RSM Australia

How Your Medical Practice Can Survive, Recover, and Grow Through COVID-19

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Medical practices are at the forefront of containing the coronavirus pandemic. However, being forced into bulk-billed telehealth is having a significant impact on cashflow. A quick examination of income and cashflow identifies that doing nothing is not an option. There are 3 areas to be considered; survive now, plan for recovery and be ready for growth. 

Survival action items:

  1. ATO Administrative Concessions
  2. Coronavirus SME Guarantee Scheme
  3. Boosting cashflow for employers
  4. Review and negotiate fixed costs
  5. JobKeeper payments to remain engaged with your employees
  6. Make decisions fast

Recovery action items

  1. Prepare and monitor your cashflow forecasting
  2. Utilise increasing instant asset write-off to minimise tax in 2020
  3. Utilise business incentives to minimise tax in 2020 and 2021
  4. Review the top three challenges during COVID-19 crisis and turn it into opportunities

Growth Action Items

  1. Assess practice capability
  2. Expand your capability to service more patients

 

In the full document, we explain in more detail the action items you can take to survive, recover and grow your practice through this tough time. Medical Practice in COVID-19 

 

For personalised advice on your medical practice, contact one of our Health experts.