Business Accountants: New Medical Practice Checklist: How to Start Your Business


Setting up a new medical practice involves numerous steps, and our comprehensive checklist will help ensure you don’t miss any critical details.

New Medical Practice Checklist Summary

  1. Define Your Vision

    • Decide the type of medical practice you want to establish.
  2. Strategic Profile

    • Create a one-page strategic profile summarizing your business.
  3. Market Research

    • Conduct research to understand market demand.
  4. Marketing Plan

    • Develop a marketing plan to attract clients.
  5. Organization Chart

    • Outline roles and responsibilities within your practice.
  6. Financial Plan

    • Create a financial plan to assess feasibility and financing needs.
  7. Tax Plan

    • Develop a tax plan to manage your tax obligations.
  8. ACC Levies

    • Structure your ACC levies appropriately.
  9. Finance

    • Raise necessary funds through equity or debt.
  10. Business Structure

    • Choose the right business structure to mitigate risks.
  11. Tax Registrations

    • Register for income tax, GST, and employer taxes.
  12. Premises

    • Find suitable premises for your practice.
  13. Trade Name

    • Secure your trade name and register it.
  14. Business Bank Accounts

    • Open separate business bank accounts.
  15. Hire Staff

    • Recruit and hire necessary personnel.
  16. Information Systems

    • Set up efficient information systems.
  17. Insurance

    • Choose appropriate insurance coverage.
  18. ACC Provider Registration

    • Register as a health provider with ACC.
  19. Contracts

    • Establish terms of trade and other necessary contracts.
  20. Disaster Plan

    • Develop a plan to manage operations during disasters.

Further Information

Define Your Vision

Before delving into details, decide the type of business you want:

  • Solo operator
  • Boutique team
  • Growth-oriented business

Strategic Profile

Answer three fundamental questions:

  1. What does your business do?
  2. Who are your target patients?
  3. Why should patients choose you?

Market Research

Ensure there’s enough demand for your services. This might involve specialized research.

Marketing Plan

Steps include:

  • Defining your target audience
  • Crafting your marketing message
  • Planning how to reach your audience

Organization Chart

Even for a small practice, an organization chart clarifies roles and responsibilities.

Financial Plan

Essential for assessing feasibility and identifying financing needs. It includes:

  • Revenue projections
  • Direct and indirect costs
  • Financing requirements

Tax Plan

Plan for income tax and GST. Allocate funds to cover tax obligations.

ACC Levies

Structure ACC levies for staff and personal income. Consider ACC Cover Plus Extra for better management.


Decide between equity and debt financing. Each has its pros and cons.

Business Structure

Choose a structure to limit personal liability. Options include:

  • Limited liability companies
  • Trusts for asset protection

Tax Registrations

Register for necessary taxes. Consult with your accountant for optimal setups.


Considerations include cost, size, location, and lease terms.

Trade Name

Secure your trade name through:

  • Company name registration
  • Trademark
  • Domain name

Business Bank Accounts

Separate business and personal finances. Open appropriate accounts.

Hire Staff

Decide between employees and contractors. Ensure proper agreements are in place.

Information Systems

Set up cloud-based systems for:

  • Accounting
  • Client database
  • Booking and billing
  • Document storage


Consider insurance for:

  • Business equipment
  • Professional indemnity
  • Business interruption
  • Income protection
  • Tax audit insurance

ACC Provider Registration

Register as a health provider with ACC if applicable.


Establish clear terms for trade and other contracts.

Disaster Plan

Prepare a plan to ensure continuity in case of a disaster.

Next Steps

We specialize in accounting for medical professionals. Contact us today to discuss setting up your practice and ensure your success from the start.



Your Outside Team



Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.

Aside from business consultation, we are business accountants Wellington who offer accountingbookkeeping, payroll services designed to help you achieve greater financial success.

You can click here to speak to a businessaccounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business. 




Wellington Accountants | 

Business Accountants | 

Construction Accountants 

Property Accountants 

Contractor Accountants 

Hospitality Accountants |

Property Developer Accountants | Accountants Wellington | Wellington Accountant | Restaurant Accountants | Cafe Accountants | Business Consultation | Business Adviser

AddressLevel 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand 

Mail: PO Box 24-457, Wellington 6142

Phone04 889 2975