Strategies in Accounting & Advisory for The Health Industry

Working in the medical field is first and foremost about delivering exceptional patient care; but as you know, there’s more to running a business than meets the eye.

We’ve worked closely with medical professionals including Osteopaths, GPs, and Pharmaceutical companies. We know you face a unique mix of pressures between operational costs, regulatory compliance, and fluctuating cash flow — and it can be hard to navigate all of this without the appropriate financial experience.

At The Co., we partner with healthcare business owners to bring clarity, structure, and strategy to their finances. For insights that go beyond the numbers, our business advisors can help you refine systems, strengthen operations, and plan confidently for future growth.

Keep reading for an introduction to the most important strategies for tax compliance, financial leadership, and profitability in healthcare.

Understanding Your Financial Realities 

Healthcare businesses operate in a unique environment. Getting the best result for your clients may be your top priority, but managing compliance, cash flow, and income growth is what keeps your practice alive.

Medical practices often face:

• Inconsistent cash flow due to Medicare and private billing delays
• High overheads from staff, rent, technology, and medical equipmentComplex tax structures that vary depending on how practitioners are engaged
• Regulatory pressure around payroll tax and contractor arrangements

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Without the right financial systems and advisory support, even the most well-run businesses can find themselves under strain.

Tax Compliance in Your Industry

Tax efficiency comes from planning and adjusting as you go. Your financial circumstances, income, and business performance change throughout the year – so, if you wait until the end of the year to think about tax, you’ve missed the chance to make strategic decisions.

Specifically, tax management in healthcare can be deceptively complex. Here are key areas where our healthcare tax accounting team work proactively with clients:

• Payroll Tax: Recent state revenue office rulings have expanded how payroll tax laws apply to medical centres; we can help assess and structure your practitioner agreements correctly to avoid scrutiny
• GST Obligations: Not all health or wellness-related services are GST-free, and correct categorisation is essential to prevent costly errors
• Superannuation & PAYG: Ensuring correct treatment of employees vs. contractors protects your business from penalties
• Tax Structuring: We design tax-efficient structures that balance compliance while also optimising tax efficiency, ensuring your medical practice is positioned for both stability and future expansion

The Value of Strategic Financial Partnership

Many practice owners have day-to-day bookkeeping under control, but lack the high-level financial insights that come with analysing the data. The thing is, sustainable business management is all about harnessing financial data to create long-term strategies.

If you don’t have a practice manager or CFO on board, outsourcing financial leadership and advisory can ensure you have the time and space to do what you do best — without sacrificing your business’s growth.

Starting with financial reporting and comprehensive three-way forecasting, The Co. team works closely alongside CEOs to build income by transforming the numbers into meaningful business decisions, including:

• Effective staff allocation
• Identification of potential government grants
• Strategic hiring of key clinical staff
• Expansion and optimisation of service offerings
• Implementation of effective inventory management systems
• Development and implementation of sales targets

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Our goal is to give you confidence in your decisions, so you can focus on what matters most; your patients.

We’ve seen firsthand that the healthcare professionals who thrive are those with comprehensive financial administration and a proactive strategy for their practice. By partnering with experienced business advisors, tax accountants, and outsourced CFOs who understand the industry, you can position your business for sustainable success.

At The Co., we help business owners in healthcare take control of their numbers, streamline their operations, and grow with confidence. Are you ready to take the next step?