Physicians should hold their CPA accountable

Every practice needs an independent accountant, but these advisors vary widely in usefulness to their physician clients. You probably have far more direct contact with your accountant than with consultants, lawyers, or other advisors. This puts him or her in the best position to understand your practice and where you want to take it.

Look for a CPA who specializes in medical practices—or at least has plenty of experience with them. He or she can better understand, anticipate, and respond to your major business concerns. Make sure your CPA’s primary role includes providing the independent perspective and guidance you need for directing your practice’s finances effectively.

Charge your accountant to actively offer suggestions about improving and managing your practice’s finances. Tell your CPA up front that keeping you in compliance with sound business principles is a top priority if he or she wants to keep your business.