How LDB accountants bring unique value to the medical sector

Tax Compliance & Accounting

October 15, 2018

How LDB accountants bring unique value to the medical sector

If you are a medical practitioner, you probably didn’t sign up for medical school because you wanted to run a business.

Yet most doctors and healthcare professionals are, to some degree, in business, and this creates many distractions from their primary role of treating patients.

A few of the issues that healthcare practitioners need to address include:

Lack of time
The complexities of different business structures, professional indemnity insurances and reporting obligations
Medicare management
Succession planning and other issues related to entering into or exiting from a practice
Understanding cash flow, budgeting, tax planning and GST
Practice location and whether to lease or purchase the property.

Fortunately, you don’t need to go it alone. Just as you are focused on the wellbeing of your patients, our specialty is creating healthy medical businesses.

Benefit from experience

LDB’s accountants have extensive experience in helping medical practitioners, from start-ups through to established businesses, navigate the various tax, billing and business issues they inevitably encounter.

For instance, many doctors begin their careers in locum positions. Aside from helping practitioners in contract positions with their standard tax requirements, we can also help when it’s time to transition to a practice owner or partner.

This includes helping to identify the best business structure, the establishment of a service business where appropriate, and navigating the profit shifting and personal services income issues that apply to doctors.

Naturally, we’re on top of payroll tax. This includes looking at which structure manages payroll tax effectively, and providing tips on what to avoid.

Our expertise even extends to billing systems. Due to our vast client base in the medical sector we have feedback on what systems work best for practices of various sizes. This means we can suggest the best system to implement in a practice that not only assists with billings, but also provides help with budgeting.

If you are looking to purchase the physical premises that your practice occupies, or if you just need help with tenancy negotiations, LDB’s real estate advisory team can assist.

And if your interests extend to entrepreneurial activities, LDB’s extensive knowledge of research and development (R&D) concessions can help you make the most of any investment you make in research and development.

All in all, it’s our depth of knowledge and breadth of skills that allows us to provide unique value to our clients in the medical sector.