According to the latest Medical Deans Report which surveyed 1,000 graduates, only 13% of Australia’s medical graduates are choosing to pursue a career as a GP. It’s been more than ten years since a figure this low was recorded and there are fears that trends like this will leave many rural and urban communities with limited resources when it comes to local medicine.
The impact can be seen already, as many young Australian doctors emigrate to other countries to practise or choose other specialties which will see them working in a hospital environment. A Deloitte report presented a stark picture when it found that almost 10,000 additional GPs will need to be recruited by 2030 to avoid a serious workforce shortage.
Accountants for Doctors
All of this means the GPs who remain are under more pressure than ever as their patient register increases, but the number of hours in the working week is the same. Aside from the growing number of patients that need appointments, there is a significant administrative burden due to time consuming tasks such as record keeping, prescription management, insurance verification, compliance management and billing.
Trying to manage all of this can make it extremely difficult to strike a work life balance, which is extremely important to avoid burnout. People are more aware than ever that time off work is critical to ensure the wellbeing of doctors and ultimately the quality of care they provide.
After a long week of completing all of these tasks, the last thing a healthcare professional needs is to sit down and tend to their accounts. As a doctor or nurse, the first priority is top class patient care, but intricate financial tasks such as payroll, tax filings and accounts reconciliation must be completed to keep the wheels turning.
Outsourcing this burden to specialist accountants for doctors can take a huge weight off your shoulders and give you back a significant amount of free time. Investing in a service like this will bring endless benefits, some of which have been outlined below.
More time for patients
One of the primary reasons that healthcare professionals choose their career is a passion for helping people. But as discussed, it can become harder and harder to focus on patients when your attention is divided between countless other tasks.
Improved flexibility
Nurses, doctors and healthcare professionals deserve to be given the time to relax and recharge in whatever way works for them, and they should be able to do it knowing that their business is in capable hands, even during a vacation or period of extended leave.
In outsourcing this, you’ll find yourself with more flexibility to pursue personal interests, hobbies, enjoy family time and have some fun.
This allows healthcare professionals to focus more on their clinical duties and patient care, reducing work-related stress and burnout.
Financial expertise and security
Aside from anything else, you may be someone who struggles with accounting.. There are specialised accounting firms in Sydney for a reason; balancing accounts is tricky. If you’re someone who already finds these calculations and tasks tough, and you try to approach them while you’re exhausted, you’re at risk of making errors that can have serious consequences.
Handing this responsibility off to an expert who will take care of it with precision and accuracy means you don’t have to worry about costly mistakes or financial complications due to a lack of expertise.
In addition to this, your accountant is there for you if you have any questions. If you want to make changes to your business or finances, you can talk to them about how to go about it and what the impact of those decisions could be instead of taking the risk alone.
A bonus feature to having an external accountant is that they typically invest in stringent data security measures to provide protection against breaches and unauthorised access, an extremely important factor when it comes to patient records.
Expertise and Compliance
Medical accounting firms are well-versed in the nuances of healthcare finance. They stay up-to-date with the latest regulations and compliance requirements, ensuring that healthcare providers remain on the right side of the law. By outsourcing this aspect of their operations, healthcare providers can trust that their financial processes are being handled by professionals who understand the intricacies of the industry.
Time and Resource Savings
When healthcare providers outsource their medical accounting, they free up valuable time and resources that can be redirected towards patient care. Instead of being bogged down by financial paperwork, they can focus on what they do best—treating and caring for their patients. This results in better, more efficient healthcare services and, ultimately, improved patient satisfaction.
Increased Revenue
Medical accounting experts are skilled at optimizing revenue cycle management, which includes medical billing, claims processing, and collections. By streamlining these processes, healthcare providers can increase their revenue streams, which can be reinvested into better equipment, additional staff, or improved patient care services.
Cost efficiency
If you are a healthcare professional that has been struggling with your accounting and have hired an in-house team to handle it, you may have discovered that this can be an expensive affair. It involves hiring, training and retaining staff as well as purchasing costly accounting software and the utility costs of their workplace.
With outsourcing, you pay for a service as you need it, eliminating the overhead costs associated with the in-house team. This can be more cost efficient as the accounting related workload is likely to fluctuate in line with the medical practice’s business. Doctors regularly find themselves busier during certain seasons and outsourcing means your company can move in tandem with these changing circumstances. With improved compliance, time and resource savings, increased revenue, reduced errors, and better financial planning, the benefits of outsourcing medical accounting are clear.
In summary, employing a reputable accounting firm in Sydney can not only help you in terms of financial security and cost efficiency, but it can benefit your lifestyle too. Companies such as Calibre Business Advisory have specialist consultants and accountants for doctors, who will handle your finances professionally, allowing you to enjoy a more balanced life while providing excellent patient care.
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