How do Doctors Find a CPA| |
It normally takes doctor's 10-14 years to become a fully licensed doctor. And mountains of medical loans and insurance before they start to practice. Then, they need a professional to keep their taxes and financial obligations in line.
Here are the steps most doctors and physicians take to locate an accountant:
1. Does the accountant focus on medical practices and physicians? What types?
Like you, most doctors go to the internet and look for an accountant who specializes in working with doctors. And after visiting a few websites, they want to make certain you work with their specialty and understand the demands ahead of them.
Just like their medical training, doctors want a specialist who understands their world and can give them an extra advantage. Someone that understands the difference between a neurosurgeon from a pulmonologist or thoracic surgeon.
2. Does the accountant have lots of online reviews in Google and Yelp which instill confidence to hire them?
That's right, doctors will read your online reviews (Google and Yelp) to make certain they are hiring the right accountant to guide them. In other words, they want to make sure you actually work with doctors just like them before hiring you.
3. Has your accounting firm received any awards?
Within the medical industry, there are rating services like RateMDs, HealthGrades, ZocDoc and Vitals to evaluate doctors.
Within the accounting industry, doctors will look at Clutch, Expertise and Top 3 to determine which CPA accounting firms are rated towards the top.
4. Does your firm provide advisory services that support medical practices?
In addition to accounting and tax compliance services, doctors are looking for advisory services that are medical practice specific. These can include practice advisory, acquisition advisory, benchmarking and additional insights that give a doctor an advantage.
5. Does your practice provide value added services which a generalist accountant can't provide?
Just like any competitor, doctors are looking for a competitive advantage. And by working with a specialist accounting firm that focuses on medical practices, doctors want additional insights into tax loop holes and additional tips on cost reducing best practices. These are the benefits of working with a specialist that doctors desperately want.
To illustrate my point, here are examples of accounting firms that cater to medical practices. You will notice that each example clearly illustrates the type of doctors they work with, shows awards they have received, advisory services provided and are supported by lots on online reviews (Google, Yelp, etc.).