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Jasmine Hulls - Practice Principal, Physio Group South West, WA
Strategic advice to build your allied health practice
Jasmine Hulls was just 24 and ‘very green about business’ when she purchased her first physiotherapy practice with RSM’s help in 2009. Jasmine now owns three physio practices in south-west WA employing 24 staff, and credits a large part of her success to RSM’s advice.
Jasmine is the Practice Principal of the Physio Group South West, which operates in the rural towns of Collie and Harvey, and Australind on the outskirts of Bunbury in WA.
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Because we’re in a regional area and our [practice] is the only private physiotherapy practice, we have to be generalist physios and see the full spectrum of clients," explains Jasmine. "We see everyone from children to aged care patients."
When Jasmine first considered buying a practice of her own, she knew she’d need a good financial advisor who could help her understand all the business aspects. "I saw one accountant in the beginning and I remember coming out of that meeting thinking I got nothing out of that – no help, no advice, nothing. And as a 24-year-old at the time, I needed someone to help me delve into financials and give me what I needed to make an informed decision."
That’s when Jasmine found RSM.
"I came out of my first meeting with Phil (Phil DiCandilo, Director of Business Advisory at RSM in Bunbury) knowing I’d got the information I needed, that I understood the pros and cons of each choice, and that he’d given some great advice. So straight away, he was the accountant for us, and he has been ever since."
STRATEGIC, FORWARD-THINKING ADVICE
RSM advised Jasmine on the viability of buying her first practice in Collie, helping her with due diligence and giving her confidence in the purchase. Within a few years, she’d added another rural practice in nearby Harvey.
But Collie began to experience a downturn when the mining boom ended. Jasmine’s home and business were very reliant on that practice, so Phil suggested managing that risk by buying a practice in the growth town of Australind near Bunbury.
"Phil was amazing when I bought Australind," says Jasmine. "The business was run-down and they’d been trying to sell it for years. He suggested offering to buy it at a certain price and told me about vendor finance which I hadn’t considered before. That was awesome – it made the whole thing possible."
The strategy worked and the Australind practice is now twice as big as the original Collie one and has the potential to grow even further.
"Phil’s always thinking ahead for you and trying to help you advance, not just react to circumstances. There’s lots of growth and good things that RSM has made possible, Phil and the team have been instrumental in our practice growth." says Jasmine.
MANAGING GROWTH
Jasmine’s current challenge is learning how to manage a larger business with more than 20 staff across several locations. She recently appointed a practice manager as the business continues its growth in patient numbers and turnover.
Multiple locations initially posed a challenge to book-keeping. "It’s all under one ABN," says Jasmine, "but I wanted to know each location’s financial performance. Phil helped us to set up MYOB and separate things and that gave us new insights into each part of the practice. He got us onto cloud accounting too, so I can see all the financials from my home office."
TAX AND MORE
The Physio Group South West recently reached a new milestone – having to pay payroll tax for the first time. "It’s a good sign of growth," says Jasmine, "but a new thing for me to navigate."
Thankfully, RSM helps Jasmine to minimise her tax bills and avoid shocks. "Before tax time every year, we have a planning meeting. Many other people I know don’t get that from their accountants, but Phil always says let’s look at it, let’s estimate what it’s going to be so it’s not a big surprise and you can put the money aside for it. So, I’ve always known what tax bills were coming."
Phil has also helped Jasmine with her personal finance. "Some accountants just do your tax and that’s it. Phil’s not like that. He gets to know you, knows our background, gets our personal situation and the business side, and gives great advice."
CHALLENGES
The persistent challenge is attracting and retaining trained physiotherapists to work in a regional area during a nationwide skills shortage.
"Sometimes we might have to pay higher than metro areas to attract staff," says Jasmine. "But there’s a limit to how much you can do that, especially when you’re training staff and they’re not generating their own income yet," says Jasmine.
"We’ve tried to shift our focus to think about the other things we can offer such as a graduate training program. But retaining staff is always hard in regional areas."
OPPORTUNITIES
Jasmine sees great opportunities for further expansion. "Phil assists us in making sure we are investing and using our money wisely to build our assests for the future."
WORKING WITH RSM
For Jasmine, the best thing about working with RSM is the personal interaction. "I call Phil on a first-name basis," she says.
"I know I can ring [Phil] at any time and I can run ideas past him. It’s not just a once-a-year tax-time thing. He’s like my personal advisor and he knows the ins and outs of all of our finances. He’s like a friend now and he has a genuine interest and care about how we’re going."
"Phil’s done so much for us over the years, it’s hard to list it all. As soon as something financial comes up, he’s the first person I think to contact for his advice and guidance. That’s why I recommend RSM to everybody."
Can RSM help your practice?
RSM is a national firm with 32 offices across Australia. We’re large but local. We’re a full-service firm with specialist advisors able to assist with all aspects of practice and personal finance. We work with you in a lasting partnership to strengthen your practice, so you can face the future with confidence.
Contact your local RSM adviser to find out how RSM can help you.
