best left to a professional. Youíre already busy enough providing care and managing your office; donít try to take on accounting responsibilities as well. In a worst-case scenario, you could make a major bookkeeping error and be subject to government investigation. The best bookkeeping options for your practice are to either hire a full-time staff accountant or to outsource your accounting needs to a competent company providing medical financial services. Both options have pros and cons. Hiring a staff account will be a large cost. However, this may be the option for you if you have a large, high-volume practice that has a need for daily bookkeeping managed by a professional. A good thing about having an accountant on staff is you can oversee his or her work, which may be crucial for some jobs. You may want to hire this employee for part-time work most of the year, increasing his or her work time when taxes need to be prepared or special reports need to be filed. If your practice is small, or if you simply canít see the need for hiring a full-time accountant, outsourcing bookkeeping and accounting needs is probably the best option for you. This way, you only have to pay for accounting when you need the work done. Youíre also more likely to find professionals experienced with medical records keeping if you hire out to a large accounting firm as needed. You can still build a long-term relationship with one or two accountants if you outsource your work, but with this option youíll save money because you wonít be adding another person to your staff. Make sure your accountant has experience with medical records and bills. And also try to find a person you like; youíll be seeing quite a lot of this person during tax season, so itís best you get along. If you hire a good accountant, getting your medical accounting and bookkeeping jobs done right shouldnít be an issue. Remember, donít try to do these things yourself. Spend time doing what you do bestócaring for patientsóand let a professional handle your financial records.

Click here to contact us

Latest Articles

9 Apr 2018 - LOG's

18 Jan 2017 - Get paid for your medical reports

10 Jan 2017 - Better Cashflow Medical Practice

20 Apr 2016 - Importance of cash flow.

26 Oct 2015 - Clinic Pre-Payments

10 Sep 2015 - Patient Account Pre-Payments

23 Jan 2014 - End of paper billing for BUPA

26 Oct 2013 - Save Money with Fixed Fee Medical Billing

22 Oct 2013 - The Cost of DIY Medical Billing

17 Oct 2013 - 3 Reasons to Outsource Medical Billing

14 Oct 2013 - 5 Questions to Ask About Medical Billing in your Practice

7 Oct 2013 - The Rise in Self Pay Patients

3 Oct 2013 - New CCSD Classification for Diagnostic Tests Published

4 Sep 2012 - Patient Accounts

20 Jul 2012 - Private Medical Account System

21 Dec 2011 - Year End Accounts

27 Oct 2011 - Medical Debt Recovery

19 Aug 2011 - Private Practice Manager

11 Aug 2011 - Further improving Cash flow

8 Aug 2011 - Remote Administration of your private practice.

5 Aug 2011 - Skip tracing uk and Europe

4 Aug 2011 - Financial Medical Partnership Ltd drive for eco-friendly billing

3 Aug 2011 - Recent years have seen an increase in self-pay patients

3 Aug 2011 - Getting paid quick with less paperwork and better records

3 Aug 2011 - Electronic billing improves customer care

3 Aug 2011 - Benefits of an e-billing system

3 Aug 2011 - Benefits of an e-billing system

3 Aug 2011 - Efficient practices use e-billing

3 Aug 2011 - Updating to electronic billing and office management

3 Aug 2011 - Choosing the right accounting option for your practice

3 Aug 2011 - Practice Manager Software

3 Aug 2011 - FMPís fixed-price billing saves specialists money

3 Aug 2011 - FMP saves you time and money

3 Aug 2011 - FMP beats all billing competition

2 Aug 2011 - Don't let'Bad Payers damage your practice.

2 Aug 2011 - Self funding patients

2 Aug 2011 - Keep the cash flow in 2011

2 Aug 2011 - FMP Saves you time and money

2 Aug 2011 - Efficient practices use e-billing

2 Aug 2011 - No Success No Fee Medical Collection

2 Aug 2011 - FMP Service

2 Aug 2011 - Good cash flow is crucial for business

12 May 2010 - Consultant Cash flow

30 Sep 2009 - Electronic Medical Billing

25 Jan 2008 - Consumer Credit Licence held by Medical Associates Limited, Credit providor for Financial Medical Partnership Limited

25 Jan 2008 - Consumer Credit Licence

29 Dec 2007 - Saving Money Using Fixed Price Electronic Billing.

29 Oct 2007 - Credittel International

29 Oct 2007 - Competitive finance arrangements for private patients being offered by doctors, to develop their self-pay market

29 Oct 2007 - Development of the Self-Pay Market in Medicine in the UK

FMP P.O. Box 1487, Surbiton, KT1 9RB, England, Company No. 03066638                
Tel 0208 398 9555