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Is it time to restructure your medical practice?

Paul Martin • Nov 19, 2015

Restructure Your Medical PracticeEverything in today's world is fast evolving, particularly how businesses operate and communicate with their clients. The reality is we are in a digital age where everything requires a more flexible structure to match current technological advancements. As a medical practice owner you need to look at every aspect of your business, from your business operations to your business' finances to stay up to date.

At some point, you need to step back and really look at your medical practice from a different perspective - not as a medical practitioner but as a business owner. You should adopt a multipronged approach to evaluate the strengths and weaknesses of your medical practice. What are the indicators that you are doing well with and what needs to be restructured to get abreast of today's digitised approach? 

Top three signs you need to restructure your medical practice

  1. Business growth is stagnant – This is an obvious indicator that something is wrong when the growth of your business levels off or is stagnant. For example when you have minimal new patients, current patients are not returning or you are not hitting your KPI's
    2.  
  2. Inefficiency – Inefficiency happens when you try to do everything yourself, thus missing out on things you really need to remain focused on. But if you outsource the things you are not expert at, you can focus more on managing the business and on delivering the best possible care to your patients. For example, your business' finances can be handled by a virtual CFO who is more knowledgeable in that area.
    3.  
  3. Obsolete systems – Sometimes it is not lack of management skills causing your business growth to stall. It is with the systems you are using. How can you expect growth if your system is slowing you down? Growth usually needs to be accompanied by investment. You need to invest so you can create value for your patients and consequently gain more revenue and grow the business.
Change or be left behind

Restructuring Medical Practice

 

benchmarking

 

Again, we leave you the question, "Is it time to restructure your medical practice?" Check out your practice from a different perspective, review your strategy, revisit your financial statements or consult with a Chartered Accountant to get a second opinion. The choice is yours. If you choose to restructure your medical practice, it is important to do it now.

For a comprehensive assessment about whether you should restructure your medical practice or not, we are here to help. We already work with multiple medical practices and have in-depth knowledge and expertise to assist you with your unique challenges. Please don't hesitate to contact us on (09) 576 4166 or request an appointment online.

How the new Government and coalition agreements might affect owners of residential rental properties

By Paul Martin • 04 Dec, 2023
There were some key takeouts of interest to many of our clients from the recently signed coalition agreements between National, ACT and New Zealand First and the formation of the new Government. In particular there are a number of policies which will likely benefit landlord clients who own residential rentals. I have summarised some of these below. 1. Return of Interest deductibility for residential rental properties Interest deductibility for residential rental property owners will return. It will be phased back in over three tax years: • 2023/24 tax year: 60% of interest cost will be deductible. • 2024/25 tax year: 80% of interest cost will be deductible. • 2025/26 tax year: 100% of interest cost will be deductible. 2. Reduction in bright-line period National signalled in their pre-election campaign that the bright-line period for residential rental property sales would reduce from 10-years to 2-years. While the exact implementation of this policy is not yet known, it is good news on the horizon for residential property investors. 3. Reinstatement of 90-day no-cause termination notices The new government will reinstate 90-day no-cause tenancy termination notices. This will avoid many unnecessary disputes in the Tenancy Tribunal and gives landlords more confidence in letting to possibly “marginal tenants". Many landlords have avoided what they considered to be risky tenants because eviction for anti-social behaviour was so difficult. With this reinstatement, landlords might be more inclined to give a marginal tenant a chance because they know that if the tenant misbehaves, they won’t be stuck with them. If you would like more information on how these changes might affect your personal circumstances, please feel free to contact us to discuss further.

How does provisional tax work, especially in an economic downturn?

By Paul Martin • 18 Jul, 2023
If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like making progress payments on next year's income tax.

How to handle inflation as a sole trader

By Paul Martin • 18 Jul, 2023
Sole traders have had an especially difficult few years as inflation surges. We have got three tips to help lighten the load for your sole trader business. 
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