Medical Practice

Managing a successful medical practice involves more than just providing quality care to patients; it also requires navigating the complexities of running a business. Medical practitioners face unique challenges in managing their practices, from tax compliance and financial management to optimizing business structures for growth and succession planning. Without the right support, these challenges can impede the practice’s success and profitability.

Investax has extensive experience in helping medical practitioners optimize their medical practices. By implementing the right business structures, accounting treatments, and financial strategies, we ensure that medical practices are not only compliant with regulations but also positioned for sustainable growth and profitability.

How Investax Can Help

Business Structure

Most medical practitioners lack the time to fully understand the complexities of business structure and often rely on their accountants to establish it. Using an inexperienced accountant can lead to significant future costs if the structure needs to be corrected.

Investax will revisit your current business structure, providing expert advice to ensure it aligns with your long-term goals and maximizes tax efficiency. Our experience ensures that your business structure is set up correctly from the start, avoiding costly issues in the future.

Business Premises Purchase

Purchasing business premises for a medical practice involves significant financial considerations, as well as asset protection strategies.

Investax provides tailored solutions for medical practitioners looking to purchase their practice premises, ensuring that the acquisition is structured for optimal asset protection and tax efficiency.

Asset Protection

Medical practitioners face risks such as litigation, malpractice claims, and business liabilities that could threaten their personal and business assets.

Investax offers comprehensive asset protection strategies to shield your medical practice and personal assets from potential legal and financial risks. By structuring your assets effectively, we help ensure that your wealth is secure, and your practice remains financially stable.

Tax Compliance

Medical practices must navigate complex tax regulations, including GST, income tax obligations, and payroll tax, which has become a significant concern due to recent cases where state revenue offices have treated contractors as employees, leading to additional tax liabilities.

Investax provides comprehensive tax planning and compliance services, including advice on managing payroll tax risks and ensuring your medical practice meets all tax obligations while optimizing tax outcomes.

Payroll and Superannuation Management

Managing payroll for medical staff, including doctors, nurses, and administrative personnel, requires adherence to complex award rates and superannuation regulations.

Investax can manage payroll processing, ensure compliance with employment laws, and optimize superannuation contributions to meet both legal requirements and business goals.

Investax Can Manage

Revenue Recognition and Medicare Compliance

While cash flow may be stable due to Medicare payments, ensuring accurate revenue recognition and compliance with Medicare regulations is crucial.

Investax assists in accurate revenue recognition, ensuring that Medicare payments are accounted for properly and that your practice remains compliant with all regulatory requirements.

Cost Management and Profitability

Despite steady revenue, medical practices often face high operational costs, including staff salaries, medical supplies, and facility expenses.

Investax conducts financial analysis to identify cost-saving opportunities and improve the overall profitability of your medical practice.

Asset Management and Depreciation

Medical equipment is a significant investment and needs to be managed effectively for both accounting and tax purposes.

Investax helps track and manage medical equipment, ensuring proper depreciation and maximizing tax deductions.

Insurance and Risk Mitigation

Ensuring adequate insurance coverage for malpractice, property, and business continuity is critical for protecting your medical practice.

Investax advises on the right insurance coverage to protect your practice from unforeseen events and mitigate risks effectively.

Financial Reporting and Strategic Planning

Understanding financial performance and planning for future growth are essential for the long-term success of your medical practice.

Investax prepares detailed financial reports and helps set up KPIs and dashboards to track performance, providing strategic advice to help your practice grow and thrive.

Succession Planning and Exit Strategy

Planning for the eventual sale or transfer of a medical practice is complex and requires careful consideration of tax implications, particularly capital gains.

Investax provides tailored exit strategies that minimize tax liability and ensure a smooth transition, whether you’re selling your practice or passing it on to the next generation.