Choosing the right Certified Public Accountant (CPA) is crucial for the financial health and success of any multi-doctor practice. A specialized CPA can help manage your practice’s financial complexities, ensure compliance, and offer strategic advice that fosters growth. Here’s a guide on what to look for when selecting a CPA for your multi-doctor practice.

1. Industry Expertise

Why It Matters

A CPA with experience in the healthcare sector understands the unique challenges and opportunities your practice faces. They are familiar with industry-specific regulations, billing practices, and financial management strategies.

What to Look For

• Experience with multi-doctor practices or clinics
• Understanding of healthcare regulations and insurance billing
• Knowledge of industry trends and challenges

2. Comprehensive Services

Why It Matters

Your practice needs more than just tax filing; seek a CPA who can offer a full suite of services including bookkeeping, financial planning, payroll, and wealth management.

What to Look For

• Tax planning and preparation
• Financial forecasting and budgeting
• Payroll services and employee benefits planning
• Assistance with mergers, acquisitions, or expansions

3. Strong Communication Skills

Why It Matters

A CPA should be able to explain complex financial information in understandable terms and be accessible when you need them. Clear communication ensures that your practice is always in sync with its financial strategy.

What to Look For

• Ability to explain complex concepts clearly
• Regular updates and meetings
• Responsive to inquiries and proactive in addressing concerns

4. Technological Proficiency

Why It Matters

In today’s digital age, a tech-savvy CPA who utilizes the latest accounting software and tools can streamline financial processes and improve efficiency.

What to Look For

• Familiarity with accounting software like QuickBooks.
• Familiarity with the patient software your practice uses.
• Use of cloud-based solutions for real-time financial tracking
• Ability to integrate technology with existing practice management systems

5. Proven Track Record

Why It Matters

A CPA with a history of success with similar practices can give you confidence that they can handle your needs effectively.

What to Look For

• Client testimonials and references
• Case studies or examples of past successes
• Professional certifications and memberships

6. Strategic Advisory Services

Why It Matters

Beyond day-to-day accounting, a CPA should provide strategic advice that aligns with your practice’s long-term goals, helping you make informed decisions about growth and development.

What to Look For

• Business analysis and strategy development
• Advice on investment opportunities and risk management
• Support for succession planning or practice transitions

7. Adaptability and Personalized Approach

Why It Matters

Every practice is different. A CPA who offers tailored services ensures that your specific needs and goals are met, rather than providing a one-size-fits-all solution.

What to Look For

• Customizable service packages
• Willingness to understand your practice’s unique challenges
• Flexibility to adjust strategies as your practice changes

Selecting the right CPA for your multi-doctor practice is an investment in your practice’s success. By prioritizing industry expertise, comprehensive services, communication, and a strategic approach, you’ll partner with a CPA who not only manages your finances but also contributes to the growth and prosperity of your practice.

Your search for the right CPA for your practice ends here. Reach out to Holbrook & Manter today to lean into our expertise in this area. We look forward to assisting you.