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Business Advisory Services have developed HealthyPractice®, a unique online business support and education service for general medical, dental, specialist and veterinary practice owners and managers. Check out the website here.
Our brochure and subscriber registration form can be found here.
To talk with one of our business advisors email business@medicals.co.nz or phone 0800 800 MAS (627). You can meet the BAS team here.
Strategic Planning
Business Structuring
Budgeting and Cashflows
Income and Cost Sharing
Practice Agreements
Practice Amalgamations
Health Centre Developments
Practice Sale, Purchase and Valuation
Risk Management
Legal, Tax and Financial
Business Advice
Strategic Planning
A structured planning process deals with the strategic issues facing the practice, and sets the future direction.
Strategic planning is:
a method of addressing current and future issues
a means of providing clear direction, and
a reference for future decision making.
Business Advisory Services can work with you to develop a strategic plan. If done well, strategic planning can be extremely valuable and can make the difference between success and failure for a business.
Business Structuring
Business Advisory Services can review the business structure of your practice, with a view to providing a suitable business framework from which to operate your practice, both now and in the future.
Our role in this process could be to provide advice, guidance and facilitation, as well as to assist with the implementation of any accepted recommendations.
Budgeting and Cashflows
A budget is a planning tool used by management to set the financial direction of an entity, and to subsequently monitor its progress. A budget should be realistic, logical and based on sound assumptions.
Business Advisory Services has a budgeting and cashflow tool available for use by General Practice Members. This is in a template format that can be amended to meet specific practice needs, and provides for accurate planning and exception reporting on a monthly basis.
Income and Cost Sharing (including capitation)
Group practices, whether in profit sharing or cost sharing arrangements, need to be in agreement and have a clear understanding as to the allocation of practice costs or income. The introduction of capitation based funding to General Practice has added a layer of complexity to these arrangements.
Business Advisory Services can assist Member practices with advice, options and guidance on the financial arrangements for the practice.
Practice Agreements
Many health professionals now work within a group practice. A formal practice agreement, addressing all the key practice ownership and governance issues, provides a framework for a successful business and harmonious working relationships.
Business Advisory Services can assist Member group practices with the development of a suitable agreement that addresses all the key issues in line with the practice’s needs.
Practice Amalgamations
More practices are now considering amalgamation for many different reasons, including:
- economies of scale
- work-life balance
- management affordability
Business Advisory Services has developed a process to facilitate Member practices through the issues involved with amalgamation.
Health Centre Developments
We have assisted several groups that have considered the development of purpose built health centres, often arising out of successful practice amalgamations. There are many issues to be considered, including whether to develop and own or lease, funding needs, design, and other complementary tenancies.
Business Advisory Services can help with many of these issues, as well as provide referrals to development project managers and other facility development specialists.
Practice Sale, Purchase and Valuation
A guide to practice purchase is available for medical, dental and veterinary Members, amongst others. Also available are notes on practice valuation methods. The practice purchase guides discuss many of the issues that prospective buyers in particular will need to consider. Whilst BAS is not directly involved in the sale and purchase process, we do provide both sellers and buyers with relevant industry information and assist with connecting sellers to potential buyers.
Through Medical Securities Ltd we also provide financial assistance to Members, to help with buying a practice*.
*Medical Securities Limited lending criteria apply.
Risk Management
Business Advisory Services can assist practices to identify and assess possible risks as well as recommend steps to manage these risks, including:
- Mitigating the risk or the possible impacts
- Monitoring of risk areas
- Transferring the risk through insurance
Insurance plays a key role in managing many practice risks, and Medical Insurance Society Limited has developed specialist products to suit practice needs. Insurance is however only one layer of protection, and needs to be combined with suitable systems, processes and compliance programmes to effectively manage all practice risks.
Legal, Tax and Financial
Like all small businesses practices face legal, tax and financial issues on a day-to-day basis. Business Advisory Services has a good knowledge and understanding of these areas as they apply to health businesses, and can often provide solutions without the need to refer to specialist legal or taxation advisors. We also have a good understanding of the income streams and costs associated with most health practices, and can assist Member practices to achieve better financial performance.
Business advice
Owning and managing a practice, like any small business, is now more complex than ever before. There is a raft of management, employment, compliance and other non-clinical issues to deal with every day. Business Advisory Services provides general business advice, support and information for Member practices.
Business Advisory Services Team
You can email the team at business@medicals.co.nz or phone them on 0800 800 MAS (627).
Pictured from left: Fiona Mines, HealthyPractice® Advisor; Chris Wills, Business Advisor (BAS); and Shaun Phelan, National Manager (BAS).
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