Medical Practice Matters
DO YOU SETTLE FOR A MEDIOCRE PRACTICE? Your Practice matters. It really does! It is the Think of areas of the practice such as: lifeblood of your existence. Your Practice is the • Billing – most practices lose one to two months arena in which you can grow your career, be income per year through medical billing! This can creative, and develop a business. Your Practice easily be averted with an expert billing system allows you to give back to the community, help in place and can free up labour resources to others and make a difference. Your Practice be applied to grow the practice further. is the instrument from which to provide for your family, grow your wealth and secure your • Practice expansion – holding or growing your future. So why not make the most of it? slice of the market is important. The structure and funding of expansion is usually a lot cheaper The problem is most doctors and medical than you think. In most cases it can be 100 per professionals get into Private Practice without cent funded, leaving cash for non-deductible really mapping out what route they are going items such as paying off your home loan. to take, what they want the Practice to look like in years to come, or what the exit strategy • New equipment and fit-outs – there has seldom is going to be. With a little strategic planning been a cheaper or easier time to get additional you can make a WORLD OF DIFFERENCE, finance, again usually 100 per cent funded. generally with very little extra effort, if any. Technology has ensured better quality, quicker As with everything in life, when we don’t turnaround times and additional opportunities. know much about something, it all appears • Cash flow management – cash is always king, and a little scary or difficult and generally lands should be directed in the right place at the right time. in the procrastination basket. But really it is mind over matter. Remember when you • Superannuation – The benefits of this are huge, bought your first house? That huge loan? but the rules continually changing. Are you up to How do you even get a loan? Do we need a speed with yours or your employees super? solicitor? What are all these questions I’m • Insurance – Perhaps a necessary evil – until you need being asked? What is stamp duty? What do I to make a claim! The insurance market has changed put on the contract? How do I put in an offer? a lot in the last few years. More focused products The second property was a lot easier. Now, and more ways to pay. Are you covered appropriately? it all seems kind of trivial because you have Only four per cent of us with dependants are… been through the process a few times and understand it. The same ideology applies to It is important in all cases to first review your circumstances with your advisor to see what path to take. your practice. Find the professionals in the Don’t settle for mediocrity. Make Your Practice Matter. relevant arena and use their knowledge.
SCOTT GUILDFORD Wealthmed
ABOUT THE AUTHOR Scott has been in the real estate industry since 2004. He has been involved in many aspects of small business and property development. Scott also has over 15 years experience in insurance and finance.
A healthy practice depends on more than just your income. As a Wealthmed Client you can access:
up to 100% finance for practice fit out + equipment
up to 100% finance on purchase of practice premises
at call advice from our CPA and financial planner
banking assistance from our dedicated personal banker
free medical practice billing audit at your location
pen! what are you waiting for? let’s make it hap Call us on 1300 887 137
cash flow management adequate insurance effective medical billing superannuation
correct finance + ownership structure
info@wealthmed.com.au | www.wealthmed.com.au Wealthmed Australia Pty Ltd is a Corporate Authorised Representative No. 444018 of Private Wealth Pty Ltd AFSL & ACL No. 320404 ABN 15 771 186 421.
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