We have worked closely with Osteopaths, GPs, and Pharmaceutical companies. Many professionals in this field are time poor and prefer that record-keeping be up to date and as effective as possible.

The Co. is one of the top healthcare accountants in Melbourne, providing a range of high-quality business services. We recognise that the medical profession is about patient care before profit. However, practices still require up-to-date financial data to help them make better decisions for the livelihood of their practice and the betterment of their patients, that’s where our business advisory and accounting services can help.

The more time you are not consulting the fewer earnings you take. Unless however, you are — as we have assisted in establishing — a business that can take a medical professional who focuses on the company rather than consulting. While initially, this has caused some reduction in income, in the short term, with proper planning and effective measures you can earn money as a medical professional even without treating.

This way of running a surgery does not suit all our medical professionals. In these instances, we have focused on assisting them in-and-out of the business. Looking at current services, contracting professionals, remuneration and contributions to the clinic — potential other revenue sources that do not solely rely on the principal themselves.

We have set targets and forecasts and ensured prompt business reporting to allow decision-making to be performed in a timely manner and ensure effective tax planning can be taken advantage of. There is no point tax planning at the end of the year; it should be an ongoing target. If you seek high-quality, professional and friendly healthcare accountants in Melbourne, then speak to a member of our team today about our business services and find out how we can help you.

Case Studies – Healthcare Accountants in Melbourne

1. Medical Practice

   Having worked with an established medical practice for the last seven years, The Co. Accountants have identified many areas for enhancement. Without a practice manager, The Co. has stepped in and addressed functions that have built practice income, including:

   • Effective staff allocation
   • Potential government grants
   • Hiring of nurses
   • Provision of services
   

   The Co. has also implemented a full reporting system that works with the practice management software and ensures contractors’ reconciliation for billings. A continued increase in income has steadily allowed the GP to reduce their workload to four days a week.

2. The Pharmaceutical Company

   The Co. Accountants have been a part of a Pharmaceutical company, building it from the ground up. In a bid to adequately establish itself in the market, working with the company from inception, The Co. has targeted the following areas of business function:

   • Month-end reporting
   • Three-way forecasting
   • Effective inventory management systems
   • Implemented sales targets in conjunction with the CEO
   

   After five years of working with the company, the business has grown from two staff to 20 and recently sold to an international company. The Co. continues to work closely with them and their international partners to foster sustained growth.