Change in the health sector is almost as certain as death and taxes. There are new diagnostic tools, disruptive new technologies, new government policies, new regulations, new expectations and ever-increasing demand.
Healthcare professionals are changing too. Altruism remains strong but doctors, allied health professionals, and vets are learning to value their own well-being too. Many are choosing to work part-time, and fewer are interested in owning a practice, preferring to remain in salaried roles without the stress of ownership.
Medical Practice owners have a lot to contend with and few are trained in business skills. You bring your expertise to treating patients; we bring our expertise to building your medical practice.
RSM works with healthcare professionals like you on positioning your practice, now and into the future.
Profits and cash flow
The health sector is vast and some sections are faring better than others. If your practice’s income has been affected by the Medicare freeze but your costs keep rising with inflation, then we can help you smooth your cash flow and find ways to generate more income.
If your practice is growing thanks to an aging population, rising rates of health insurance coverage, the NDIS and greater interest in preventive healthcare, we can advise you on how to retain patients and maximise profits.
Growth and innovation
We can help you make the most of new opportunities by listening to your aspirations and values, and providing tailored advice that meets your needs. We’ll analyse your practice data and show you what’s working well and what could be improved. Our advisers are able to recommend practice management software that provides useful information to guide your management decisions and show you how cloud accounting can streamline your business processes. We can provide a cost-benefit analysis of innovative models like outreach sessions or add-on services to help attract people to your practice.
At some point, you will choose to sell your practice. Developing a succession plan is a vital, lengthy process but research undertaken by RSM in 2015 revealed that 66% of Australian business owners surveyed did not have a formal succession plan in place. That’s a disaster waiting to happen if anything unexpected should happen to you.
What can you do about it? Firstly, you need a proper valuation. Secondly, you need robust legal agreements between any partners. You also need proper levels of insurance for your assets and any debt your practice is carrying.
RSM’s team of accountants and business advisers can work with you to protect the asset you’ve built up and ensure your future plans unfold smoothly.