Good health and hygiene start young and in the home. However, medical professionals play an important role too in maintaining overall health and happiness, throughout people’s lives.
While this is the drive and mission behind why medical professionals do what they do, let’s not forget that many of them are business owners too.
If you’re medical professional and business owner, the health of your patients is important, but so too is the health of your practice – in all shapes and forms.
Want to know how to optimise health of your practice?
Read more from the Gold Coast experts in medical accounting, Crest Accountants to find out.
Lead by example
Show your valued clients that you really care about their health by investing in the latest, state of the art technologies and equipment.
Here’s what you can do:
Purchase all your equipment instead of leasing it
Why? To avoid issues involving higher retail costs, hidden fees, interest payments and penalties for lease breaking.
Maximise your office space
Just starting out as a business owner of a new practice? Consider subletting your primary or secondary office space or merging your office with another local and reputable medical professional.
This will not only help you utilise your office space but diminish overheads.
Leading by example, in the procedures and practices, investment in high-quality equipment and so forth are great business decisions to make as a business owner.
Build a great name and team
The health of your practice goes beyond proper hand washing, disinfecting and sterilising equipment. Any good business owner knows that the optimal health of a business has a lot to do with the happiness and health of staff.
To avoid high employee turnover – which will likely become costly to the business in both time and money – pay your staff not just a liveable wage, but attractive remuneration.
Train your staff too, to be knowledgeable and friendly to gain and retain trust and returning clientele. It’s also important to reward your staff with little things like days off, staff lunches and fun team building exercises.
Maintain healthy financials
It’s important to make sense of numbers when it comes to owning and operating your own medical practice.
Your local Gold Coast medical accounting team at Crest have listed some questions to ask yourself when looking at the health of your business.
What are my major expenses?
This will likely be employee wages, infrastructure and equipment costs.
Does my business cash flow align well with my financials?
Even as cash flow increases, don’t underestimate the power of budgets to keep everything in check.
Where is my income coming from?
Determining your best ‘money-makers’ will give you a better idea of your practice’s success.
Are there any points of concern?
Are you finding discrepancies in your books? Perhaps not keeping up to date with your bookkeeping is causing frustration?
If any or all of the above questions seem too much trouble to answer on your own, don’t worry there’s a professional team you can rely on to help. At Crest Accountants, our medical accounting services will be truly tailored to the needs of your business. We understand the requirements and help you stay one step ahead and reach your financial goals.
Contact Crest today.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.