Accounting for Medical Practitioners
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 encounters with on call arrangements and after hours emergency work. Continuing professional development also places extra pressure on your time and it's 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 pediatricians, 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. Here at McHenry Partners, the tax return is simply the start of the client process.
While we obviously provide assistance with the usual compliance issues of GST, BAS, PAYG and superannuation, we’ll advise you on the most appropriate tax structure for your medical practice. A number of our doctors and dentists operate through a service trust arrangement but when making recommendations regarding business structures we always take into account 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 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?
There are numerous issues to consider when starting or buying into a medical clinic. As a business start-up specialist 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 a number of 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. 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
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.