Having an experienced accountant on your side is one of the most important steps you can take to ensure your practice is financially sound.
But how do you find someone who truly understands the unique financial challenges of the medical field? Let’s look at where to begin.
Understanding the Unique Needs of Healthcare Practices
Private practices face challenges like managing fluctuating insurance payments, handling the intricacies of medical billing, and complying with strict healthcare regulations.
These factors can get overwhelming fast, especially if you have an accountant who’s unfamiliar with the healthcare landscape. That’s why finding a specialist is so important.
Key Qualities to Look for in an Accountant
When searching for the right accountant, here are a few key qualities to keep in mind:
1. Experience in Healthcare Accounting
You wouldn’t trust just anyone to take care of your patients, and the same should go for your finances. Look for an accountant who has a track record of working with healthcare professionals. They’ll already understand the expenses tied to running a medical practice, from equipment maintenance to staffing costs.
2. Knowledge of Medical Billing and Coding
Your practice thrives on accurate billing and timely reimbursements. An accountant who understands medical billing codes and insurance claims can help you identify discrepancies and ensure nothing falls through the cracks.
3. Familiarity with Compliance and Regulations
Healthcare is one of the most heavily regulated industries. Having an accountant who is knowledgeable about HIPAA compliance, Stark Law regulations, and tax laws specific to the medical field can save you from major headaches down the line.
Where to Find Qualified Accountants
Now that you know what to look for, where do you find the right accountants? Here are some starting points:
- Referrals from Colleagues: Ask other physicians or practice managers for recommendations. A referral from someone you trust can go a long way.
- Online Directories and Professional Organizations: Look into resources like the American Institute of Certified Public Accountants (AICPA) or the National Society of Accountants (NSA). Many platforms list accountants by specialty.
- Local Networking Events: Industry events or local business conferences can be great places to connect with accountants who specialize in healthcare.
Questions to Ask Potential Accountants
Before you settle on the first accountant you meet, it’s worth asking a few critical questions:
- Have you worked with healthcare practices before? If so, how many?
- How do you stay updated on changing healthcare regulations?
- What services do you provide beyond bookkeeping? Can you help with financial planning or tax strategy?
- How do you charge for your services, and what does your pricing include?
Their responses will give you insights into their experience and whether they’re the right fit for your practice’s needs.
Conclusion
Hiring the right accountant is an investment not just in your finances but in the sustainability of your private practice. The right professional can help you save time, reduce stress, and focus more on what you do best—caring for your patients.
With their expertise, you’ll gain better control over your practice’s finances and peace of mind that you’re meeting all regulatory requirements.
