We have worked closely with Osteopaths, GPs, and Pharmaceutical companies. Most professionals in this field are very time poor and prefer that record keeping be up to date and as effective as possible.
While some have practice managers it is important that practices have up to date financial data to make better decisions, with one key area being the recognition that the medical profession is about patient care before profit.
The more time you are not consulting the less earnings you take, unless however you are able as we have assisted to establish a business that can take a medical professional who focuses on the business rather than consulting. While initially this has caused some reduction in income in the short term, we established with proper planning and effective measures that you can make money as a medical professional even without treating.
This does not suit all our medical professionals, which we then therefore have focused on assisting them in and out of the business. Looking at current services, contracting professionals remuneration and contributions to the clinic, potential other revenue sources that do not solely rely on the principal themselves.
we have set targets, forecasts and ensured prompt business reporting to make decisions on a timely manner and ensure effective tax planning can be taken advantage of. There is no point tax planning at the end of the year, it should be an ongoing target.
The Medical Practice
Having worked with an established medical practice for the last 7 years, The Co. Accountants have identified a number of areas for enhancement. Without a practice manager, The Co. has addressed functions that have built practice income, including:
- Effective staff allocation
- Potential government grants
- Nurse hiring
- Provision of services
The Co. have also have implemented a full reporting system that works with the practice management software and ensures contractor’s reconciliation for billings. Continued increase in income has steadily allowed the GP to reduce to his workload to 4 days a week.
The Pharmaceutical Company
The Co. Accountants have been a part of a Pharmaceutical company, building it from the ground up. In a bid to adequately establish itself in the market, working with the company from commencement, The Co. has targeted the following areas of business function:
- Month end reporting
- 3 way forecasting
- Effective inventory management systems
- Implemented sales targets in conjunction with the CEO
After 5 years working with the company, the business has grown from 2 staff to in excess of 20. The Co. continues to work closely with them and their international partners to ensure sustained growth.