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In these updates, our Health Services by RSM insights will no doubt give you cause for thought.
The latest edition of the Pulse covers plenty of exciting activities, including the inaugural RSM Health Technology & Business Conference, along with articles from the Health library covering what you need to know about insurance for health professionals, how to value your allied health practice, and a client Pharmacy case study.
Don’t hesitate to reach out to our specialist Health advisory, assurance and consulting team should you wish to discuss any of the ideas raised in this publication.
To learn more about Health Services by RSM – click here >
We hope you enjoy the read.
The Health Library
Insurance for health professionals: 5 dos and dont's
By Anthony Riding (4 min read)
As a doctor, pharmacist, dentist, or allied health professional, your days are spent caring about the health and wellbeing of others.
With long hours and a demanding workload, it’s easy to let your health and wellbeing take a backseat – let alone taking the time to plan for the future. Continue reading
Case Study: Priceline Pharmacy Carlingford Court, Sydney Compounding Chemist
By Kian Ghahramani and Peter Saccasan (5 min read)
As a registered pharmacist for 26 years and pharmacy owner for almost two decades, Sam Moufarrej knows that surrounding yourself with skilled accountants and advisers is key to success.
He and his business partner, Robert Herodotou, have now been RSM clients for almost 20 years and Sam says the relationship has provided invaluable support across budgeting, cashflow, forecasting, tax planning, strategic advice, and more. Continue reading
How to Value your Allied Health Practice
By Nadine Marke (4 min read)
In this article, it’s assumed that only the business is being valued, otherwise known as the enterprise value. As such, the legal structure and financing are irrelevant.
The most common way to value a medical practice, and other allied health practices, is the capitalisation of future maintainable earnings (“FME”) method. This methodology is appropriate for medical centres with sustainable profits and continuing operations. Continue reading
Strong alliances the key for allied health today
By Tom Hüberli (4 min read)
On face value, you may assume that the health industry is one of the few to financially benefit from the current global pandemic.
Whilst this is true in some cases, the realities are a significant portion of income comes from planned procedures in this industry. Continue reading
Stay ahead of the curve with AI in your medical practice
By Peter Nicol (3 min read)
Every industry has experienced significant change over the past decade thanks to advancing technology.
Touted for its ability to make us more efficient and productive, new platforms and AI-based software are revolutionising how we work, play, learn, shop, pay for goods and services, and more. Continue reading
Don’t let your ATO tax debt cripple your healthcare business
By Peter Nicol (2 min read)
In the healthcare sector, we have noticed some complacency around overdue tax payments, particularly, for medical contractors who operate under an ABN, and failure to keep on top of tax obligations can very quickly see ATO tax debt rise.
As we tick over into a new financial year, businesses across Australia should be taking stock…literally and figuratively. Continue reading
Healthcare: are you too focused on risk?
By Jaime Lam (4 min read)
Be it the pandemic, natural disasters, inflation, or rising interest rates, no organisation has been spared the need to manage unprecedented challenges.
In situations like these, it’s natural for executives and board members to become increasingly risk averse. Continue reading
Case study: WDEA Works
By Jaime Lam (5 min read)
As a non-profit delivering valuable employment services to people in need across Australia, WDEA Works sought the services of an internal auditor who could advise on how to enhance their governance, risk management, and compliance.
Case Study: Varghese Medical Consulting
By Peter Nicol, Steven Banks and Nick Andrews (5 min read)
After outgrowing their new medical practice in less than a year, experienced doctors and practice owners (Ajit and Alfeen Varghese) knew they would need local, expert advice to assist with the next stage of their business journey.
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Whether you're a medical or allied health practitioner, specialist, pharmacy, manufacturer, aged care facility, member organisation, local health organisation, or Government department - Health Services by RSM will meet all your advisory compliance and risk management needs.
