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We’ve been with Alliance for around 12 months, so it’s quite a new partnership.
Intelligent medical accounting is essential for health industry professionals
“We understand exactly what medical professionals need from their accountant and business adviser.
They want longevity in the relationship… someone who has a holistic view of their practice and can provide intelligent insight into both their business and personal financial positions.
It’s important that a medical accountant appreciates the sense of urgency as many practitioners will be working to a strict timeline and will require answers quickly.
They need to be assured that their business accountant can offer reliability and deliver information that is to the point, accurate, factual and supplied in a timely manner.
And above all, they need medical accounting that meets their high ethical standards. Because ethical behaviour is not just relevant to their medical practice – it is an intrinsic part of who they are.”
George Germanos and the team at Alliance Accounting have extensive experience working with medical professionals across a wide range of specialties. From general practitioners seeing patients in a medical centre to surgeons with private practices, orthodontists to ophthalmologists, George discusses some of the key services we provide.
The right structure
Alliance Accounting can help from the very beginning when a medical practitioner is looking at branching out on their own.
Often, they have been contracted to another practice or part of a larger organisation and are ready to start their own medical business. George explains,
“Whenever we meet a new client, the first thing we do is analyse their financial position… we want to make sure that everything is structured properly. That’s the most important place to start.
We help to determine the best business structure and lay foundations that support future growth opportunities. But we can also perform a restructure if it is required… this might be helpful to create a more beneficial tax position. Regardless of what our client needs, we can find the most appropriate solution and offer suitable professional guidance.”
Asset protection and tax minimisation
Asset protection is a critical part of our financial structuring process. The medical industry is one of only a few that are still subject to personal liability, so it is important to safeguard both business and personal assets. George says,
“We provide guidance on how the overall finances are structured – business and personal, as this is key to making sure assets are well-protected. We need to make sure that all assets are safe and we consider many different opportunities to minimise risk.
While every business owner wants to make sure their personal assets are protected, normal day-to-day businesses aren’t exposed to as much risk as medical professionals. This is why you need to be meticulous during the structuring process.”
We also focus on tax minimisation throughout every step. George continues,
“Whether they have a property or they are renting their practice space… external personal investments or equipment within their practice… there are a variety of tax minimisation strategies available.”
Implementing business processes
For us, it’s important that our medical clients have efficient business processes. While they work in a unique industry sector, the business mechanics are similar to most other business types. We want to make sure that they can focus on their primary purpose and not get stuck in accounting administration. We help implement business processes to streamline their finances.
“We recognise that every medical business is different, so their needs will vary… but we review everything to find where we can implement efficiencies.
We analyse their billing process – how much and what they bill for, how they manage their debtors, how they collect their money owed and how much they invoice out for support staff.
We look at the software they are using for practice management, so we make sure the integration works with accounting tools. And we assess their record keeping and internal finance processes… who does it and how is it completed?
Once the processes are in place, our relationship moves to an advisory service. Most of our clients have a business that is always evolving… they are dynamic and new processes are regularly implemented.
Generally, we have ongoing quarterly or bi-annual reviews to assess their position, so that we can always remain ahead of any different situations that arise within the business and proactively determine what action needs to be taken.”
Support during challenging times
Finally, partnering with a medical accounting expert can provide you with additional support during challenging times. We demonstrated exactly this during the early stages of the global pandemic.
“Very quickly we found that a lot of our medical clients were impacted by the COVID-19 pandemic, so it was important for us to be able to help them.
We reassessed the services they provided and how consultive processes needed to change. Many moved to digital or over the phone, so we supported implementing those new initiatives.
By having a professional team behind them they were able to pivot and find solutions for challenges outside the realm of normal business accounting. We have the ability to step in and recognise when there is a really unusual situation – what can you do? How can you make sure your business remains viable?
Clients that take the best advantage of Alliance Accounting call in times of trouble… or times of need, or change, even if it’s outside the scope of accounting or tax – we can always find a way to help.”
If you are a medical professional, contact our team today to find out more about our business accounting services.
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Intelligent medical accounting is essential for health industry professionals
We understand exactly what medical professionals need from their accountant and business adviser.
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