How we can help
At ESV we know this unique sector and the specialised professionals within it, the challenges you face at every stage of your career, as an Intern and RMO, as a Registrar, and as a Specialist Doctor. On top of your overriding focus to look after your patients and deliver high level clinical care, you are also operating a business and everything that this entails, as well as look after your own career and personal finances. To be a business owner as well as a Doctor increase the demands on your time, the focus on your Patients and their medical needs versus your business needs, and to dedicate time to both to ensure both can flourish.
As medical practices grow, they encounter many different and often unexpected issues, and you will have less time available to work through and resolve them. An advisor with a long-term understanding of your practice can help you address challenges and opportunities at every stage and reduce the time you need to devote to these. Our service is tailored and scalable to your specific needs and is communicated in a way that makes sense. We understand that for many of our clients their passion for medicine comes well ahead of their desire to own and run a business.
While we specialise in helping medicos as they grow their wealth, income and opportunities, we can never assume one’s circumstances are the same as another. We take the time to understand goals, including your short- and long-term strategy so that we can future proof your financial position as much as we can. As circumstances and goals change, we will work through your finances and structures to ensure they reflect your needs and continue to comply with relevant legislation.
Whether you are just beginning your career, setting up and managing your own practice, working in a specialist group practice or thinking about retirement, we can help you reach your goals. We work with a trusted network of lawyers, financiers, insurers and bookkeepers to get the job done, to manage your business and personal finances, so that you don’t have to worry.
Starting Up and Running a Business
As a medical practitioner starting your own practice can be a daunting task. We can guide you through the process and help you choose the right structure for effective tax treatment, and the most important considerations for asset protection and cash flow planning so that your practice is set up the right way from the very start. At this stage of your career, this is often when you need help in dealing with banks to finance a new home for example. We can co-ordinate and manage the various specialists needed at any stage such as bankers and lawyers so that you can practice medicine and look after your patients and career.
Managing your practice and growing your patient base bring additional challenges and opportunities, as you may want to acquire property, increase staff, have more complex IT and maybe even bring on new partners. We can help you fine tune or restructure your practice, minimising your tax and asset exposures and start building wealth via property, SMSF, non-medical investments, property development or even investing in the private hospital where you work. It is also worth revisiting Wills and Estate Planning at this stage.
When you start getting ready for retirement or moving on, we can help you draw up a comprehensive succession plan. This includes assessing wind down arrangements, which may be bringing on a new doctor. It is also a time when you want to maximise your superannuation and look at access to small business Capital Gains Tax concessions. We can also advise on appropriate estate planning structures and liaise with solicitors on your behalf.
It doesn’t matter what stage you are at, we know you are busy and do our best to minimise the time you have to spend looking after your wealth, income and opportunities. We manage the various specialists needed at any stage on your behalf such as bankers and lawyers so that you can practice medicine and look after your patients, career and family.