The personal insurance and accounting market for surgeons and medical professionals can be a very competitive market, with products being updated regularly with core definition improvements and the addition of new services. Surgeons need to be conscious of the type of insurance policy they choose, as it will need to cover the type of surgery they perform, and the skills required to do it. Some insurance policies on the market will be more in tune with surgeons and other medical professionals, and will be able to acknowledge sub-specialities within the medical field, which is a key factor when choosing an insurer.
There are many different ways to incorporate needlestick insurance aspects into a portfolio. Needlestick cover responds to the contraction of Hep B and C, and HIV in the workplace, which makes it a very important risk for surgeons and other medical professionals to consider. There are a few options on the market that can be linked with lump sum covers of income protection, and several policies have it as a multiplier of your monthly income cover.
It is important to consider whether you are covered for needlestick by your insurance policy, and in the event of a needlestick, will it prevent you from continuing to work as a surgeon or result in less billings? A good income cover will provide you with a valid claim to address this scenario.
Recent university admissions should consider new professional packages where the agreed income cover is on offer within three years of qualification, even if your income is not over $250,000. These packages will allow you to lock in a level premium to give you good savings over the life of your policy.
Our accountants have helped dozens of surgeons through various stages of their business life cycle, from start-up all the way through to sale or succession of their practice. We offer our services to a number of different medical professionals including surgeons, physiotherapists, osteopaths, general practitioners, optometrists, dentists, and other specialists. At Medvisor, our accountants understand that running a medical surgery is very demanding and stressful, so we aim to take as much stress away from your business’s accounting as possible. We provide you with the usual compliance issues of BAS, superannuation, GST, and PAYG, and our accountants can also advise you on the most appropriate structure for your business.
Our accountants understand that bookkeeping often doesn’t get the attention it needs during a normal day, but we will help you choose the best software for your surgery, while taking into account your business needs. Our accountants can train you and your staff to use the software, and we will make sure that whatever software is chosen will not be beyond the needs of your business.
Accountants for surgeons in Melbourne
There are many medical accounting firms in Melbourne that offer number crunching and income tax return services to surgeons, but not all of them, however, are good business advisers. Medvisor is a Melbourne accounting firm that will offer you services beyond the traditional accounting and tax compliance services.
Our accountants focus on helping you grow your profits, revenue, and wealth and build your business. At the start of the client process, we will view your tax return, rather than at the end, and will help you reduce the amount of money and time you spend on record keeping and GST compliance.
We will spend time with you and work on developing your business and marketing techniques that could greatly improve the number of clients you receive. Our marketing services include helping you build and design a website that is compatible with mobiles and tablets, digital publishing, social media strategies, branding, video production, and search engine optimisation.
Our business processes can be tailored and specifically designed to suit you and fast track your business’s success. Our accountants have developed a deep knowledge of the surgical industry and have mentored many surgeons through various stages of their business lives.
We specialise in self-managed superannuation funds and the negative gearing of investment properties, and have developed a number of niches within the medical industry over the years. We use industry benchmarks to compare your business’s performance against the performance of your competitors so we can work out what is working for your business and what could be improved.
Our accountants service individuals’ and business owners’ needs in regard to taxation, wealth creation, accounting, and marketing across Melbourne. Our accountants pride themselves on delivering quality advice, and practical, innovative solutions. We listen to our surgical clients’ needs, offer great value for money, and translate accounting jargon into easy to understandable language. We regularly visit our clients’ place of business and maintain a constant line of communication to keep you up-to-date on your business’s accounting.
Starting a surgery in Melbourne
Starting your own surgery requires strong foundations such as appropriate insurance, the right tax structure and accounting software, a welcoming website, and a marketing plan. The business structure you use is critical, as there are a number of different options to choose from such as partnership, sole trader, trust, and company. When choosing the best structure for your business, we recommend you start with your end goal in mind, as changing your business structure in the future can trigger a capital gains tax.
When our accountants provide you with advice on the best way to structure your surgery, we always take into account:
- Your industries risk profile
- Minimisation of income tax
- Maximisation of asset protection
- All the legal requirements of your industry
- Any future entitlements to discount capital gains tax concession
- The admission of new investors or business partners
We have found that business structure is often determined depending on which of these issues is of relative importance.
You will also need to choose the appropriate accounting software. Poor record keeping can lead to a business failing so it is important to keep records up-to-date and organised to allow you to make informed business decisions. Choosing the wrong accounting software can lead to frustration, wasted time, and additional fees.
For more information on accountantsforsurgeons in Melbourne, contact Medvisor.