A growing number of professionals are earning both legal and financial certifications. This allows them to take the lead in planning financial futures of organizations, navigate legal matters for financial institutions, and act as advisors to individuals without having to call in a second party. Here are 3 reasons why CPAs should consider getting a healthcare law degree, specializing in the unique intersection of medical law and finance.
You Stand Out in the Crowded Estate and Eldercare Field
If you have earned a health care law degree, you are uniquely qualified to plan healthcare for the disabled, those who are in declining health or want to plan for the most tax efficient way to save for both retirement and upcoming medical needs.
You’re able to assist estates in handling medical bills and end of life costs. You have the ideal credentials to advise people in how to protect assets for Mom when Dad’s medical bills are mounting up, or legally plan for the transfer of assets between family members so that they don’t get hit with fraud charges for trying to pass property on to heirs after relying on Medicaid.
You’re a far better resource than the financial planner giving generic advice on government healthcare programs that is probably out of date, or the attorney who admits they don’t know how much lifetime care will cost. The CPA with a health law degree is, by definition, going to stand head and shoulders above the rest of the retirement advisers.
You’re the Go to Source After a Medical Diagnosis
When planning for long term healthcare issues, you’ll become the go-to source for advice regardless of one’s diagnosis. Does a family need to plan for the long-term care of a family member diagnosed with dementia? You’re qualified to plan their financial futures and give legal advice at the same time. You can set up trusts for the family, advise on the handling of healthcare reimbursement accounts or health savings accounts, or simply take over bill payments or distributions from medical settlements. Or you could simply manage trusts for the disabled, special needs and heirs.
Healthcare Services Will Snap You Up
If you have specialized in health law by earning a health law degree, you’ll find yourself in high demand. Doctors fighting health maintenance organizations or government bureaucracy will want you on their side. Insurers will need your assistance whether dealing with healthcare networks, patient advocates or government bureaucracy. Or you could work for a government bureaucracy such as Medicare, Medicaid, or the Veterans Administration. Nursing homes, health co-ops and other medical institutions would love to have you on their team.
You’ll also receive businesses from new doctors seeking to set up their practices and back office, as well as anyone needing good advice about selling a practice or merging with a healthcare network.
Getting a health care law degree as a CPA has tons of advantages that shouldn’t be overlooked. Those with both qualifications will stand out in the eldercare and estate planning fields, because of how often end of life or disability cases require medical, financial and legal advice. They’ll also be in demand by service providers of all sizes because of their expertise.