One of the smartest things you can do for your medical practice is outsourcing tax requirements to a professional team. Whether you are setting up a new facility or own an established practice, experienced medical accountants can take the weight of your tax obligations off your shoulders, putting you on the path to financial and operational success.
Taxation considerations for medical professionals
Each industry will have its own unique taxation considerations, and the medical sector is no different. This is particularly true for professionals who own a medical practice.
While you no doubt opened your practice with the intention of providing high-quality healthcare for the community, you also have to look at it as a business. If you’re not running a profit, it’s going to be difficult to help your patients.
Doctors, specialists, and other medical professionals should be aware of the typical deductions they are eligible for. Personal protective equipment, for example, may be classified as a work-related expense. Medical equipment and insurance for that equipment are likely to fall under the category of expenses. Even study expenses can be claimed, providing that they maintain or improve the skills and knowledge you need for your current role.
These are rather broad statements that may or may not apply to your unique situation. With that in mind, it’s best to seek out advice from professional medical accountants before making any purchases you intended to claim as an expense.
Why hire a medical accountant?
As a healthcare professional, your skillset is likely to be quite broad. However, it won’t necessarily include understanding how to set your financial affairs up for success. Hiring medical accountants enables you to focus on what you do best, leaving tax planning and financial responsibilities to those that specialise in this area.
The benefits of this are twofold. Not only will your patients have your undivided attention but by handing financial obligations to a specialist medical accountant, you increase the likelihood of running a profitable business. Hiring a medical accountant also ensures that you meet your tax obligations.
What to look for in an accountant
There are plenty of accountants out there, many of whom will claim they specialise in medical accounting. How can you be sure they have the experience and expertise required to be trusted with your finances?
You can start by asking for recommendations from your colleagues and others in your industry. They may have worked with accountants in the past they would recommend. Google can also be a tremendous help: a simple search for “medical accountants” should bring up a range of options in your area. Be sure to check for online reviews — negative or positive!
Consider working with an accountant that offers comprehensive business-related services. An accountant can help you with financial matters but a business advisor in Sydney may be able to provide more holistic advice for strategies you can implement to improve operational performance.
Don’t spend another second worrying about tax, profits, or expenses — contact a professional medical accountant today.
Bridget is a writer and editor, currently living in Melbourne. She is a copywriter for Newpath Web and loves working with words of all shapes and sizes.
