As part of our collaborative series ‘Avoiding pitfalls & maximising opportunity when expanding your medical practice’, we look at a common question medical practitioners ask when moving to a new location: is it better to develop a brand new centre or to refurbish and rebrand an existing medical practice? While each situation is unique and requires specialised advice, this article … Read More
Why Young Doctors Seek Our Advice
It is very encouraging to see how many young doctors seek our advice. The issues they face and the answers they seek are very similar, as you would expect. In this article I will discuss how we assist young doctors with their financial planning and what benefits they gain from engaging with us. 1) Property Many young doctors seek advice … Read More
5 Key Areas Where Doctors Need To Spend Money To Make Money
There is a saying that goes ‘you need to spend money to make money. There is definitely some truth in this, also for doctors. In this article we will look at 5 key areas where you as a doctor can make beneficial investments. 1) Education and training It goes without saying that as doctors specialise in a particular area, your … Read More
Have You Considered Growing Your Practice To Secure Better Income?
The Australian health care industry is undergoing rapid change and offers medical practitioners unique opportunities to generate new income streams and grow their practice. In the next few weeks, Affluence Private Wealth is teaming up with a panel of experts to bring you our collaborative series: “Avoiding pitfalls & maximising opportunity when expanding your medical practice”. Why not take a … Read More
Kaizen And The Medical Practice
In previous articles and podcasts we have talked about the importance of business planning for the medical practice. In today’s article I wanted to discuss a particular philosophy that may assist you in continuously enhancing the quality and efficiency within your medical practice. What is Kaizen? Kaizen is a Japanese principle, which can be loosely translated as ‘continuous improvement’. It … Read More
Doctors Need To Act Now – Super Reform Bill Passed in Senate
The Senate has now passed the key Bill that gives effect to the much discussed superannuation reforms. These measures will affect many doctors, as previously discussed in my article on this topic (click HERE). The key measures affecting Doctors include: • Introducing a $1.6 million transfer balance cap that limits the amount that can be transferred to the retirement phase, … Read More
Do Doctors In Private Practice Share Dentists’ Business Concerns?
A recent BOQ Specialist report into the dental industry highlights the main concerns Australian dentists have in the current climate. In this article I want to delve a bit deeper into those concerns and other points raised in the report, and relate it back to how Doctors in Private Practice might be experiencing the current environment. Dentists’ main business concerns … Read More
The One Thing You Need To Know About Tax Planning For Doctors
There is no doubt that the biggest frustration for doctors is paying too much tax. However, if you too aggressively and blindly pursue tax savings it may actually and up costing you more, due to investment losses for example. So what is my number one rule in terms of tax planning for doctors? Well, it I my sincere belief that … Read More
Why Doctors Need A Medical Practice Manager
A Medical Practice Manager performs a critical role within the medical practice and is often the right-hand of the medical practitioner, as the complexities of running a medical practice are significant, which really requires professional management. Practice Management in a medical setting includes all of the operational aspects such as financial management and reporting, human resource management, marketing, IT and … Read More
Why Most Australian Doctors Fail Financially
I have written about this topic before, i.e. the myth that all Doctors must be incredibly wealthy and financially successful. Alas, often that is not the case. I wanted to raise this issue again, as it is the main reason why I focus on working with Medical Professionals – you dedicate your entire life to helping people remain or become … Read More