10-Doctor Medical Practice Prospers with the Help of BLG Business Advisers
“Where we are now versus where we were before BLG Business Advisers joined us is night and day. The practice is the happiest we’ve ever been and our finances have never looked better.” – Dr. David Stewart, Woonona Medical Practice
- Accounting and taxation services for the medical practice and property trust that owns their facility
- KPI modelling and benchmarking improved per-session billings and practice efficiency
- Strategic business advising decreased costs by 25%
- Improved systems lead to improved morale
Woonona Medical Practice, in the northern suburbs of Wollongong, has a mission to provide the highest standard of patient care using a holistic approach that focuses on prevention.
What started as a small, three-doctor practice has expanded to where they not only offer the services of 10 general practitioners, but allied health services as well. These include osteopathy, mental health, audiology, podiatry, cardiology, urology, orthopaedic surgery, and more.
New Building Leads to Long-Term Relationship with BLG Business Advisers
In 2011, Woonona Medical Practice had expanded enough that they wanted to stop renting and move to their own facility. Initially, they hired BLG Business Advisers to help with the property trust that bought the new building.
“At first we only wanted them for the move, but they proved so helpful that they stayed on to help with the practice as well,” says Dr. David Stewart, one of the directors of Woonona Medical Practice. “Their experience and clarity has helped the decision-making process become much simpler and more effective.”
Straight-Forward, Relevant Business Advice
Beyond traditional accounting services, BLG acts as business advisers to help Woonona Medical Practice make smart, strategic decisions that cut costs and improve profitability.
“As doctors, we’re not trained in running a business,” Dr Stewart says. “Our natural tendency is to be empathetic, which can create difficulty when it comes to making business decisions. BLG has a way of advising that works well with the personalities here: it’s clear, direct, to the point, and helps the business grow.”
Dr Stewart is quick to point out that the increased emphasis on efficiency and profitability hasn’t negatively impacted the level of treatment patients receive or staff morale. To the contrary, Dr Stewart says that the practice is serving patients better and the staff are happier than ever before. “BLG is a good philosophical fit. Their ethics fit our ethics. We’re not a sausage factory practice, pushing people in and out. We trust BLG’s advice because the way they treat us and their own employees are in line with the ethics and ideals we’re trying to achieve.”
Benefits and Results
- Developed tax effective and commercially sensible business and investment structures
- Supported the relocation of the practice to its current premises
- Consulted on business planning, KPI modelling, and accounting services that significantly increased billings and decreased expenses
- Provide accounting and taxation services for the group
“I have no hesitation whatsoever recommending BLG,” Dr Stewart says. “They help us cut through the emotion to make the right decisions. Where we are now vs. where we were before BLG joined us is night and day. The practice is the happiest we’ve ever been and our finances have never looked better. A very positive experience. I recommend them highly.”