Click Here to Download PDF
Accounting for Medical Practitioners
Over the years, our team of accountants have mentored dozens of medical practitioners through the various stages of their business life cycle – from start up right through to sale of their medical clinic.
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 very 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 doctors and dentists operate through a service trust arrangement but when deciding on the structure of a business we take into account tax considerations, asset protection and future discount capital gains tax concessions.
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 or 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 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 PRACTICE?
There are numerous issues to consider when starting or buying into a medical clinic. As business start-up specialistS our team of accountants have helped dozens of medical practitioners get their business off to a flying start. We offer you experience, technical tax knowledge and most importantly, an intimate understanding of your industry.
Starting a business is a bit like building a house. You need solid foundations including the right taxation structure, accounting software, insurances, a marketing plan, website and a social media presence.
Your choice of business structure is critical and there are a number of different options such as company, sole trader, partnership and trust. When selecting a business structure asset protection is a key consideration as well as your family situation, forecast level of profit and your future plans regarding the admission of new business partners.
Accounting software is another brick in your foundation wall and the wrong choice can be catastrophic. Poor financial records are one of the biggest causes of business failure in this country and up to date, accurate financial records let you make informed business decisions. Your software program needs to match your business needs with your level of accounting skill because too many business owners use sophisticated double entry accounting programs and produce 'computerised shoebox' records. One of our priorities is to help you minimise the cost of compliance which in some cases includes training you or your staff to use the software. We support a range of programs and have a preference for cloud based applications like Xero.
To build a house you also need the right tools and when 'constructing' your business we have developed a number of tools including a start-up expense checklist that dissects your start-up costs into categories like equipment, IT costs, professional fees, marketing costs and a website. These figures then slot into a cash flow budget template and form the basis of your first year profit and loss projections. For a medical practitioner, your car is arguably one of your most important business tools and you can download our Motor Vehicle Tax Guide that explores the alternative methods of claiming your vehicle expenses and the distinction between a business and private trip for tax purposes. In addition, through our affiliate partners we can also assist with vehicle finance (chattel mortgage, CHP or lease) and get you fleet pricing on your new car, ute or light commercial van that could save you thousands of dollars.
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 clinic against your peers so you understand what is working in your clinic and what needs working on.
MARKETING YOUR MEDICAL CLINIC
Most medical practitioners rely on their reputation and referrals to grow their clinic and while these ingredients remain important, you need to shift your marketing focus online. Increasingly local searches like ‘Dentist Pakenham' are driving traffic to your website and often your website is the first touch point with a potential new patient. For most business owners, your marketing can be the difference between boom and gloom.
One of our biggest points of difference compared to other accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan), your corporate brochure and help you harness the power of social media to win more referrals. Over the past few years we have worked with dozens of clients to help them create affordable, quality lead generation websites. We'll make sure your website is responsive to smart phones and tablets and provide advice and guidance with your website content including video production. If your website lacks calls to action or lead magnets we'll help you build them plus we'll introduce you to strategies like re-marketing and search engine optimization to drive more traffic to your website.
If you aren’t using some of these marketing techniques your business probably won't reach its full profit potential.
The marketing process begins with your branding and we have worked through the process with dozens of clients over the years and using some online resources we can help you build a modern brand that resonates with your target market. We can even help you develop your stationery at a fraction of the cost of engaging a graphic artist or marketing consultant.
We recognise the fact that business owners want more sales, more customers and more profit so we also give you access to one of the world’s most successful marketing programs, the ‘Business Growth System’. It contains details of more than 80 breakthrough marketing strategies supported by videos, templates and checklists. Access to this ‘vault’ of resources would normally cost you $500 per month ($6,000 per annum), however, as a client of the firm you get unlimited FREE access. In addition, you also get FREE access to the ‘Grow Your Business in 5 Days’ video training course that could have a massive impact on your future business growth.
Our unique business approach 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
- 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 and Pricing Calculator
- 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, 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 more than just tax accountants. We are ‘business and profit builders’ who provide strategic advice and practical business solutions designed to give you a serious competitive advantage in your industry. We work hard to understand your business and over the past decade medical practitioners have become a niche area within our accounting practice. If you're looking to get your business off to a flying start or you just want a fresh approach, contact us today.
If you're a committed and ambitious medical practice owner looking to accelerate your business success we invite you to book a FREE, half hour introductory consultation to discuss your business needs. You can expect practical business, tax, marketing and financial advice designed to help you build your business and grow your wealth. To book a time, contact us today on (03) 5941 4868 or complete your details in the box at the top of this page.