Medical Professionals
Financial Expertise for Australian Medical Professionals
Are you spending more time managing finances than caring for patients? Feeling overwhelmed by complex Medicare regulations and tax laws? Struggling to maintain a work-life balance due to administrative burdens?
At Keystone Accounting, we understand the unique challenges faced by medical practitioners in Australia. Our tailored financial solutions help you focus on what matters most – your patients and your practice’s success.
Why Choose Us for Your Medical Practice?
Industry-Specific Expertise
We understand the unique financial challenges of legal practices, from trust accounting to partner compensation structures.
Compliance Mastery
Stay ahead of complex regulatory requirements, including trust account management and client fund handling.
Profitability Focus
Maximize your firm's financial performance with strategic advice tailored to the legal sector.
Maximise Profitability
Optimize your practice's financial performance with our strategic advice and insights, tailored to the Australian healthcare landscape.
Time-Saving Solutions
Reclaim your time with our efficient financial management services, designed for the unique demands of Australian medical practices.
Common Strategies for Australian Healthcare Professionals
Practice Management
- Streamline your operations and improve cash flow
- Implement efficient systems for appointment scheduling and billing, optimized for Medicare and private health insurance claims
- Optimize resource allocation for better productivity in the context of Australian healthcare demands
Tax Optimization
- Maximize deductions specific to medical professionals in Australia
- Stay compliant with ATO regulations and healthcare industry-specific tax laws
- Strategic tax planning to minimize liabilities while ensuring full compliance
Payroll Solutions
- Manage staff payments and superannuation with ease
- Ensure compliance with Australian healthcare industry awards and Fair Work regulations
- Handle part-time and casual staff payments accurately, a common need in medical practices
Business Planning
- Secure your future with tailored investment strategies for medical professionals
- Plan for practice expansion or equipment upgrades, considering Australian market conditions
- Develop strategies for eventual sale or succession of your practice in the Australian healthcare context
Cash Flow Management
- Navigate the complexities of Medicare, DVA, and private health insurance payments
- Manage irregular payment schedules effectively
- Implement strategies to improve accounts receivable, tailored to the Australian healthcare billing landscape
Budgeting and Forecasting
- Create realistic budgets that align with your firm’s growth objectives
- Develop financial forecasts to support strategic decision-making
- Implement scenario planning for various business conditions
Compliance and Reporting
- Stay up-to-date with Australian healthcare industry regulations, including AHPRA requirements
- Prepare accurate and timely financial reports
- Manage ASIC obligations effortlessly for incorporated medical practices
Australian Medical Practice Benchmarks and KPIs
Understanding Industry-specific benchmarks and KPIs can help you optimize your practice’s performance and profitability in the Australian healthcare context.
Key Benchmarks for Australian General Practices:
Revenue per FTE GP
Reflects how much money each doctor brings in. Calculated by dividing total revenue by the number of full-time doctors. Aim for $350,000-$400,000 per GP.
Operating Costs
Reveals how much you spend to run the practice. Calculated by dividing operating expenses by total revenue. Aim for 40-50%.
Staff Costs
Indicates how much you spend on employees. Calculated by dividing staff expenses by total revenue. 20-25% is common.
Net Profit Margin
Shows how much money you keep after expenses. Calculated by dividing profit by total revenue. 20-30% is common.
Important KPIs We Monitor:
Bulk Billing Rate
eveals how often you use bulk billing. Calculated by dividing bulk billed visits by total visits. The national average is around 86%.
Patient Visits per Day
Measures how many patients each doctor sees daily. Calculated by dividing total patient visits by the number of doctors and days. Aim for 30-40 patients per day.
DNAs (Did Not Attend) Rate
Aim to keep your DNA rate below 5% to maximize efficiency and revenue.
Average Fee per Consultation
This varies widely depending on location and billing practices, but it's crucial to track for profitability.
Understanding these metrics helps businesses to:
- Identify areas where your practice may be underperforming compared to Australian industry standards
- Provide targeted advice for improvement based on best practices in the Australian healthcare sector
- Help you set realistic financial goals tailored to your specific practice model and location
- Benchmark your performance against similar practices in Australia
Don't Let Financial Stress Affect Your Patient Care
Book a free consultation today and discover how we can help your Australian medical practice thrive. Let us handle the numbers while you focus on healing.
Common Challenges for Australian Medical Professionals
- Inefficient billing processes leading to cash flow issues, particularly with Medicare and private health insurance claims
- Confusion over tax deductions specific to medical practices in Australia
- Difficulty in managing payroll for a mix of full-time, part-time, and casual staff under Australian employment laws
- Lack of time for strategic financial planning and practice growth in the competitive Australian healthcare market
- Compliance with various regulations and licensing requirements
- Stress over compliance with complex Australian healthcare regulations and accreditation requirements
- Uncertainty about the financial implications of expanding or selling a practice in the Australian context
Ready to Optimize Your Australian Medical Practice Finances?
Take the first step towards financial clarity and success. Contact us now for a personalized solution to your practice’s financial challenges in the Australian healthcare landscape.
Why Australian Medical Professionals Trust KeyStone Accounting
Specialized Knowledge
Our team stays up-to-date with the latest developments in Australian healthcare finance and regulations.
Tailored Solutions
We don’t believe in one-size-fits-all. Our strategies are customized to your specific practice and goals within the Australian healthcare system.
Proactive Approach
We don’t just react to problems; we anticipate and prevent them, ensuring your practice stays financially healthy in the ever-changing Australian medical landscape.
Technology Integration
We leverage the latest financial software to provide real-time insights and efficient service, compatible with Australian healthcare systems.
Holistic View
We look at your entire financial picture, from daily operations to long-term wealth building, in the context of the Australian medical profession.
Keystone Accounting: Your Financial Health Partner in Australian Healthcare
Let us cure your financial headaches so you can focus on curing patients. Experience the peace of mind that comes with expert financial management tailored to the Australian healthcare sector. Don’t let financial stress compromise your ability to provide excellent patient care. Optimize your practice’s financial performance and focus on what you do best – improving the health of Australians.