Manage medical finances

Understand the billing process. Find out if medical support is available in your area regarding advice and support in billing: there are often local resources that help doctors do this task. Also, billing is a task that you will not have to delegate to the office staff. Once you master it, it will take very little time and most electronic health record systems will have the billing process integrated into the same program, which will make it quick and easy.

You will be the person who will know patients well and, as such, you will be the only one who can bill more adequately and more exhaustively for the services you provided.

Establishes a process to inform the costs of services to patients.  It is important that you let your patients know what a prepaid health care plan covers and does not cover and how it is done to bill them for services that the plan does not cover (or how to get a third party to pay in case they pay). there is the option). Take your time to familiarize yourself with the way in which the billing process is applied to your patients and be frontal about all the costs that will come out of their pocket. Communication and clear disclosure of costs is important.

Talk to an accountant about taxes. You will have to know how much money to separate and when the payment of taxes is due (for example, you may pay quarterly taxes) and the differences between the tax return for the owner of a company and for an employee of a company. There will be many things that you can discard as the owner of a company, therefore, you must keep in a folder the receipts related to it. It is recommended to use a separate bank account and a credit card for the income and expenses of the company.

Consult with your financial advisor to implement a long-term plan. It is important to consider your long-term financial goals and properly plan retirement at an age at which you will close your practice and an idea of ​​the money you will need to maintain your lifestyle.  Planning your financial goals in general will help you stay on track when you start your own medical office.