Assessing financial performance for practice owners
For doctors who own, or are looking to own, a practice as well as healthcare company directors, it’s essential to learn and apply sound governance skills. Poor, or non-existent governance skills can adversely impact your business, its patients and employees.
That’s why Avant and PracticeHub have created a webinar series on the duties and risks for practice owners.
The fourth webinar in our Duties and Risks for practice owners series - Assessing financial performance for practice owners, features Stuart Chan, Partner at Cutcher & Neale; David Williams, Managing Director at HoxtonMPM and Julie Berry, Technical Specialist at Doctors Wealth Management. In this webinar, they help you identify criteria for assessing your practice's financial performance and offer insights on:
- financial governance, policies and procedures
- business structure and the impact this has on financial performance
- effective resourcing - personnel, hardware
- planning for hidden liabilities - long service leave.
About the experts
Partner, Cutcher & Neale
Stuart is a partner of Cutcher & Neale’s Specialist Medical Services division, providing specialised accounting and financial services to medical and dental professionals, and specialist advisory services to private clients and businesses.
Stuart’s holistic approach allows him to consider many aspects of clients' finances, including their practice/business arrangements, investment strategies and retirement planning (including superannuation) and family circumstances.
He is a regular presenter of training programs for professional organisations, including the AMA (NSW), the AAPM and many other associations and medical colleges.
Managing Director, Neurology Network and HoxtonMPM
David is a neurologist and former lab head in neurosciences at Monash University.
Founder and managing director of Australia’s largest private neurology practice, David designed scalable, efficient administration processes central to the operation of all medical practices.
Following on from the success of his neurology business, David established Hoxton Medical Practice Management which supports more than 350 doctors each year, through a range of outsourced practice management services.
Technical specialist, Doctors Wealth Management
As the Technical Specialist for Doctors Wealth Management, Julie Berry works closely with financial advisers to assist them in delivering high quality financial advice to Avant Mutual members. She is an Independent Director on several firm boards within the Countplus group (ASX:CUP) and Chair of the Future2 Foundation, the charitable foundation of the Financial Planning Association Australia. Additionally, she is a registered tax (financial) adviser and a Certified Financial Planner professional who practised as a financial planner for more than 30 years, owning her own practice for 12 years.
Julie has previously served as both Chair and Board Member of the Financial Planning Association of Australia (FPA) and Chair and Board Member of the Institute of Financial Advisers in NZ. She is a life member of the FPA and recipient of the Money Management Lifetime Achievement Award. She is a Graduate of the Australian Institute of Company Directors. Julie is regularly sought by media for comment on financial matters.
PracticeHub is a simpler, safer and more efficient way to manage a quality practice. We have developed our Practice Operations Software to simplify practice management, with a suite of integrated applications and complementary services that puts you in control so that nothing falls between the cracks.
*IMPORTANT: ^Cover is subject to the full terms, conditions and exclusions of the policy. Avant Practice Medical Indemnity Policy is issued by Avant Insurance Limited, ABN 82 003 707 471, AFSL 238 765 (Avant). The information provided here is general advice only. You should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs before deciding to purchase or continuing to hold a policy with Avant. Please read and consider the Policy Document available at avant.org.au before deciding to purchase or continuing to hold a policy or plan.
Persons implementing any recommendations contained in this publication must exercise their own independent skill or judgment or seek appropriate professional advice relevant to their own particular practice. Compliance with any recommendations will not in any way guarantee discharge of the duty of care owed to patients and others coming into contact with the health professional or practice. Avant and PracticeHub are not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published. © Avant Mutual Group Limited 2021.