Accounting for Medical Practitioners

Services We Offer

  • Business start-up
  • Business Planning
  • Management reporting
  • Budget & Cashflow forecasting
  • Establishing Key Permorance Indicators KPI's
  • Business Improvement Strategies
  • Accounting system advice & support
  • Business Coaching & mentoring
  • Business Structure Advice
  • Social Media & Marketing workshops
  • Buying & Selling business advice
  • Business Succession Planning

We will help you select the most appropriate software for your medical practice taking into account your business needs (bookkeeping, payroll, invoicing etc.) and level of accounting skill. Where required we will train you or your staff to use the software because we find many medicos make the mistake of buying sophisticated ‘double entry’ accounting programs that are beyond their needs and level of accounting skill. This tends to create ‘computerised shoebox’ records and extra costs when our client brief includes minimising the cost of compliance.

Our services to GP’s, specialists and surgeons are both broad and deep. Over the years we have helped clients with their commercial property lease and also source funding for new medical equipment and motor vehicles (chattel mortgage, lease etc.). Through an affiliate group you can access fleet discount pricing on new cars that could potentially save you thousands of dollars. As a medical professional we recognise you want to grow your profits and your wealth which explains why a number of our GP’s, specialists, physiotherapists and dentists have a self managed superannuation fund (SMSF) built into their structure. If you want to know more about starting a SMSF download our e-booklet, Thinking of Starting a SMSF?

Thinking of Starting Your Own Medical Clinic?

The marketing process begins with your branding and we have worked through the process with dozens of physiotherapists, osteopaths, dentists and optometrists over the years. Using some online resources we can help you build a modern brand and develop your stationery at a fraction of the cost of engaging a graphic artist or marketing consultant.

Your website is your 21st century business card and we can offer you advice regarding your website’s colour scheme, functionality and content. Using the resources of one of our business affiliates we can also help you build an inexpensive but professional website.

Grow Your Profits

That’s just the beginning because as accountants we can prepare some ‘what if’ scenarios so you know your medical practice’s best and worst case financial scenarios. Preparing a cash flow budget and projecting your profit and loss is all part of our service offering and we use industry benchmarks to analyse the relative performance of your medical clinic against your colleagues so you understand what is working in your clinic and what needs working on.

We strive to help you ‘know your numbers’ and that includes understanding the key profit drivers in your business. Our expertise in this area is designed to fast track your business success and our team of medical specialists offer GP’s, physiotherapists, osteopaths, dentists, optometrists and surgeons a range of accounting, taxation and business coaching services including:

  • Start-Up Business Advice for Medical Professionals
  • Advice and Establishment of Your Business Structure
  • Advice & Assistance with the Purchase or Sale of your Medical Practice
  • Spreadsheets and Tools including a Start Up Expense Checklist
  • Tax & Business Registrations including your ABN, TFN, GST, WorkCover etc.
  • Preparation of a Business Plan, Cash Flow Forecasts and Profit Projections
  • Accounting Software Selection and Training – Bookkeeping, Invoicing, Payroll etc.
  • Preparation of Finance Applications for Banking Institutions
  • Site Location and Advice Regarding your Commercial Lease
  • Preparation and Analysis of Financial Statements
  • Bookkeeping and Payroll Services
  • Tax Planning Strategies
  • Industry Benchmarking and KPI Management
  • Marketing Advice including Branding, Brochures and Website
  • Advice and Assistance with your Website Development, Content and  SEO
  • Wealth Creation Strategies, SMSF’s and Financial Planning Services
  • Vehicle & Equipment Finance (Treatment Tables, Medical Equipment & Fit Out)
  • Monitoring Labour Costs & Advice regarding Employee Workplace Laws
  • Advice regarding Claiming Motor Vehicle Costs
  • Business & Risk Insurances
  • Business Succession Planning

Client Testimonials

“I was always busy in my business but my profitability was not a reflection of my time, effort and investment return.  After a business planning session with McHenry Partners, it was evident my systems were inefficient, our team members not productive enough and my time was being bogged down in less important areas of the business.

Over the last two years I committed to monthly consulting meetings with McHenry Partners. These meetings would identify the priorities of actions to work on my business to improve it. As a result, we have made significant improvements with better structures, systems and communication in our organisation and the team culture is now fantastic. I don’t have to worry about business cashflow anymore which gives me great peace of mind.

We now only have quarterly meetings instead of monthly, which keeps my General Manager and myself accountable to continue to improve the business. I would highly recommend McHenry Partners services.”

www.allgeneralsurveying.com

Richard Hockley
All General Surveying

“I wish I had watched this financial presentation 10 years ago. Property Investment sounds a lot less daunting when you understand how it works. I thought I was a long way off getting an investment property, but I now understand I can use the equity in my home and I can afford the weekly net cost.”

 

Daniel Storey

Why Choose Us

We are so much more than just Tax Accountants. We are business advisors and profit builders who service the needs of a number of physiotherapists, doctors, dentists, osteopaths, pharmacists and doctors. We offer you strategies to grow your business, your profits and your wealth. Over the years medical practitioners have become a real niche within our accounting practice and if you’re looking to get the right advice when starting, buying or developing your medical practice, contact us today on 1300 789 844.

We offer you a FREE, no obligation, one hour introductory consultation to discuss your business needs. You’ll get practical business, tax, marketing and financial advice that could have a significant impact on your bottom line. To book a time, call us today on 1300 789 844 or complete your details in the box at the top of this page.