As a medical practitioner, you want to give your patients the best possible care. That means a 100% focus on your practice and keeping up to date with the latest developments in your field. Your practice, however, doesn’t run itself. There are numerous administrative tasks, including the complicated realm of medical financial management. Hiring a CPA (certified public accountant) is often the way forward, but there is limited guidance available on how to choose one with the right expertise to handle the complexities of financial management for the healthcare sector.
Getting your taxes done is an added stress you don’t need when focusing all your attention on your patients. Yet if you don’t address financial requirements correctly and on time, you could face fines or other complications, taking you away from the job you’re passionate about for even longer. How can you ensure you’re choosing the right CPA to deal with your medical finances correctly? Use the following tips to help you make the best choice.
Verify Your CPA’s Experience and Qualifications
All CPAs need to be fully licensed and will typically have a bachelor’s degree as well. In addition to seeing evidence of these qualifications, you want to partner with a CPA who has experience working with other medical practices and navigating the ins and outs of medical financial management. Dealing with medical finances isn’t as simple as creating spreadsheets and sharing figures. Everything pertaining to patient information must adhere to HIPAA regulations and other data protection rules. As medical finances range from patient payment plans to office expenses, you require a CPA who understands how to make your financial records compliant with various regulations.
Medical practices can lose time and money trying to manage their finances without expert assistance. The first step towards better efficiencies and complete compliance is hiring a CPA with proven success in medical financial management and the right qualifications to make your accounts more efficient and compliant. Ask your CPA to provide testimonials from satisfied clients and evidence of a proven track record in medical settings.
Discuss Open Communication Channels
Like all business partners, your relationship with your CPA works best with regular, clear communication. Talk to your potential financial management provider about ways they support this. Can they set up a regular meeting with you or a member of your team? Would you prefer a weekly or monthly email update? How will your CPA ensure they have all the relevant documentation from you?
An experienced CPA will more than likely discuss setting up a shared folder or drive where you can securely upload financial resources from your practice. This will allow them to quickly update any spreadsheets or databases while ensuring they remain compliant with data protection rules and other regulatory requirements.
Make sure the CPA you choose can provide the right level of communication for your practice’s needs. All medical practitioners know the impact poor communication can have on healthcare outcomes. Your finances also need to be kept in good health, which means creating the right ways to share information safely.
Find Out if Your CPA Provides Bespoke Packages
If your CPA has a “one size fits all” approach to services and fees, the chances are that they’re not suitable for your medical practice. A company with experience in medical financial management will know that no two practices are the same. They will offer a range of services, from general accounting services to tax-specific preparation, and will charge depending upon the quantity and type of work required.
They’ll understand that your business model may be completely different from any other practice in your area and work with you to find the highest-quality accounting solutions at the best value. Ask about other services your CPA may offer, such as business consulting or valuation.
Find Out How Trusted Your CPA is Among Your Peers
A great way to evaluate the effectiveness and reliability of a CPA is to find out which other medical practitioners or practices they’ve worked with previously. This may be as simple as visiting their website and looking at what industries they’ve had success with in the past. You can also set up a consultation with a CPA and ask them to show you evidence or testimonials from other clients. Check that they can provide the medical financial management you need within the specific context of your practice by reviewing others like you that they’ve worked with before.
Choose the Right CPA for Your Medical Practice
Here at BradyRenner, we want to learn all about your long-term goals for your medical practice and, ultimately, what your financial goals are for retirement and beyond. We understand the intricacies of medical accounting and can work with you to ensure your financial documents adhere to HIPAA privacy and security rules as well as the financial regulations governing the healthcare industry.
BradyRenner has the proven experience of success with physicians and their practices, dental practices, and other healthcare providers, including home nursing agencies. We’re always delighted to share our previous success stories so you know you’ve chosen a CPA that can focus on your particular segment of the medical industry. Consult with a BradyRenner CPA to learn more.