Streamlining Practice Finances to Support Growth and Patient Care

Challenge

Dr Khaled Zoud owns Wisdom Specialist Centre, with the practice located in Burwood. He is a specialist Oral & Maxillofacial Surgeon focused on delivering a premium, comfortable experience for his patients.

Like many medical, dental and allied health practice owners, Dr Zoud faced a familiar challenge: staying on top of the business’s financials, delegating tasks effectively and keeping everything in order, all while aiming to deliver top-tier patient care.

Finding enough time to manage the business while offering that premium patient experience was an ongoing struggle. The practice was also coming from a tricky starting position, with the financial aspects, corporate structure and tax planning all needing attention.

The priority was clear: corporatise the practice so Dr Zoud and his team could focus on the best possible patient experience, while capitalising on opportunities to grow the business.

Solution

• Took a staged approach, first setting up the appropriate corporate structures.

• Moved the practice’s financials onto cloud-based software Xero, finalising outstanding reporting and tax returns efficiently.

• Set up automated processes in Xero so Dr Zoud could quickly authorise payments, with Ascentium processing payroll, superannuation, supplier invoices and ATO.

• Managed the day-to-day finance function and provided strategic advice on increasing profitability.

• Ran monthly meetings supported by management reporting and dashboards comparing actual performance to budgets and KPIs.

Client Benefits & Advantages

• Everything automated, with Dr Zoud simply authorising payments rather than doing it all himself.

• Time freed up and a clearer understanding of revenue, expenses and where to focus.

• Real-time visibility of practice performance against budgets and KPIs.

• An increased focus on patient care and reduced costs.

• Greater visibility for budget decisions, such as knowing monthly revenue targets in advance.

• A significant increase in net profits over the last three years.