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How small business bookkeeping can help medical practitioners

Monday, December 04, 2017 - by Max Business

Australia is home to one of the most accessible and comprehensive healthcare systems in the world.  Our system is among the best, beating out global heavyweights like the US, Germany and France overall according to some researchers. 

And like many other nations, it achieves this through a combination of both public and private sector health service providers that provide all Australians with treatments for medical problems big and small.

Which brings us to the topic of private medical practice. Doctors are motivated by more than money, but make no mistake: much like any other for-profit business, it’s vital that medical practitioners manage their administrative and financial responsibilities.

And one of these responsibilities private practices have to confront is bookkeeping.

We strongly recommend that private practitioners engage a qualified bookkeeping expert to look after all their bookkeeping needs - and not just because we’re bookies ourselves!

Outsourcing your bookkeeping offers medical practices a number of benefits, and today, we’ll be going over a handful of them.

Small business bookkeeping for medical clinics

As a medical practitioner, your focus is on the health of your patients.

But how are you supposed to deliver that sort of high-quality service without effective administration behind you?

Bookkeeping is an essential factor when it comes to running a medical practice. It’s vital that practitioners understand the financial health and status of their practices.

Some medical practices may have their own in house bookkeeping team while there are other who choose to outsource theirs. But regardless of how bookkeeping needs are met, good bookkeeping must be in place to make sure that your practice is doing well financially.

For medical professionals looking for assistance with their bookkeeping, Maximum Business Solutions can help you!

Good bookkeeping practices for medical practitioners

Accurate documentation and recording

Running a medical practice often generates mountains of paperwork and documentation. So much so that sometimes you have to wonder whether you’re running a medical clinic or a red tape factory!

Yes, medicine is one of the most paperwork-heavy industries out there (and even though all patient data now resides in the cloud, the terms still rings true).

But with people’s health on the line, it’s an absolute that accurate records are kept for every patient, prescription and treatment.

So why should your practice’s financial information be treated any differently? After all, you’re not going to be able to help anyone if there isn’t enough money coming into your clinic to keep the lights on.

Accurate small business bookkeeping enables you to get the full-picture regarding how your practice is performing, so you can make the right calls managing your clinic. On top of that, medical practices are subject to certain tax laws and requirements that other professions may not face. And then there’s bulk billing.

Who has time to wrap their heads around that when you have patients to look after and your administrative staff have a mountain of other paperwork to move?

These might seem unimportant now, but in our experience, they can result in the wrong decisions being made further down the line!

Dealing with a professional small business bookkeeper

The great thing about outsourcing the medical practice’s bookkeeping is that doctors will be working with a professional. You wouldn’t get medical advice from a random passer-by on the street - and you shouldn’t get your bookkeeping done by someone who isn’t a qualified bookie!

We understand that medical practitioners or specialists have their hands full - from the long line of patients to making sure the practice runs as smooth as possible.

And while there might be someone at your practice who can deal with your books, there’s a world of difference between this and when one works with a professional whose sole focus is bookkeeping and bookkeeping alone.

A professional bookkeeper does much more than just look after your financial records. Maximum Business Solutions offers: 

  • End-to-end bookkeeping services

  • Accounts management for your medical practice in Melbourne

  • Software implementation and training

  • Qualified and experienced business advice

  • Payroll, BAS, and tax support

Staying up to date

If any for-profit business wants to stay afloat, it needs up-to-date information about its financial position.

But with patients to see, forms to sign, and prescriptions to fill out, it’s easy to put checking your practice’s bookkeeping at the back of your mind and forget about it.

Don’t let financial problems sneak up on you! We strongly recommend talking to a professional bookkeeper so you’re not caught off-guard by sudden financial trouble. With a professional whose sole job is looking at your books, you’re always up-to-date about your finances.

In need of a small business bookkeeper for your medical practice?

Make Maximum Business Solutions your bookkeeping partner

Running a private practice isn’t easy. More generally, working as a medical practitioner isn’t easy!

With so much on your plate, it can be quite difficult finding enough time to deal with your practice’s bookkeeping demands. And if your bookkeeping isn’t up to scratch, it could harm your practice’s financial health.

So why not leave it to the professionals?

Maximum Business Solutions is a team of highly experienced, qualified bookkeepers based in Beaumaris and servicing the whole of Melbourne.

When you engage us, we’ll provide customised bookkeeping solutions that help you stay on top of your bookkeeping and help you make the right business decisions.

Do you need help with your practice's bookkeeping? Call (03) 9589 0128 or get in touch with us - let's catch up for a coffee