Medical Practice Matters

SCOTT GUILDFORD Wealthmed

DO YOU SETTLE FOR A MEDIOCRE PRACTICE?

Your Practice matters. It really does! It is the lifeblood of your existence. Your Practice is the arena in which you can grow your career, be creative, and develop a business. Your Practice allows you to give back to the community, help others and make a difference. Your Practice is the instrument from which to provide for your family, grow your wealth and secure your future. So why not make the most of it?

The problem is most doctors and medical professionals get into Private Practice without really mapping out what route they are going to take, what they want the Practice to look like in years to come, or what the exit strategy is going to be. With a little strategic planning you can make a WORLD OF DIFFERENCE, generally with very little extra effort, if any. As with everything in life, when we don’t know much about something, it all appears a little scary or difficult and generally lands in the procrastination basket. But really it is mind over matter. Remember when you bought your first house? That huge loan? How do you even get a loan? Do we need a solicitor? What are all these questions I’m being asked? What is stamp duty? What do I put on the contract? How do I put in an offer? The second property was a lot easier. Now, it all seems kind of trivial because you have been through the process a few times and understand it. The same ideology applies to your practice. Find the professionals in the relevant arena and use their knowledge. Think of areas of the practice such as:

Billing – most practices lose one to two months income per year through medical billing! This can easily be averted with an expert billing system in place and can free up labour resources to be applied to grow the practice further.

Practice e xpansion – holding or growing your slice of the market is important. The structure and funding of expansion is usually a lot cheaper than you think. In most cases it can be 100 per cent funded, leaving cash for non-deductible items such as paying off your home loan.

New eq uipment and fit-outs – there has seldom been a cheaper or easier time to get additional finance, again usually 100 per cent funded. Technology has ensured better quality, quicker turnaround times and additional opportunities.

Cash flo w management – cash is always king, and should be directed in the right place at the right time.

Supera nnuation – The benefits of this are huge, but the rules continually changing. Are you up to speed with yours or your employees super?

Insurance – Perhaps a necessary evil – until you need to make a claim! The insurance market has changed a lot in the last few years. More focused products and more ways to pay. Are you covered appropriately? Only four per cent of us with dependants are…

It is important in all cases to first review your circumstances with your advisor to see what path to take. Don’t settle for mediocrity. Make Your Practice Matter.

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.

cash flow management

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 what are you waiting for? let’s make it happen!

Call us on 1300 887 137 info@wealthmed.com.au | www.wealthmed.com.au

adequate insurance

effective medical billing

superannuation

correct finance + ownership structure