Medical Practice Management

Medical Practice Management and Accounting

When it comes to your medical practice management, the ability to make well-informed decisions depends on the quality of information available to your management team.

We can support your medical practice by providing analysis and advice to help you to drive growth through effective financial medical practice management.

Whether it is working with you to protect your assets, fund your medical practice's growth, or develop an exit strategy to maximise your return for a comfortable retirement, Walshs have practical solutions to help you achieve your goal.

Along with our network of complimentary professionals, we can ensure your practice operates as its maximum potential. We can act as your business partner to identify efficiencies in operation, implement process improvement ideas and best practice solutions, and manage ongoing compliance issues.

We can review your medical practice to determine what's performing well and where your business can improve. Working with your medical practice management team, our experienced advisers can develop key performance indicators specific to your needs.

Buying into a private practice - and how our specialist medical accounting team can help

Buying into an established private practice can be a great opportunity, as the structure and systems are already in place. However, it's essential you undertake thorough research to ensure you pay the correct price and completely understand the business you are joining. Walshs can provide due diligence services to ensure your interests are protected, and you enter agreements with comfort and certainty.

Some areas where we can assist:

  • Due diligence on acquisition
  • Practice acquisition strategies
  • Cost review and reduction strategies
  • Structuring advice
  • Debt structuring advice
  • Asset protection strategies
  • Coordination of review of legal contracts and agreeements

Starting your own private practice - and how our specialist medical accounting team can help

Establishing your own practice can be an exciting and daunting opportunity. Our professional, reliable and client focused team can help. We work with you alongside our network of experts in legal, technology and practice management that have assisted many clients in starting both general and specialist practices.

It's critical to establish the right business structure from the start. Each structure has its own benefits and limitations, so it is vital to choose one that meets your needs and adheres to ATO guidelines while producing tax benefits. Choosing the wrong structure can make a massive difference to your wealth and financial security. Walshs have built a great network of professionals to assist you in all areas of establishment and successful medical practice management.

The network of complimentary professionals we have built allows us to assist in all areas of practice establishment and successful ongoing operation.

To find out more about how we can support you in transitioning to private practice click the button below.

Purchasing private practice premises - and how our specialist medical accounting team can help

Owning your own medical rooms is a goal of many practitioners. It is important that you consider all the available structures and strategies to help you achieve your practice premises objectives.

Walshs, along with our network, can assist with the following steps:

  • Property selection and price negotiation
  • Financing to lease or buy
  • Deciding on the most appropriate structure to own the premises
  • Design and fit-out

Medical practice management

Walshs, along with our network, can provide consulting services to ensure your medical practice operates at its maximum potential. We can act as your business partner to identify efficiencies in operation, implement process improvement ideas and best practice solutions, and manage ongoing compliance issues.

Some areas where we can assist:

  • Business performance and benchmarking
  • Budgeting and forecasting
  • Financial management and reporting
  • Business management and partnering
  • Due diligence for business acquisitions and mergers
  • Periodic budget reporting and analysis
  • Operational efficiency and best practice implementation
  • Compliance – ATO, ASIC and Medicare
  • Succession planning and exit strategy
  • KPI development, reporting and analysis
  • Breakeven and profitability analysis
  • Banking and funding reviews
  • Forecasting projected profit and loss, balance sheet and cash flow statements

Bookkeeping and Payroll for your Medical Practice

Our reliable bookkeeping and payroll teams have a wealth of specialised experience from many years of medical practice management. We can take care of all of your bookkeeping, payroll and accounting needs. We can also provide ongoing analysis and access to live reports on the performance of your business.

Engaging our bookkeeping service delivers efficiencies and cost savings for your business. You also benefit from access to all of the divisions of our team for fully integrated, seamless medical practice management, allowing you to get on with what you do best – caring for your patients.

Our bookkeeping service offering includes:

  • Monthly bookkeeping
  • Preparation of monthly management accounts
  • GST reporting
  • BAS and IAS preparation
  • Data entry and processing
  • Reconciliations – bank, credit cards, loans and ATO accounts
  • Asset register maintenance
  • Training & ongoing support
  • Cloud-based accounting software (XERO, MYOB, etc.)
  • Software set-up, implementation & data migration

You can outsource your payroll needs to Walshs to ensure it is managed efficiently, effectively and in full compliance with government regulations.

Our payroll service offering includes:

  • Payroll processing
  • Superannuation payments via ATO SuperStream
  • WorkCover registration and payments
  • Record of employee entitlements
  • Electronic payments, payslips and annual payment summaries
  • PAYG withholding reporting and lodgement
  • Year-end reconciliations and reporting
  • Payroll tax obligations

We know you are busy

If you have any questions about how we can help you with lending, accounting or taxation advice, please book a complimentary meeting at a time that suits you.

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