Keeping a practice at the cutting edge of care means more than just excellent patient outcomes. Practitioners must be able to confidently invest in the latest equipment and technologies that define the future of ophthalmology.

As a finance consultant, I tell my clients that EOFY is a strategic time to assess their practice’s financial setup.

Aligning repayments and funding new equipment purchases with timely deadlines and flexible repayment options can maximise tax benefits and improve cash flow.

I spoke with ophthalmologist Dr Allan Bank, the founder of multiple practices, including Chatswood Eye Specialists and Lindfield Eyecare, about how he’s mastered the art of EOFY preparation. His secret? A clear vision (pun intended), strategic partnerships, and a commitment to patient-first care.

“Preparing for EOFY isn’t just about crunching numbers; it’s about aligning your practice with your long-term goals,” Dr Bank said. “Whether it’s upgrading equipment, managing repayments, or reviewing workflows, this period is critical for setting yourself, and your practices, up for success.”

AN EOFY CHECKLIST

Let’s get you focussed – consider this EOFY checklist.

• Financial planning: Do you have a clear budget and financial goals for the next year? Have you reviewed your current repayment structures?

• Receipts and balances: Are all your records accurate, organised, and up to date?

• Superannuation: Have you met all your obligations to pay staff super on time?

• Technology upgrade: Is your equipment upto-date, and does it align with your practice’s needs? Are there EOFY tax incentives for new purchases?

• Team performance: Have you conducted performance reviews and identified opportunities for staffdevelopment?

• Patient experience: Are there areas to improve patient care, from appointment systems to waiting room facilities and fitout?

• Compliance check: Are all your regulatory and accreditation requirements up to date?

• Scalability: Does your practice layout and workflow allow for future growth?

WHO’S IN YOUR CORNER?

Dr Bank, who has worked closely with Credabl for a number of years, said trusted financial support that can help you put the right financial strategy in place is crucial.

“Having the right people in your corner makes all the difference,” Dr Bank said.

So, use the upcoming EOFY assessment to consider whether you have that support – specialist medical financiers (such as Credabl), leading equipment providers, and medicalfocussed accountants are a good start.

EOFY EQUIPMENT UPGRADES

Scott Dunn, senior product specialist from ZEISS, collaborates closely with ophthalmologists.

“Investing in new equipment isn’t just about innovation; it’s about enhancing patient outcomes,” Mr Dunn said. “EOFY is an ideal time to upgrade, taking advantage of tax incentives to improve both patient care and practice efficiency.”

When it comes to how you should pay for that new equipment, cash payments might be your vendors’ preference, and it might seem to be the simplest option. However, using tax efficient finance can, in fact, be the smarter choice. Here are five tips to keep in mind:

1. Keep your cash reserves for a rainy day: The COVID years reinforced that cash is king – when it’s in your own pocket! Borrowing for asset purchases ensures you have reserves for unexpected expenses like staffing, marketing, or repairs.

2. Access to the latest technology: Medical technology evolves rapidly. Financing options like loans or leasing let you upgrade regularly without the hefty upfront costs, improving patient outcomes and boosting your practice’s reputation.

3. Keep your options open: As your practice grows, you’ll need funds for new equipment, consumables, or expansion. Borrowing helps maintain liquidity, so you can invest in growth without straining daily operations.

4. Tax benefits: Financing may offer tax advantages, such as deductible interest payments or depreciation. These benefits can make borrowing a cost-effective option – always check with your accountant for the best approach.

5. Better financial management: Borrowing provides predictable payments, helping you budget and forecast expenses more accurately. It also reduces the risk of financial surprises compared to large one-off cash purchases.

I’ve mentioned the need to consult your accountant for the best approach to equipment purchases, and finding a specialist medical accountant really is the glue holding it all together. They can manage your tax obligations, forecast growth, and ensure compliance, creating a seamless support system.

With your accountant, finance specialist, and equipment suppliers as trusted partners working collaboratively – and with a checklist in hand – your EOFY preparation can align every element of your practice for sustainable success.

You can approach this period with confidence. After all, success in this field is about more than just clear vision – it’s about having a laser-sharp strategy.

Tony Kalmin is a senior finance specialist with Credabl.