Accounting for Medical Professionals and Health Care Providers
Over the years, our team of accountants have mentored dozens of medical professionals and health care providers through the various stages of their business life cycle, from start up right through to sale.
Our clients include general practitioners, physiotherapists, dentists, osteopaths, optometrists as well as specialists and surgeons. We recognise the fact that running a medical clinic is very demanding and dealing with public health issues can be stressful. Apart from providing assistance with the usual compliance issues of GST, BAS, PAYG and superannuation, we’ll advise you on the most appropriate tax structure for your business. A number of our medical professionals (general practitioners, dentists and surgeons) operate through a service trust arrangement but when deciding on the most appropriate business structure we take into account tax issues like asset protection, the admission of new partners and eligibility for future discount capital gains tax concessions.
We understand you are busy and bookkeeping often doesn’t get the attention it deserves but we will help you select your accounting software package for your medical practice and take into account your business needs (bookkeeping, payroll, invoicing etc.) and your level of accounting skill. Where required, we will train you or your staff to use the software because we need to avoid ‘computerised shoebox’ records that simply result in additional costs which conflicts with our mission of helping you reduce the cost of tax compliance.
Our services to health care providers 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 business partner you can access fleet discounts on new cars that could 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 business 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 practice. As business start-up specialists, we can assist you with your branding, business structure, site selection, commercial lease, corporate brochure, marketing and your website development. Over the years we have created 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 automatically feed through to an integrated cash flow budget template to help you identify any finance requirements. These forecasts can then tuck neatly 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. Your website is your 21st century business card and we can offer you advice regarding your website’s functionality, content and video production. Using the resources of one of our business affiliates we can help you build an inexpensive but professional website and also help you harness the power of social media.
Grow Your Profits
That’s just the beginning because as accountants we can prepare some ‘what if’ scenarios so you know your medical clinic’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 practice against your peers so you understand what is working in your clinic and what areas need working on.
We strive to help you understand your numbers and that includes understanding the Four Ways to Grow Your Business. Once you understand the key profit drivers in your business we can talk you through profit improvement strategies. Not only that, we can quantify the profit improvement potential in your business.
Our approach is designed to fast track your business success and the team of health care specialists at Compound Financial Group offer GPs, physiotherapists, osteopaths, dentists, optometrists and other medicos a range of accounting, taxation and business coaching services including:
- Start-Up Business Advice
- Advice and Establishment of Your Business and Tax 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 Forecast and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing, Payroll etc.
- Preparation of Finance Applications for Banking Institutions
- 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, videos, website and social media strategies
- Advice and Assistance with the Development, Content and Website SEO
- Wealth Creation Strategies, SMSF’s and Financial Planning Services
- Vehicle & Equipment Finance (Treatment Tables, Medical Equipment and Clinic Fit Out)
- Monitoring Labour Costs & Advice regarding Employee Relations and 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 and over the years health care providers and medical practitioners have become a niche within our accounting practice. If you’re looking to get the right advice when starting, buying or developing your practice or clinic, contact us today.
We invite you to book a FREE, one hour introductory consultation to discuss your business needs. You'll get practical business, tax, marketing and financial advice designed to help you build your business and grow your wealth. To book a time, call us today on (03) 9431 3000 or complete your details in the box at the top of this page.