The unique money problems of doctors, vets and dentists

 4.5 minutes

 

As an accountant you understand how different professionals need to be treated individually when it comes to managing their finances. This definitely rings true for healthcare professionals. Their work couldn’t be more different, yet there are a lot of similarities when it comes to the financial needs of doctors, veterinarians and dentists. As a group, they are all extremely busy. 

Each profession is required to help people who are often in a great deal of distress. When they are at work, their time is valuable and highly organised. It’s not unusual for the working day to start early in the morning and stretch late into the night. The only time they get to sit down and think about their finances is in their downtime, when they really should be resting and preparing for the next day.

 

The common bond

Ideally, they need a financial institution that tailors its banking to their situation. They need the tools, products and pricing that accommodates their needs and provides the peace of mind that their finances are being looked after.

“We provide banking to suit their schedules,” says Chris Reid, head of deposits for BOQ Specialist. “We are able to visit them at their practice or at their residence after hours. Basically, we provide 24/7 banking that is designed to fit into their busy work schedule.”
 

Products to suit their needs

A savings account and a transaction account are often the starting points for a long-term financial relationship.
 

  • Savings accounts
    • A savings account such as a term deposit should offer a wide range of terms, competitive interest rates, no account-keeping fees and the ability to choose how and when interest rates are received. Of course, the account should be accessible by internet or mobile phone so that the balance can be checked.
       
  • Transaction accounts
    • An accessible transaction account should offer easy access with funds on demand, no minimum balance, the ability to transfer funds between accounts online, and a competitive interest rate calculated daily and paid monthly.
       

Working with specialist accountants

Dentists, doctors and veterinarians employ accountants to help manage their finances. The financial institution that they deal with should offer the same sort of experience that is given to their medical clients. An accountant must have faith and trust in their bank so they are able to refer their clients to the products provided by that institution.

“We work closely with accountants and accounting groups,” says Chris. “BOQ Specialist produces a number of publications for accountants illustrating how we can provide value to the firms, and they can then return that to their clients.”
 

The value of experience

Doctors, dentists and veterinarians value professionalism, flexibility and an understanding of their profession’s financing needs. Whether they’re setting up a practice, managing money, expanding their business, organising superannuation or buying equipment, having a finance specialist versed in their area of expertise makes the whole process run smoothly.

It doesn’t matter whether it’s a doctor starting a branch practice, a dentist purchasing a cone beam CT or a veterinarian expanding to include a grooming salon, it’s necessary to find a financial partner who speaks their language and understands what’s involved. 
 

Want to learn more about your different options for managing money? Click on the link to see our range of savings and transaction accounts. Ready to take the next step? Contact us to find out how we can tailor a finance solution for you, or call us on 1300 131 141.

 

 

 

BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian credit licence no. 244616 (“BOQ Specialist”).

The information contained in this article (Information) is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided. We recommend that you obtain independent financial and tax advice before making any decisions.