Four essential things medical practitioners need to factor in to their finances

There are a number of aspects of financial wellbeing that medical practitioners need to look at that may be unique to the medical profession. Certainly as graduating professionals they have usually had to take student loans and tread a long path to finally being able to make some money. There are many, but we believe these are the four essential things medical practitioners need to factor in to their finances….

Expert financial advisors and managers will understand these specific challenges that medical practices face, but if you are aware of them, you can assure that you are partnering with the right financial people….

  • See the short and long term picture

    At the outset a good financial manager will see that medical practitioners need to account for many aspects of the short term ….and at the same time, have a good long term plan. Balancing any outstanding student loan repayments against immediate investments in the long term, allowing for immediate costs of the practice, but still ensuring the practice has emergency funding for the unexpected and assigning good Medical practice financial management to minimise bad debt, ensures that long term investments are made possible! Good financial management means seeing the whole picture!

  • Amortise risk!

    Financial advisors with an understanding of medical practice realise that there is potentially a greater risk factor, in terms of bad debt and of course insurance against mal practice cases. These need to be accounted for as additional risk factors. There are also the standard questions of risk that all people face. “How much insurance will I need?” “What about retirement packages?” (If in private practice) and “Should I pay off my loans first?” etc.…

  • Good cover for the unexpected

    Especially if you decide to go into private practice, apart from the obvious cover against liability …debt reduction, life insurance programs, efficient savings programs and the best disability policy you can find, will all be important factors to ensure you are adequately covered against the unexpected. As a medical practitioner you will become especially aware of the tragedy that befalls those who are suddenly taken ill or disabled if they have no medical aid or insurance cover. Don’t be one of those statistics!

  • Proper financial management of your practice

    One of the absolute essentials when in private medical practice is to partner with a Medical Practice Financial Management Company, like MFI. Medical practices have a unique situation in terms of the triangle of medical aids, practice and direct patients. Experts in this field ensure that you are making the money you deserve to, so you can make all those other important financial investments and plans for the future and protect yourself, your practice and your family.

We also have an excellent Financial Planning division and so can help with every aspect of your finance under one banner. We hope these four essential things medical practitioners need to factor in to their finances have been helpful. If so, Contact us to learn more and find out why we say ‘While you get on with the wellness business, we make your financial wellness our business!”