Payroll Tax Amnesty: Important Considerations and Expert Advice for QLD Medical Practices – Register Now or Regret Later?
The recent Payroll Tax Amnesty announcement is significant news for medical practices in Queensland regarding their decision to register or not with the Queensland Revenue Office (QRO).
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Attention medical practice owners! Maximise the value of your practice by taking charge of it
Successful medical practice owners maximise their investment returns by continuing to evolve the way they do business. They continue to set new goals to counter existing weaknesses/ threats, take advantage of opportunities as they arise and measure success against these goals.
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To receive each instalment of the video series directly via email, please email mail@prosperity.com.au.
To view previous GP Video Series videos please click here.
Interest rates are rising, and many loans are now moving from a low-fixed rate to a much higher variable rate. Practices and medical practitioners should consider what can be done to reduce financial strain. Prosperity's Brendan Campbell and Melanie Peter discuss recent developments and what you can do to minimise the effect of the rate increases.
Watch the webinar here
Recent payroll tax cases have brought attention to the independence of contracting doctors, creating uncertainty in the healthcare industry. Prosperity's Brendan Campbell and Charles Yuan with Craig Hong of Hillhouse Legal Partners discuss recent developments and what practices can do to minimise their payroll tax risk exposure.
Watch the webinar here
How are your practice profits taxed and what is changing? Is your practice payroll tax audit ready?
Now in its ninth year, the General Practitioner Industry study assists many practices in understanding their key performance metrics to keep ahead of the competition. The report provides a comprehensive analysis of the business changes in the general practice sector over the past 12 months, including what challenges practice owners are faced with and their opportunities for the future.
The Prosperity Health Practice Management Consulting team completes the holistic approach taken to assist our clients with the ‘practice of running a practice’. Our specialist practice managers offer a comprehensive overview of practical services and advice needed to run a busy, profitable, modern medical or allied health practice.
The practice management consulting team supports you through changes, helps you implement new ideas, and assists you to remain compliant in an ever-changing environment. Our team works alongside your practice manager to personally develop opportunities and create individually tailored programs that will enhance the performance of your practice and its team.
This creates efficiencies leading to improved financial outcomes through increased profitability and reduced expenses. The practice team becomes more cohesive, working effectively and sharing knowledge, resulting in better outcomes and more productive approaches to service delivery.
Assistance is offered in all areas of practice management including starting up a new venture, improving an existing practice and succession planning for retirement.
Planning and arranging staffing needs for nursing staff, practice manager, receptionists, administrative staff, allied health and cleaners is undertaken to ensure your practice has appropriately skilled and qualified professionals ready to begin work when you open the doors. This includes recruiting, screening applicants, interviewing and hiring staff. As well as establishing staff files, position descriptions, contracts, superannuation requirements and complying with Fair Work Australia legal requirements.
Prosperity Health's professional practice management consultants are highly qualified, and have extensive hands-on experience running medical practices
of all sizes in many different locations. The specialist management expert works alongside, and in conjunction with your practice team, to offer a
comprehensive service, which allows us to assist your practice in reaching its full potential.
Reviewing existing systems, comparing current processes with identified best practice solutions, then identifying and implementing changes to procedures
can be a time consuming activity. Our consultants draw knowledge from their vast industry experience as well as their academic qualifications, and
stay abreast of the constant changes that abound within the health industry, to design solutions specifically for your needs.
Areas of expertise offered by Prosperity Health consultants include increasing profitability and decreasing expenses. We are able to independently
assess your income and outgoings and offer advice regarding maximising item number selection. This relates to being paid appropriately for the
work you are currently performing, rather than changing the way you practice medicine. Many practitioners are fearful of Medicare audits, and choose
not to use the vast array of items available for billing. However, in our experience, the doctor who bills correctly, will not raise any "red flags"
at Medicare, and vastly increase his take home pay by making use of practice nurses for assistance with care planning and health assessments. We can
educate your practitioners on their choices, and have tools to help you calculate your potential in this area.
Goal setting, strategic planning and budgeting aids growth strategies within the practice. Every business needs to develop budgets, cash flow
projections and financial targets. Assistance is available for practices to facilitate establishing growth targets. This includes investigating for
particular demographic groups; examining current records, establishing community needs and implementing new services to cater for patient requirements.
We plan and create marketing strategies that suit your practice's needs and the demographics of your patients. This includes discussing the
content of your website, creating patient information leaflets, practice newsletters and advertising. The internet has significantly changed the way
people do business; this includes how your patients access online resources to find a practice, search for health information, and then spread the
word about their experiences with their friends.
The success of your practice relies on recruiting and retaining highly skilled team members. Human resources issues continue to be an area causing practices concern, and costing valuable time and expense. Prosperity Health consultants specialise in providing efficient recruitment services to ensure employing the highest quality applicants to compliment the culture and image of your practice. We ensure compliance with Fair Work Australia, and abide by Antidiscrimination and Equal Opportunity legislation when assessing your needs, creating position descriptions, advertising, assessing candidates, identifying selection criteria, interviewing, reference checking and notifying unsuccessful applicants. Our service extends across all areas of human resource management including:
Policy and procedure manuals are guidelines that offer a range of actions within an agreed set of limits. These are dynamic documents that should never stop developing. The legislative environment is constantly changing, your practice's needs and preferences will evolve and frequently your personnel will also change. Your practice policy and procedure manual also needs to adapt with growth and changing practice environments. Our experienced consultants work with your practice manager developing fresh approaches to combine with existing materials that will comply with required industry standards. We advise on version control requirements, ensuring the most recent version is available at all times, and offer solutions for ensuring staff have constant access. Alternatively we also supply templates for your practice staff to develop and personalise for your specific requirements.
Many doctors spend their lives devoted to treating their patients, and do not consider what will happen upon their retirement. Some believe their practices are worthless at the end of their working lives, while others perceive no other option than to sell to large corporate investors.
Retirement is not something that should only be considered as you approach the later years of your career. Doctors running private practices should have a written succession plan, that incorporates their personal goals as well as plans for the practice. Prosperity Health's practice management consultants assist you with considering recruitment strategies, business plans, growth strategies, introducing younger partners and who will take over when you are not there. Developing good business practices throughout the life of your practice, and running an efficient and profitable practice creates value, ensuring you have a saleable business when you begin the transition to retirement.
Our dedicated health team provides specialist advice to individual health professionals, health businesses and government agencies in the health sector to understand the opportunity presented by this changing landscape so these groups can focus on what they do best – helping their patients.
Megan Smith Director of Business Services and Taxation |
Ashley Quinton Director of Business Services and Taxation |
Brendan Campbell Director of Business Services and Taxation |
Sam Gadani Director of Business Services and Taxation |
Balancing Act for GP Practice Profit: Prosperity Health Benchmark Report 2018
We all know that by establishing regular health and dental checks we’ve got a greater chance of preventing problems throughout our lives.
The business of running a medical practice is what GPs seem to fall into from necessity rather than choice, more often than not from a desire to deliver patient care in the way they choose.
If you are ineligible for the Age Pension due to your wealth but still have an annual income below $50,000 pa for singles or $80,000 pa for a couple, you might be eligible to receive the Commonwealth Seniors Health Card (CSHC). And the benefits are nothing to shirk at.