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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

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Lainey’s Answer

well, i'm not a psychiatrist but i think this would be an excellent thing to have. in my doctoral program, most of the people were going to end up in private practice and asked for at least a seminar on how to set up a business. even if you hire someone to run the business for you (which you will most likely do), it's good for you to have that knowledge. hope this helped.
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Dr. Ray’s Answer

Dear Nancy,

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.
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Nancy’s Answer

An accounting background would help you keep track of your business revenue and expenditures. You would understand more about billing and tax implications of business decisions. You would be more skilled at overseeing the bookkeeping for your business even if you chose not to do that yourself.
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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.

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