Financial Medical Partnership

Choosing the right accounting option for your practice


3 Aug 2011 by FMP Accounts

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.

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