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.
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...
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KNOWABLE - click to read moreUnderstanding the financial aspects of your business isn't rocket science - it just requires the right tools and systems to analyse your profit margins and staffing costs and your own capacity to draw money from the business
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TRACKABLE - click to read moreTracking your financial data with XERO is simple and robust and with the right reports and setup of the system you can have the inside knowledge you need to make key financial decisions without contracting out that role or advice to a high priced business coach or advisor.
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QUANTIFIABLE - click to read moreHaving XERO setup properly and specifically for a specialised allied health practise can bring great clarity to your data and make things quantifiable, allowing you to produce reports and ongoing financials models that clarify and quantify your businesses financial capacity without having to rely on someone else to model this for you.
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AFFORDABLE - click to read moreDon't let a high business advisory firm trap you into paying between $10k - $30k a year ongoing for the privilege of simply hooking up your XERO data to a reporting app like Fathom or Spotlight for flashy reports, and making you run complex systems with 6 - 8 bank accounts that don't even let you know the unique profit margins on your staff types or the specialist industry insights you need. You can be your own business coach for a tenth of this cost and put the rest of those funds into building your business or paying for a holiday, or paying for a practise management coach to help you understand and reshape your business and how you work with clients and care for yourself. Its just take a robust and well setup XERO file and access to simple resources and tools to help calculate your staffing profit margins and fixed costs.
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.