How could a minor in accounting help me in my private practice?
I want to be a psychiatrist and own my own practice one day, how can having knowledge of accounting benefit my future company? #medicine #psychiatry #mental-health
4 answers
Lainey’s Answer
Dr. Ray’s Answer
I think you have recognized a need for some skills that most people in helping professions don't think about.
I agree with the other respondents that an accounting background would be helpful in understanding the financial side of private practice, which is, after all, a business. I also recommend some basic business and marketing courses.
I have seen some highly competent psychologists struggle in private practice because they could not manage the business side; conversely some mediocre practitioners have done well because of their their marketing and business knowledge.
One of my jobs before I went into independent pracitce was as a program manager in a mental health center, which required me to learn how to write budgets and read financial reports. So even if you work for an organization and are paid a salary these skills can be helpful.
i wish you the best in your career pursuits.
Ray Finn, Ph.D.
Nancy’s Answer
Sanaz’s Answer
I feel like it will help teach you the business side of medicine. There is so much of that aspect that is not taught in medical school. So what ends up happening is those who go into private practice really have to learn on their own how to manage a practice. So if you understanding accounting, you are already at an advantage when it comes into book keeping side of running a practice.