In our capacity as billing agents, we help our doctors get compensated for the work they do. We run accounts receivable reports, follow-up on unpaid claims, and generally have a stake in the financial well-being of our physicians. When we work hard to chase down a claim and the doctor finally gets paid, we feel good about the job done. And because we want our doctors to get every dollar they earn, we also feel that they should be able to keep every dollar to which they are entitled.
Fortunately for us, we know our limitations, and helping physicians keep their revenue is a task for an accountant, not us. That said, for quite a while I’ve wanted to write a series of blog posts about accounting related issues. The most common accounting question we get at JCL involves issues surrounding incorporation. What is incorporation? Should I incorporate? Is there any downside? Other questions have also come up over the years. What financial records do I need to keep, and for how long? Which reports should I send to my accountant?
Rather than writing about issues outside our area of expertise, we decided to get some help. To that end, I’d like to introduce Darren Salmond from Taylor Leibow. We met Darren at a conference and share the same goal of supporting the financial well-being of physicians in Ontario. Darren has agreed to be a guest writer for a series of posts on JCL’s blog, the first of which will outline what Physicians should know before deciding if incorporation is right for them.
Look for upcoming posts in our Accounting & Incorporation category in the coming weeks, or subscribe below to get automatic updates.