How specialist Accountants help medical practice start-ups

When any business starts up there are a number of things they need to consider and deal with on the financial side. Accountants and in particular specialist Medical Practice Finance Management services can be of great help. Fortunately at MFI, we have both!

When you start any business, there are various actions you need to take and systems you need to put in place to create a foundation for a successful business. This article is about how specialist Accountants help medical practice start-ups

Type of business

At the outset you need to determine the type of business structure that you want, or what may be best for your particular situation. Sole proprietorship, closed corporation, partnership or Pty Ltd? – Accountants can help decide what will be the right choice.

Your Business plan

The next thing is to have a great business plan. This is essential. Long and short term goals – operations – management etc. – this is the blueprint and the chartered course for any business. It also includes financial plans – one of the main parts of any business plan. Specialist Accountants can assist with the financial analysis in your business plan.

Get your practice number

As a medical practice you will need to register with certain organisations and get a practice number. One of the specialist services that MFI offer is that we arrange this for you.

Accounting software

Your Medical Practice Financial Managers need to operate in tandem with you and so we can advise on the type of accounting software you may need.

Compliance

You need to make sure that your accounting procedures comply with government regulations and laws – this is essential. Get your tax matters handled for you from day one. The specialist Accountant’s fees are invariably covered over and over again by providing advice that results in substantia tax savings!

Covering the day to day

Once we have given you advice and assistance on opening a business bank account, we assist with the day to day, like tracking expenses during your daily business activities and keeping personal and business expenses separate.

Remember that there is a unique aspect of your business in that you operate financially in a three way process with your practice, the medical aids and your patients. This is why specialist accountants like MFI, with their Medical Practice Finance Management service, can ensure that from the time you start up you will have a seamless financial practice.

We hope this article on how specialist Accountants help medical practice start-ups has been enlightening. Contact us before you begin, so you too can get the advantage of the state of the art technology that over 100 medical practices in South Africa already enjoy, which enables us to process medical claims in excess of R200 Million a year!