Running a financially stable practice and business
Running a financially stable and financially stable practice should be an important end goal for any allied health business owner. Businesses without financially stability or financial clarity can lead to significant financial stress and exhausted business owners who have no option but to overwork seeing clients and billable appointments because their profit margins on staff and their overall sales capacity is to low to let them reduce their own appointment load.
Introduction video: running a financially stable allied health business
If you're facing financial uncertainty, questioning your financial management, starting a new Allied health contractor, sole trader or company business, or have a stable successful practise but need better quality financial information on understanding the potential profit capacity of your business based on real industry data, our FMap (Financial Modeling for Allied Health and Psychology practices) calculator tools and reports can help you be your own business coach and answer some of the core financial questions every allied health business owners needs to know including:
New employees
What gross profit am I making on my employees and contractors and what is the cost of a new employee?
Financial health
What are the industry healthy ratios and budget guidelines for my business expenses vs other practices
Gross Profit potential
What is my yearly potential gross profit as a sole trader or larger company/trust based on my staffing sales capacity, staff costs and operating costs
I am a Contractor
What's the potential profit I could make as a contractor and what is a budget guideline for my business expenses?
Staff changes and KPIs
What’s the potential financial impact if I add or subtract employees/contractors or change my own appt kpis?
Profit margin per staff
I have multiple staff types - what potential profit margin does each unique staff type contribute to my business
Your allied health business data is knowable, trackable and quantifiable and you don't need to spend a fortune on business coaches or high priced advisors to run and understand your business...
Frequently asked questions
Allied health employee costing and Profit margin report
Our first ever FMap calculator and feasibility reporting tool from Wes @ Allied Health Accounting Solutions which calculates:
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Billing weeks availability
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Yearly total employment and wages costs
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Full-time equivalent wages for comparison
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Yearly potential sales capacity
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Potential profit margin per year they could bring to your business
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Real world scenarios (what if they have lower than expected KPIs)
$330.00
Price includes:
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Our team producing a comprehensive PDF report on employment costs and profit margins for your potential employee
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A custom video analyzing your initial report outcomes
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Phone and email support for adjustments and updates and revision of calculation and report
watch a video overview of the calculator in action
including ongoing upgrades and improvements
watch a video overview of the calculator in action
Allied health business gross profit analysis report
A small to medium allied health business feasibility analysis FMap calculator with mini training videos for both new and existing Allied health Sole Traders which will guide you through the process of calculating:
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Your working weeks per year (available billing weeks & leave per year)
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Your potential business income based on your own appt types
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Profit margin potential on your employees, contractors and clinicians
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Your estimated yearly potential business expenses
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Your estimated yearly potential profit before tax and before study debt
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An estimated draft yearly profit and loss for your business based on actual real world example data from other allied health businesses
and generate a summary PDF report for printing and further analysis
If you have a large business with more contractors, employees and clinicians than the above calculators capacity please email us at admin@alliedhealthaccounting.com.au to be on the waitlist for our Beta large business model calculator coming soon.
Introduction video: What should you do if your allied health business is struggling financially or you are unsure what's happening?
If your business is struggling financially what's the next step ?......
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Reach out for support (earlier the better)
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Engage an allied health specific bookkeeper
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Engage an allied health specific tax accountant
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Immediately develop a financial map of the business with the Bookkeepers and accountants help
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Clarify your home budget asap
Running your own practise requires careful attention to ATO obligations , GST and record keeping requirements and also in being conscious of running your own business and practice in a financially sustainable manner. That requires careful attention and intentional planning with your staff profit margin, your own sales and work capacity and your business operating expenses (making sure they are reasonable and sustainable given the size of your business)