Medical and Allied Health
Reduce your tax, drive the success of your practice, manage your insurances and grow your investments, with the help of Prosperity Advisers Group.
Running a busy health practice keeps most medical and allied health practitioners on the run constantly. Managing your tax, driving your practice to the next level and building your investments often seems impossible amongst all the effort required to care for your patients.
At Prosperity we understand the challenges that face practitioners in both public and private practice, and the needs of their families. Our specialist team of practice advisers, tax specialists and financial advisers work hands-on to improve and manage your financial circumstances so you can focus on what you do best – caring for your patients.
Minimising your tax
Whether you own your practice, or are an employed practitioner, you have specialised bookkeeping needs, patient, insurance company and Medicare billing processes, and detailed Government and employer record keeping obligations. In addition to this you have to prepare and lodge PAYG, GST, BAS and superannuation contributions, all while providing a high quality health service.
Prosperity’s Medical team is dedicated to the accounting requirements of medical and allied health practitioners and their families. We pride ourselves on staying up to date with the latest health tax rulings, and work hard to ensure you pay only the appropriate amount of tax. So, whether you need advice on the purchase of medical equipment or rooms, structuring your practice and associated investments under the correct entity to provide asset protection, or guidance on minimising your tax, we have the team that can help.
Reducing your risk
As a practitioner or medical specialist there are people in your family and your practice who rely on you and your income every day. What would happen to your family and your practice if something happened to you? Are you properly insured, and does your insurance cover you for the specific risks in your role?
No one likes to talk about death or injury, but as a practitioner there are unique risks associated with your profession and individual practice that go beyond those we normally expect. On top of heart disease, car accidents, cancer and heart attack risks, you may also come into day-to-day contact with blood borne diseases or the increased risk of needlestick injury resulting in infection with hepatitis B or C or HIV.
Prosperity works closely with Australia’s best medical insurers to understand which insurance options are right for your risks.
Building your investments
With a busy lifestyle it is easy to get caught in the trap of overspending and under-investing, or allowing lackluster returns to mar your portfolio returns.
The Prosperity’s Wealth team specialises in the management of wealth for health professionals. We know how busy you are, so offer a service that fits into your schedule, managing your investments, super and Self Managed Superannuation Funds (SMSF) actively on your behalf. We provide you with regular economic updates, analysis, reports and information on investment markets, and guide you in the balancing of risk and return to fit your growth or income requirements.
Growing your practice
Many practitioners enter into private practice for the love of their profession, only to find the challenges of running a practice takes them away from patient care.
The Prosperity Medical team specialises in providing advice to medical/health practices, putting in place the business plan that will underpin growth and guide the partners of a practice through our four pillars of business success:
People: effective, energised staffing
Process: structure and process to streamline operations
Revenue: growing profitable revenue with appropriate marketing and business development
Cash: managing cashflow and optimising debt
Transitioning to Private Practice
Many practitioners find making the transition to private practice both exciting and daunting.
The tightly integrated Prosperity team of accountants, business advisers and financial planners understand every element of the transition to private practice well and work as your trusted team to:
Arrange appropriate business structures and taxation advice
Provide the risk insurance that protects you and your family from loss of income if illness or injury impair your ability to work
Source appropriate funding for you to establish your practice
Put in place an investment program that captures some of your earnings and builds a nest egg for the future.
Our team is here to help you take the big steps that will fulfill your ambitions and drive greater success.
Prosperity works closely with each yearly intake of medical registrars into public practice to provide them with the right financial advice early in life.
Our advice focuses on providing a strong foundation under young practitioners so that they can grow and achieve financial success over coming years. We work to minimise your tax, ensure you have appropriate insurance in place and manage debt to a realistic level. We will also guide registrars in the establishment of their own practices and mentor them in business growth as their careers evolve.
We do not charge for a registrar’s initial financial consultation as we see it as too important a time in your life to get pushed aside for the price. We invest in the future practitioners in our regions knowing that they need to understand their finances now to avoid costly financial mistakes.
It is easy to become a Prosperity medical client.
It all begins with an initial obligation free meeting with one of our medical financial specialists or business advisers.
This is an opportunity to share your plans, structure and requirements with our team and let us give you some ideas and insights to get you started.
Or, we can step straight into a detailed initial meeting for 2-3 hours where we understand your financial plan, practice structure, business strategy, estate plans and investments and put in place a strategy that covers key areas.
We work with our medical clients closely and cost effectively to ensure you make the right financial choices as you develop your career.
At Prosperity we pride ourself on being the medical industry’s financial specialists.