accounting for doctors

When do you celebrate a win with your accountant?

At Digital Practice, we help you with numbers at the front end of the pipeline, driving more patients. But what does a strong private practice need at the other end, when you look at the numbers with your accountant? 

accounting for doctors

When do you celebrate a win with your accountant?

Kris Borgraeve - Co-founder Digital Practice

Kris Borgraeve

February 18, 2022

A different take on numbers, tax, profit and money

introducing growth md

When you think about accounting for doctors, what comes to mind? Tax? Setting up a trust? Optimising your investment options? 

When I spoke with Kelly Chard of GrowthMD, the focus went straight to growth. That is why we wanted to hear more about Kelly’s team and their different take on accounting for doctors.

Why digital also matters when it comes to the books

accountants for doctors

What struck me was this statement Kelly made about having a preference for digital-savvy doctors as customers. There seems to be an occasional trend among doctors to declare that they aren’t that technical, when discussing the technicalities of other industries (accounting or marketing for example). Luckily, leading doctors understand that the digital world is everywhere now, and it is critical for a private practice to embrace the ongoing changes. 

Kelly can see a connection between being slightly more digital-savvy, and the efficiency of the doctor’s practice when it comes to business results.

I heard another parallel when Kelly spoke about her business. A parallel between being a specialist accountant for doctors, and being a specialist doctor or surgeon. The parallel is the benefit of being an educator.

The power of great accounting for doctors is often the ability of the accountant to create clarity. This means clarity in the processes and structures, and in the doctor’s mind when it comes to making business decisions.

GrowthMD’s brand promise resonates with how we look at doctors in private practice: as a service provider, you become a partner for this particular specialist area, you go on the journey together. 

How the accountant looks at marketing

marketing budgets for doctors

So when you sit with your accountant, is the focus on cutting costs, optimising profit, minimising tax? Or is it a holistic exercise about improving the state of your business? 

What I have learned, working with one-man-band practices, small hubs and big group practices, is that marketing is also a numbers game.

Cutting costs and minimising marketing expenses simply slows down the growth of your practice and an accountant like Kelly can actually see the direct connection between cost-cutting in marketing…and business results.

Here at Digital Practice, we love looking at the numbers that create the inflow of patients to a specialist clinic or a private practice. In our ‘Grow!’ magazine, you can find dozens of articles on the topic of content marketing and creating effective online visibility. And when we discuss predictable growth, linking your online presence to the actual Google searches that patients perform on a daily basis, we create a systemised lead generation system.

It’s inspiring to hear how accounting can also take that holistic perspective, looking at your business beyond the balance and the spreadsheets. Looking at how you are moving toward your goals and how every aspect of your business can be optimised so it supports your growth.

When do you consider accounting a win?

accountancy for doctors

My conversation with Kelly Chard at GrowthMD has confirmed that accounting, just like marketing, is best not seen as a commodity that you add to your cart to then forget about it, as if you were shopping online for socks. 

Just like you – the specialist doctor – want the patient to see the value of choosing your services as part of their private healthcare journey, we are talking about a partnership relation.

Just like our team knows the ins and outs of patient behaviour on medical websites… so does Kelly’s team understand the financial and business mechanics of a successful medical practice.

I love how we uncovered that clarity and understanding are often a better currency to measure how satisfied you are with your accountant, than the money you save on taxes.

Accounting has another thing in common with marketing: it’s about results and outcomes and it’s about the journey to get there. The real win is often that feeling of being sorted in a certain area of your practice so you can focus on what matters most to you.

accounting for doctors

What happens when you need external expertise?

financial advice for doctors

To become the leading doctor that you are, you have been on a journey. It often puts you at the top of the command chain. I have often witnessed the magic that happens when a top specialist opens up to absorb knowledge about an area that is not theirs: accounting is one of those, and so is marketing. 

We know that in your profession, precision and reliability are key values. So it makes sense you go after the partners you deserve.

What we see on a daily basis is this amazing dance between experts, when specialist doctors start working together with the right experts in other areas:

  • Practice management and
  • HR
  • Branding and advertising
  • Accounting
  • Financial planning
  • Legal
  • Content Marketing

Great service providers become partners and add far more value than they are given credit for, as Kelly puts it. It highlights the value of premium service providers, so your wealth creation, your lead generation, your business structure and your financial situation are taken care of.

After all, we all know how it feels to have confidence and to sleep well at night.

Meet

Want to get in touch with GrowthMD?

accountants for medical

I certainly understood that Kelly works with unrelenting passion and commitment and if you’re ready to have a conversation about their services, check out the GrowthMD website here.

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