I recently came across a discussion between Therapists asking this question. As the former Chief Financial Officer for our private pediatric therapy business I would be much more interested in the reputation and accounting skills, along with the compliance education they have than if they understood pediatric therapy companies. If they did, even better, but not the main decider for me.
I am not a Therapist. However, I became the main conduit between our therapy business and our Accountant. And as we grew, the frequency for meetings increased from yearly to almost weekly. I rarely recall a meeting where the accountant needed to know a how therapy was done, completed and documented. Our meetings focused on cash flow, categorizing assets and expenditures, then filing local, state and federal taxes accurately and promptly.
I think its important to build a relationship with local businesses that you will need support from. This includes your accountant. Over time, they will learn about your business. But not the things you might be thinking of. They will learn about the seasonality of cash flow within your business. They will learn about the number of employees you have and potential compliance issues you might be approaching. They will never need to know your CPT codes, Patients names, or dates of services. They are solely interested in reconciling bank accounts in your financial accounting software, like QuickBooks. Therefore, making sure they can provide accurate financial statements for you and the Government.
Creating relationships with businesses that can support you is instrumental in you growing and developing your practice. Pick your accountant based on their professional reputation, not their knowledge of your Therapy Business. Together, over time, as you learn the importance of your business’s financial health, your Accountant will learn more about you and your business specifics.
If you would like help in deciding what Accountant might be right for you, or support in developing your milestones in your Pediatric Therapy Company, Six Way Solutions, Inc can help. We have done it. If you want help on this topic or others, please contact us to schedule an appointment at www.sixwaysolutions.org.
