We understand the demands of running a medical clinic and the stress involved in dealing with public health issues. In addition, we also appreciate the long and often erratic hours a medical professional encounter with on call arrangements and after-hours emergency work. Continuing professional development also places extra pressure on your time and its little wonder that financial matters often don’t get the attention they deserve.
Over the years we have mentored dozens of medical practitioners through the various stages of their business life cycle from physiotherapists to paediatricians, osteopaths to optometrists and general practitioners to surgeons. In all cases these clients wanted more than just a tax return from their accountant and our goal is to help you build your business and grow your wealth using tax effective strategies.
Many doctors and dentists operate through a service trust arrangement, however when making recommendations regarding business structures we always consider income tax considerations as well as asset protection, the possibility of admitting new business partners and future discount capital gains tax concessions.
We will help you select the most appropriate software for your medical practice considering 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 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 many 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 an SMSF?
Thinking of Starting Your Own Medical Clinic?
There are numerous issues to consider when starting or buying into a medical clinic. As business start-up specialists, we can assist you with everything from your branding and logo through to your business structure, site selection, commercial lease, corporate brochure, website development and marketing materials. We have developed many tools for new business owners including a comprehensive checklist of start-up expenses broken down into categories including leasehold improvements, IT costs, marketing, and medical equipment. These figures then automatically feed through to an integrated cash flow budget to help you identify any finance requirements. These forecasts can also tuck into your business plan.
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.
We are so much more than just Tax Accountants. We are business advisors and wealth creators 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.