Owning a healthcare practice is no small feat – you’re juggling patient care, staff management, and ever-changing regulations. But if you’re using a general accountant to manage your finances, do you have the right support?
Choosing an accountant who specialises in healthcare isn’t just a nice-to-have; it’s a game-changer. They understand the unique financial challenges of your industry, from complex tax deductions to understanding Service and Facility Agreements and succession planning.
That’s why partnering with a healthcare-focused accountant, like Amalgam Advisors, can have a significant impact on the financial health of your practice.
Your industry is unique, so you need an accountant who’s unique too!
Healthcare practices are unlike most other businesses. Dentists, doctors, and vets deal with unique financial issues that regular accountants may never encounter.
From the high cost of specialised equipment to dealing with complex insurance requirements and dealing with contactors, healthcare professionals operate in a financial environment filled with nuances.
Typically, a general accountant will not be familiar with the specific regulations, expenses, and opportunities that apply to the healthcare sector, which could lead to missed opportunities or non-compliance with industry-specific regulations.
An accountant who specialises in healthcare knows these nuances inside and out. For example, they understand how to manage complicated payroll systems with contractor agreements and ensure you’re making the most of industry-specific tax deductions. This is not something most accountant deal with day in and day out, and that specialised knowledge can make a huge difference to your practice’s financial health.
Navigating complex tax regulations
In running your practice, you’ll face a maze of tax regulations that require specialist knowledge that a general accountant typically won’t have. There are complex rules around things like GST, Workcover, and even superannuation that apply specifically to healthcare providers.
An accountant who specialises in the healthcare sector is also well-versed in the specific tax breaks, deductions, and benefits that apply to healthcare practitioners. They know how to structure your business and finances to comply with regulations while maximizing tax efficiency. For example, they can help navigate payroll tax issues, advise on contractor arrangements, and provide insight into managing Service and Facility Agreements – a common area of confusion for dental and medical practices.
And importantly, they stay up to date with the latest changes in tax laws that affect healthcare. Because they focus exclusively on your industry, they are aware of any new rulings or updates from the ATO that could impact your practice, allowing you to focus on your patients without worrying about compliance.
Tailored support for every stage of your career
A specialised healthcare accountant doesn’t just handle taxes and bookkeeping – they can provide strategic business advice that aligns with the unique challenges and opportunities you may face throughout your career. From helping new graduates set up their first practice to guiding established professionals through practice expansions, mergers, or retirements, their expertise is invaluable.
For instance, when it’s time to buy or sell a practice, the financial decisions can be daunting. A healthcare-specific accountant can guide you through practice purchases, equipment financing, or evaluating a potential sale, ensuring you make informed, strategic choices. They’re also experts at navigating transitions, such as moving from contractor work to practice ownership, ensuring that each stage of your career is financially sound.
How Amalgam Advisors can help
At Amalgam Advisors, we only work with dentists, doctors, and veterinarians, which means we work day in and day out managing the many financial aspects of healthcare practice ownership. It’s not a branch of our business – it’s all that we do.
We understand the specific challenges you face every day, from managing cash flow in a busy practice to making sure you’re in compliance with all industry regulations. Our team is here to make your financial life easier so you can focus on what you do best – caring for your patients.
Want to know more? Get in touch and find out how we can help your healthcare practice.
