If you are a physician, chances are high that you are focused on the quality of your patients’ care and ensuring they get it to the best of your and your staff’s ability. Focusing on profits and losses of your practice is probably not the first thing that comes to mind for your practice, yet it is vital to ensuring your practice stays in business and can continue to provide that important care for your patients long into the future. Learn how accounting for physicians can help with the important task of assessing profits and losses below.
How Do Accountants For Physicians Help A Medical Practice?
Accountants for physicians are critical to a medical practice because they help to ensure that these medical practices and the physicians who own them are legally compliant with the relevant tax codes and laws that apply to them. If the practice is not legally compliant in terms of its tax obligations, it can get shut down, which will not only impact the physician and his or her staff, but also impact all of the patients who rely on that physician and staff for their medical care.
How Do These Accountants Differ From General Accountants?
Accountants who work in the medical field differ some from general accountants in that they provide services general accountants or regular certified public accountants (CPAs) do not provide. For instance, accountants in the healthcare industry have to be familiar with OSHA and HIPAA standards and practices, something that is unnecessary in industries that have nothing to do with the healthcare industry. They usually also have connections with other accountants in the healthcare industry who can help them resolve healthcare business-related questions that general CPAs likely would not know how to resolve.