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.


Finance


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.


Premises


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

Insurance


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.


Contracts


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.

 

 

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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. 

 

 

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