Medical Accountants
Doctors often lose track of accounting due to the demanding nature of their profession. Their primary focus is patient care, which leaves little time for financial management. Complex billing systems, multiple revenue streams, and constant changes in healthcare regulations along with managing expenses such as medical supplies and staff salaries, make it easy for accounting tasks to slip through the cracks.
Since 1968, Colledges Accountants + Advisors has been providing tax and accounting, and business advisory services to doctors, medical students, and specialists, and allied health practices. With regularly changing regulation and tax requirements, we support our medical clients to remain complaint, ensure their tax obligations are up to date, and that the practice is running as financially efficiently as possible.
Colledges have 50+ years of accounting knowledge and experience with medical practices
How we help you:
Your Entity Structure
Do you have the right entity structure? Service entities provide doctors asset protection by separating the practice from the doctor’s provision of services.
Expense Tracking and Budgeting
Are you efficiently managing expenses such as medical supplies, equipment, staff salaries, and facility costs? We’ll help you create systemised processes to keep track of these expenses, allocate them correctly, and create accurate budgets to maintain financial health.
Managing Complex Revenue Streams
Medical practices have multiple sources of income, including insurance payments, patient fees, government reimbursements, and grants. Accurately tracking and reconciling these varied revenue streams can be complex and time-consuming.
Business Structure
The type of business structure you choose depends on whether it’s just yourself in the practice or whether you have partners. You want to make sure that the entity you have chosen will make it easier to sell as a practice should you need to. Business structures include sole traders, partnerships, companies and trusts.
Tax Obligations
Are you meeting your tax obligations? These include Income Tax, Goods and Services Tax (GST), PAYG Withholding Tax, and anything subject to Fringe Benefit Tax. The healthcare industry has specific tax regulations and potential deductions that can be challenging to navigate. We’ll help you to stay compliant while optimising your tax strategies with our up-to-date knowledge of relevant tax laws.
FAQs
How can I optimise my tax strategy and ensure compliance with the latest regulations?
We’ll advise you on minimising your tax liabilities while staying compliant with Australian tax laws, including deductions and credits specific to medical professionals.
What financial reports should I monitor to assess my practice's financial health?
We’ll provide guidance on the most relevant financial metrics, such as profit margins, revenue per patient, and overhead costs, to make informed decisions about your practice.
How can I manage cash flow effectively to ensure the sustainability of my practice?
Our specialised accountants will provide guidance and advice for strategies to improve cash flow, including efficient billing processes, managing accounts receivable, and planning for future expenses.
Contact the team at Contact Colledges Accountants + Advisors today
The Colledges Way
We bring integrity, forward thinking and frank honesty to the table. That’s the Colledges Way. We travel the finance journey right by your side and treat your business with the care we give our own.
Expertise
Over 50 years in accounting, taxation and business advisory services
The Long Haul
We continue to support and advise third generation clients
Caring
We’re responsive, approachable, compassionate and respectful
Straight Talkers
You always know where you stand with your finances