How to Hire a Great Accountant For Your Cash Pay Medical Practice

While the skill set required by any medical practice accountant is going to have the same general characteristics, there are some peculiarities to a cash pay medical business opportunity. Physicians who are looking to hire an accountant for their cash pay practice should be very clear in their medical advertising that the position is one within a niche medical practice and requires certain accounting and personal skills.

* Outstanding Organizational Skills. Most medical practice accountants, by the nature of the profession, have excellent organizational skills. A cash pay physician practice, due to the nature of the business opportunity, requires an even higher degree of organization and accounting foresight. The reason for this degree of financial analysis is that transactions in a cash pay medical practice are intended to be just that-cash only. The traditional financial management procedures of making purchases and ordering supplies on credit are usually not acceptable for this type of medical marketing. The accountant you hire needs to be able to keep track of exactly how much cash your medical practice has available on hand, which requires an ability to foresee operating costs well ahead of time. The medical advertising agency you use to make your accounting position opening known should place special emphasis on budgeting foresight and superb organizational skills.

* Demonstrated Medical Practice Accounting Experience. A cash pay medical practice is a difficult place for a new physician practice accountant to get on-the-job training. You need an accountant that is well skilled in working with medical marketing companies and other healthcare consulting firms in order to feel comfortable entrusting this individual with your medical practice finances. The accountant should know how to deal with health care product suppliers and should provide demonstrated success with operating budgets. You are working on a cash-only basis, so you absolutely need an accountant who can keep your finances solvent.

* Firm working style. During the interviewing process, you should pay particular attention to the accountant's working style. As owner of a cash pay medical practice, you need an accountant who will be firm in keeping your cash flow coming rather than accepting excuses for payments. Of course, you are offering a service, so you do not necessarily want an inflexible staff member who is intimidating to your patients! In your medical radio advertising, request that applicants understand the absolute necessity of recovering due payments and balancing your accounts. An accountant who is willing to let payments go is one that will quickly place your cash pay medical practice in the red.

06 Oct 2008 19:38:47

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