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
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Define Your Vision
- Decide the type of medical practice you want to establish.
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Strategic Profile
- Create a one-page strategic profile summarizing your business.
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Market Research
- Conduct research to understand market demand.
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Marketing Plan
- Develop a marketing plan to attract clients.
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Organization Chart
- Outline roles and responsibilities within your practice.
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Financial Plan
- Create a financial plan to assess feasibility and financing needs.
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Tax Plan
- Develop a tax plan to manage your tax obligations.
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ACC Levies
- Structure your ACC levies appropriately.
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Finance
- Raise necessary funds through equity or debt.
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Business Structure
- Choose the right business structure to mitigate risks.
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Tax Registrations
- Register for income tax, GST, and employer taxes.
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Premises
- Find suitable premises for your practice.
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Trade Name
- Secure your trade name and register it.
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Business Bank Accounts
- Open separate business bank accounts.
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Hire Staff
- Recruit and hire necessary personnel.
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Information Systems
- Set up efficient information systems.
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Insurance
- Choose appropriate insurance coverage.
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ACC Provider Registration
- Register as a health provider with ACC.
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Contracts
- Establish terms of trade and other necessary contracts.
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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:
- What does your business do?
- Who are your target patients?
- 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.
Your Outside Team
