{"id":31,"date":"2023-09-28T19:19:49","date_gmt":"2023-09-28T19:19:49","guid":{"rendered":"https:\/\/www.medical-accounting.com\/blog\/?p=31"},"modified":"2023-10-11T17:45:14","modified_gmt":"2023-10-11T17:45:14","slug":"how-to-evaluate-accountants-for-doctors","status":"publish","type":"post","link":"https:\/\/www.medical-accounting.com\/blog\/how-to-evaluate-accountants-for-doctors\/","title":{"rendered":"How to Evaluate Accountants for Doctors"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Managing finances in a medical practice is a complex and critical task that demands precision, expertise, and a deep understanding of both healthcare and financial regulations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For doctors and healthcare professionals, finding the right accountant is not just about crunching numbers; it&#8217;s about entrusting someone with the financial health of their practice. From navigating healthcare compliance to optimizing tax strategies, the right accountant can make a world of difference in the success and sustainability of a medical practice.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we will explore the essential criteria and considerations for evaluating accountants for doctors so you can be confident your finances are in good hands.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-32 size-full\" src=\"https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/9.png\" alt=\"\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/9.png 1200w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/9-300x158.png 300w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/9-1024x538.png 1024w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/9-768x403.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><b>Doctors Have Specific Accounting Needs<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As we mentioned, the financial landscape of medical practices is unlike that of most other businesses, marked by <\/span><a href=\"https:\/\/www.csaccounting.com\/blog\/index.php\/2023\/09\/27\/top-5-mistakes-to-avoid-in-medical-accounting\/\"><span style=\"font-weight: 400;\">distinct challenges<\/span><\/a><span style=\"font-weight: 400;\"> and intricacies. Physicians, as well as healthcare providers, must grapple with an array of:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Regulatory requirements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ever-evolving healthcare laws<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unique financial considerations<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This makes it imperative for doctors to seek out accountants who are not only proficient in standard accounting practices but are also well-versed in the nuances of the healthcare industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the primary distinctions in healthcare accounting lies in billing and reimbursement. Medical professionals deal with insurance claims, Medicare and Medicaid billing, and private-payer negotiations, all of which demand precise and compliant accounting practices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tax planning is another crucial area where healthcare professionals require specialized expertise. The tax landscape for doctors is multifaceted, with unique deductions, credits, and compliance issues.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accountants familiar with the specific tax laws applicable to medical practices can help physicians:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Optimize their financial strategies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minimize tax liabilities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Avoid costly pitfalls<\/span><\/li>\n<\/ul>\n<h2><b>What to Look for in Accountants for Doctors<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">How do you know which accountants have the right skill sets and what sets them truly apart from others? Consider the following:<\/span><\/p>\n<h3><b>Expert Qualifications and Credentials<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Start with their specific qualifications and credentials for the job. In nearly all situations, this professional <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/c\/cpa.asp\"><span style=\"font-weight: 400;\">should be a CPA<\/span><\/a><span style=\"font-weight: 400;\">, not just a bookkeeper. This certification ensures they have the most advanced training in accounting best practices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Look for professionals who have a medical degree in accounting, healthcare administration, finance, or a related field. An education that includes medical finance alongside accounting can be critically valuable.<\/span><\/p>\n<h3><b>Industry Knowledge and Experience<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">While education is valuable, experience is even more important. Look for an accountant who has existing experience with healthcare accounting.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Where did they work before?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What type of work did they do in that situation?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is their niche accounting for doctors?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are they up to date on healthcare financial regulations?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What strategies do they employ to ensure that they keep up with those standards and changes?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Consider, as well, how they operated with other medical professionals and practices. Some may work in-house, providing for large practices as their sole focus while others may work for an accounting firm with expertise in the industry. Both situations have their pros and cons.<\/span><\/p>\n<h3><b>Search for Trusted Referrals and Recommendations<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Because selecting an accountant is a valuable decision, it\u2019s essential to gather as much information about your candidates as possible. Seek recommendations from:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trusted professionals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Colleagues<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Medical associates<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Research the recommendations by looking for online reviews and gathering testimonials.<\/span><\/p>\n<h3><b>Technology Skills and Software Proficiency<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">It\u2019s essential to work with an accountant with experience in accounting software and tools for doctors. If they are familiar with the system you are already using &#8211; bonus points.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Don\u2019t forget to discuss their proficiency with electronic health record (EHR) integration and what challenges they have helped overcome with it (or the successes they\u2019ve had). The key here is to evaluate the professional\u2019s ability to meet data security and HIPAA compliance while properly following accounting practices.<\/span><\/p>\n<h3><b>Excellent Communication Skills<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The value and insight a highly skilled professional can bring to your healthcare practice are profound when you select the right person. Yet, they must be able to communicate that with you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Evaluate their ability to help you understand your financial position and how the numbers can be applied to grow the practice.<\/span><\/p>\n<h3><b>Fee Structure and Affordability<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Take a look at your needs and compare them to the list of accountants for doctors you\u2019ve narrowed down. Remember to balance your needs with the value they provide. You will be able to find an accountant who offers the services you need within your price range.\u00a0<\/span><\/p>\n<h3><b>Compatibility and Fit<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Having a good working relationship is critical, and it shouldn\u2019t be something you overlook when choosing an accountant for your business. Ensure the accountant you choose understands your goals and can align their values with your practice.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-33 size-full\" src=\"https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/10.png\" alt=\"\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/10.png 1200w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/10-300x158.png 300w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/10-1024x538.png 1024w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/09\/10-768x403.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><b>We are a Solid Team of Accountants for Doctors<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The value of a highly qualified professional cannot be overstated, and with these evaluation steps, you\u2019ll be able to sift through your list of accountants for doctors and find the right professional for the job.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re a medical professional and are in the market for an accountant, consider reaching out to Sorenson &amp; Company. We are experts in accounting for doctors and would love to help you organize and manage the financial side of your practice so you can concentrate on caring for patients. <\/span><a href=\"https:\/\/www.medical-accounting.com\/contact.htm\"><span style=\"font-weight: 400;\">Reach out to us to learn more.\u00a0<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Managing finances in a medical practice is a complex and critical task that demands precision, expertise, and a deep understanding of both healthcare and financial regulations.\u00a0 For doctors and healthcare professionals, finding the right accountant is not just about crunching numbers; it&#8217;s about entrusting someone with the financial health of their practice. From navigating healthcare [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":41,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/posts\/31"}],"collection":[{"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/comments?post=31"}],"version-history":[{"count":1,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/posts\/31\/revisions"}],"predecessor-version":[{"id":34,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/posts\/31\/revisions\/34"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/media\/41"}],"wp:attachment":[{"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/media?parent=31"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/categories?post=31"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/tags?post=31"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}