Look after your patients. We will help look after the numbers.
Accounting for Medical, Dental & Allied Health Professionals
Healthcare professionals often have complex income arrangements, significant staff and equipment costs, and GST treatment that depends on the service being supplied.
Why it matters
Why Medical, Dental & Allied Health Need the Right Accounting Support
Medical and allied health practices can have several income streams, including Medicare, private patient payments, insurers or service arrangements. At the same time, practices may employ reception staff, nurses or other practitioners, use contractors, purchase expensive equipment and carry substantial rent, insurance and technology costs.
GST also requires care. Some medical and health services can be GST-free when the legislative requirements are met, while other supplies may be taxable. Correct accounting classification is therefore important.
The pressures
What Your Business Must Manage
Multiple Revenue Sources
Practice income may come through different billing and payment channels. Regular reconciliation helps ensure revenue is completely and accurately recorded.
GST Treatment
The GST outcome depends on the nature of the health service and the relevant requirements. Mixed taxable and GST-free supplies need careful accounting.
Staff & Practitioner Costs
Reception staff, nurses, practitioners and contractors can create substantial payroll and service costs that need to be monitored.
Equipment & Fit-Out
Dental chairs, diagnostic equipment, medical devices, computers and fit-outs can require significant capital investment and appropriate asset accounting.
Practice Overheads
Rent, insurance, consumables, software, registrations and professional costs can materially affect practice margins.
Tax Planning
Professionals with higher or variable income can benefit from understanding expected tax and PAYG obligations before year-end rather than after the tax return is prepared.
Who we work with
Businesses & Professionals We Can Assist
- General practitioners
- Medical specialists
- Dentists and dental practices
- Physiotherapists
- Psychologists
- Occupational therapists
- Chiropractors
- Nurses in private practice
- Pharmacists and pharmacy businesses
- Optometrists
- Allied health practitioners
- Healthcare clinics and practice owners
What we do
Five Core Service Areas
The same five services, tailored to the way this industry operates.
Tax Services
Tax returns for practitioners and practices, professional deductions, equipment and asset treatment, PAYG planning, year-end tax planning and business structure considerations.
Bookkeeping
Practice income reconciliation, bank and credit card reconciliations, supplier expenses, payroll records, accounts payable and receivable, Xero bookkeeping and regular management reporting.
BAS & GST
BAS preparation, GST reconciliation and careful accounting for taxable and GST-free health-related supplies where the relevant requirements are met.
Financial Accounting
Reporting on practice revenue, staffing costs, overheads, equipment, cash flow and profitability so owners can understand the financial health of the practice.
Business Advisory
Budgets, cash flow forecasts, staffing-cost analysis, equipment purchase planning, practice performance reviews, structure discussions and financial planning for growth.
Why choose us
Why Choose SmartBridge Accounting?
- Accounting tailored to healthcare professionals and practice owners
- Careful GST treatment for health-related supplies
- Tax, bookkeeping, payroll and BAS support
- Useful reporting focused on practice performance
- Cloud accounting systems for easier access to information
- Professional, approachable and clear communication
Ready when you are
Let us help look after the financial health of your practice.
Book a FREE initial consultation with SmartBridge Accounting.