Key points
- Compliance assurance: Regular management reporting helps medical businesses meet strict state and federal regulations, including those under the Private Health Facilities Act and Regulation.
- Performance visibility: These reports provide clear insights into financial health, operational efficiency, and progress against KPIs, enabling better decision-making and accountability.
- Strategic improvement: Quarterly reporting allows medical practices to identify areas for improvement more frequently, supporting both internal development and external licensing reviews.
A clear and open strategy for your medical business comes from the top. Without a comprehensive overview of how fit-for-purpose your management structure and processes are, how will you know if your organisation is working to its full potential?
That is where our medical business services can help ensure timely, accurate reporting.
Medical business reports are powerful tools for any enterprise that wants to analyse how effective its service is and hold itself accountable for future improvements. This is especially helpful in the healthcare sector, where organisations are tied to strict state and federal compliance laws.
Here, we share the benefits of regular management reporting and medical business services, from proving compliance to ensuring key performance indicators (KPIs) are met.
Proving compliance in the Australian medical sector
The NSW Department of Health requires medical businesses who want to establish operations in the state to meet transparency regulations around business reporting.
The Compliance and Regulation Unit is charged with ensuring NSW medical businesses adhere to laws established in the Private Health Facilities Act 2007 and Private Health Facilities Regulation 2017.
An organisation’s customer-facing and internal administrative processes are up for review and play a factor in renewing operations licences.
Reviewing your business’s KPIs periodically and ensuring your operations are running efficiently is ultimately the ammunition you need to demonstrate your enterprise is compliant. Without this vital document, you may struggle to prove you can run a safe and efficient business.
But medical business reports are more than just a stamp to getting your enterprise off the ground – they are vital to helping you look impartially at what can be changed or improved.
What should a management report include?
Most medical business reports will include some of the following:
- Financial statements, including balance sheets with periodic cash flows
- A current business plan and ongoing mission statement
- Key performance indicators and reviews of success or failure in meeting these objectives.
This last point is vital. It’s important for practice managers to identify business problems throughout the company, but it’s equally important to analyse if there’s anything they can improve in their own performance too.
How do I prepare a comprehensive business report?
To get the best from your reports, switching from annual reviews to healthcare business quarterly reports is advisable, giving you a more flexible and up-to-date view of how your organisation works. Pitcher Partners Newcastle and Hunter can help your enterprise prepare these quarterly reports for both internal and external compliance review, ensuring every detail is covered.
We also offer a range of services to help clients prepare a summary of their business’s strengths and weaknesses. We’re prepared to work with your medical organisation to determine what enterprise services are the best fit for you.
Got a question about your business?
We love questions. If you want to know more about Pitcher Partners Newcastle and Hunter’s business advisory services, please contact us.
Peter Lawrence is a Partner at Pitcher Partners Newcastle and Hunter specialising in cashflow management, management reporting, Capital Gains Tax and Small Business Capital Gains Concessions. His experience spans a number of industries including property, construction, infrastructure, telecommunications, retail, hospitality and the medical profession.
