Simple Financial Management Tips for Medical Practices in NSW and TAS
Managing the flow of funds in your medical practice can feel overwhelming, especially with uncertain payroll tax rules, bulk billing and service fee calculations. To make this easier to navigate, MedicalDirector hosted a webinar bringing industry experts from Cubiko, Tyro Health and Kpeyes together. Below are key takeaways from the session and MedicalDirector’s perspective on how you can optimise your practice’s financial management.
For those wanting a deeper dive, you can watch the full webinar by clicking here.
1. Get clear on payroll tax with Cubiko
What’s the issue?
Payroll tax rules can be confusing, especially for GPs. Sean Fincham, Chief Financial Officer from Cubiko, explained how to use data to check if your practice is liable for payroll tax and how to apply for new rebates in NSW and Tasmania.
How MedicalDirector helps:
By integrating with Cubiko, Pracsoft allows you to track and manage key metrics like bulk billing rates, making it easier to assess your payroll tax liability.
2. Simplify Payments with Tyro Health
What’s the issue?
Handling payments between patients and multiple contractor GPs can be messy. Adriano Perillo, Chief Executive Officer at Tyro Health explained how Tyro Health’s multi-merchant EFTPOS system simplifies this process by sending payments directly from patients to doctors, cutting out the middleman (the practice).
How MedicalDirector helps:
Tyro Health integrates seamlessly with Pracsoft to make sure payments are tracked accurately, reducing the time and administration involved in managing funds.
3. Seamless Fund Management with MedicalDirector
What’s the issue?
Getting the right payments to the right doctors, without mistakes, is crucial. MedicalDirector’s Pracsoft solution can set up multiple bank accounts for different practitioners, streamlining this process.
What’s new in Pracsoft?
Grant Smith, Practice Consultant, MedicalDirector shared an update on our upcoming release in 4.3a [link to more information], which will make managing payments even easier.
4. Automate Service Fees with KPeyes
What’s the issue?
Calculating service fees and managing cash flow can be time-consuming. Shannon Murphy, Chief Executive Officer and Founder of KPeyes, demonstrated how automation can handle this for you – reducing manual errors and speeding up payments.
How MedicalDirector helps:
By linking KPeyes with Pracsoft, you can automate service fees, track payments and even manage debts, keeping your practices finances in order.
Do you need help in your practice?
Click here for a FREE consultation with MedicalDirector and any of our partners.
The next webinar in our series focuses on Managing Funds Flow in Victoria and Queensland.
