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What is a specialist medical accountant?

The accountancy sector is an interesting one. It is certainly vast, with many different types of accountants out there. Some of them you will be very familiar with, while others you may not have ever heard of.

Medical accountants tend to fit into the latter category. Very few people realise that behind every medical practitioner, clinic, dentist or GP surgery is a specialist accountancy team.

A deep understanding of the medical sector

Members of these specialist medical accountancy teams are, of course, fully qualified accountants. In addition though, they will have taken targeted courses to grow their understanding of the medical field and how it works.

Often, they will also be members of accountancy associations and workgroups that are made up of accountants who also work in the medical sector. Being associated with these groups enables them to stay current and quickly identify new and more efficient ways of working. Naturally, this is something that greatly benefits their clients.

Familiar with NHS accountancy and working practices

In the UK, a lot of work is carried out for the NHS. As a result, most medical accountants here are very familiar with the Department of Health and Social Care group accounting guidance. When changes to this document occur a medical accountant will assess the situation and work out whether the practice they work for needs to respond in some way.

Sometimes, the way things are recorded has to be changed to meet the new criteria. It is very important to keep pace with these changes because failure to comply can lead to a loss of funding and make it impossible for the business to secure future NHS work.

Payroll and tax services

Most doctors, dentists and other practitioners ask their accountant to deal with the tax authorities and payroll tasks. This frees up precious time for them; time that they can use to treat more patients.

Identifying business opportunities

Often, when the owner of a medical practice identifies a potential business opportunity, they turn to their accountant for help. Before investing time and money into offering a new service, the doctor, physiotherapist or another type of medical practitioner wants to know if it will be profitable.

A good accountant can help them with this task. They can take details of the startup and running costs and what will be charged for the service, and use that data to provide spreadsheets that identify if it would be profitable.

Assistance with securing funding

In the medical field, there are quite a few funding opportunities. Additional funds can come in the form of government funding or research grants from other sources. Typically, those medical practices that prosper and grow the most are the ones that successfully secure this type of funding.

Usually, applying for grants and funding is quite complicated. Businesses have to fulfil certain criteria and provide financial data. A good medical accountant is familiar with and understands how medical funding works. They, therefore, know how to produce financial reports that clearly show that the business is a good candidate for the cash that is on offer; something that greatly improves their chances of being picked above other applicants.

By providing all of the above services, specialist medical accountancy firms free up time for the doctors, dentists and medical practitioners they work for, leaving them free to run their businesses and make a bigger profit.

Posted by Mark
October 1, 2018
Accountants

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