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

WELLINGTON, New Zealand - June 10, 2024 - PRLog -- 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.

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.

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