Financial Paracetamol

In this issue:

• The way forward…
  The health industry has gone through significant disruption over the last few months as a result of the COVID-19 pandemic.
• Telehealth
  Can it be a permanent way of delivering healthcare in the future?

• Has the JobKeeper payment raised another issue for employers?
  As we all know too well, the receipt of the JobKeeper payment has been a welcome relief for many practices.

• Finding the right software solution for your practice can be a daunting task.
  It is difficult to imagine running any medical practice today without using many types of specialised software solutions to help along the way.

As always, if you have any questions relating to any of the articles in this edition, please don’t hesitate to get in touch.

The health industry has gone through significant disruption over the last few months as a result of the COVID-19 pandemic.

Not only has it placed pressure on our healthcare system and medical professionals, but in a matter of weeks this disease forced many businesses to come to a screeching holt.

Both Federal and State Governments announced a range of stimulus measures focused on business sustainability and the adverse impacts on cashflow as a result of COVID-19.

On 30 March 2020, the government put forward its intention to provide businesses affected by COVID-19 with a subsidy to continue paying their employees. Both the JobKeeper Payment and the Boosting Cash Flow for Employers scheme are the most significant lifelines extended to business.

Of course, this was not the only support provided to businesses with other notable lifelines of support announced, including the NSW State Government Small Business Grant, the Codes of Conduct for requesting Rent Relief and partial Payroll Tax waivers.

Medical Practices should now be in receipt of JobKeeper payments but not without the burden of compliance, including ensuring all eligible employees are receiving a minimum payment of $1,500 per fortnight and keeping up with the monthly reporting obligations with the Australian Taxation Office.

So where to from here?

Eligible employers should continue paying employees under the JobKeeper payment program until it is finalised during September 2020, unless the government announces otherwise.

Telehealth has gained wide adoption during COVID-19 and will continue to attract more attention and be embraced by patients.

Practices need to prepare for the new normal as they navigate their way through the plethora of changes whilst still delivering quality care and remaining viable for patients into the future.

Telehealth: Can it be a permanent way of delivering healthcare in the future?

What a difference a few months in healthcare can make.

We have seen a massive shift in the way we deliver services via telehealth services and e-prescribing, something that practitioners and national organisations have been advocating for years.

This forced change in the delivery of services has proven that patients, regardless of their age, gender or social stance, have embraced this new way of receiving health care.

Use and accessibility of technology has made it almost seamless for both the provider and the patient to transition to non face-to-face consultations. For many parts of the world telehealth is the ‘norm’.

So, if we have been able to prove that telehealth does in fact work for some consultations then why can’t we continue this path?

There will always be a need for face to face consultations, no-one can argue with that, but there should be no reason why both types of services cannot work in unison.

Of course, at the centre of all decisions is the patient. The continuity of care for the patient must be at the forefront to ensure care does not become disjointed or fragmented.

The patient – provider relationship is paramount. If telehealth was to become a permanent way of delivering health services, then there needs to be rigorous guidelines and criteria in place to ensure compliance.

Reliant and robust telecommunications systems need to be accessible all around the nation, not just in major cities.

Finally, practitioners need to be supported through appropriate remuneration for the delivery of telehealth consultations.

The nation and the community have proven that there is definitely a place for telehealth services, however without appropriate funding through the MBS then it is unlikely that providers will embrace this type of service.

If such significant implementation and change can happen in such a short period of time, imagine what can be done with more time for planning and consultation.

Has the JobKeeper payment raised another issue for employers?

As we all know too well, the receipt of the JobKeeper payment has been a welcome relief for some practices.

The JobKeeper payment ($1,500 per eligible employee per fortnight) has allowed practices to keep their staff engaged as well as assisting to ease the cashflow burden in recent months.

However, has the JobKeeper payment for all eligible employees, including long term casuals, raised another issue for employers?

Should your practice really have long term casuals employed? Is the flexibility in their arrangement going to ultimately come at the detriment of your practice?

The term “long term casual” refers to an employee who is engaged by the practice on a regular and systematic basis for a period of at least 12 months. In a recent decision (WorkPac v Rossato) the Full Federal Court confirmed that merely labelling an employment contract as “casual” doesn’t automatically classify your staff as casual employees.

When looking at the classification of staff, like everything it comes down to the facts.

The current definition of a true casual employee is one who:

• has no guaranteed hours of work
• usually works irregular hours
• doesn’t get paid sick or annual leave
• can end employment without notice, unless notice is required by a registered agreement, award or employment contract.

So what should your practice do?

• Review the terms of engagement with your long term casual employees
• Are these employees true casual employees as defined above?
• Have you provided these employees with the “Right to request casual conversion” clause under their applicable award and documented the outcome?
• Consider if you need to convert these employees to alternative employment agreements (Permanent or PPT).

As also seen in the Full Federal Court Case, it is important that staff also have clarity and transparency concerning their pay rate (including loading) under their agreements.

This means ensuring that the above documentation flows through to an employee’s payslip. It is critical the casual loading for these employees is shown separately on each payslip for each pay period.

If you need help contact one of our trusted advisors or Sarah Buckton our Xero Hero with any payroll concerns.

Finding the right software solution for your practice can be a daunting task.

It is difficult to imagine running any medical practice today without using many types of specialised software solutions to help along the way.

The utilisation of the right software within a practice will increase efficiency, streamline processes and ultimately allows focus on patient care.

The first big question any practice needs to consider when looking at software solutions is whether you want to use the cloud?

The answer to this will depend on what you are trying to achieve and your need for connectivity, real time data output and even the capabilities of your IT support provider.

If you happen to run multiple practice sites, a cloud-based product would most certainly be the ideal option to provide a single source of truth as opposed to trying to piece together data from different locations or using expensive computer hardware.

With so many products on the market it is very important you do your homework to make sure that whatever you choose ticks most of the boxes (in an ideal world it would be all of them) for your practice.

Here are just a few benefits and features of software solutions that you should look out for:

Practice Management Software

• A desktop and cloud option
• Customisation – the display can be organised to suit the individual practitioner i.e. appointment bookings (type & time).
• Reporting – the reports are functional, accurate and give you the information you need for day to day operations and future planning.
• Risk minimisation – user access can be individualised to each staff member and practitioner to ensure no unauthorised access.
• Innovation – the developers are constantly striving to deliver new technology.
• Learning – access to a large support team, online learning, FAQs and forum.

Accounting Software

• Available anywhere, anytime – your data should be available wherever you are, on your smartphone, tablet, PC or Mac.
• Cashflow features – online invoices, which means they can pay online – speeding up the process, which also means you get paid faster.
• Automation – automated processes such as invoice reminders which can do the chasing for you.
• Integration – availability of apps to integrate with your accounting software to give you the ability to create a mix of software that meets your specific needs.

Cloud accounting is accessible online anytime, anywhere, from any device. This means you are no longer restricted to one computer; all you need is an internet connection.

It also allows you to have multiple users simultaneously accessing the one file including your staff, accountant and bookkeeper.

Rostering Software

• Replaces the manual spreadsheets, phone calls and emails that can come with managing and scheduling staff.
• Simplifies the process of rostering which reduces the time to be spent on rostering.
• Reduces administration time, improves efficiency and keeps staff in the loop, leaving time to devote to the practice to help it grow.
• Assists in compliance as it keeps all rosters and timesheets captured in one single location.

Chances are you are already using these platforms or at the very least heard about them.

If you haven’t made the switch and feel that this may benefit your practice, why not take the leap now?

When Hubdoc and Xero collide!

Keeping on top of your data processing and document storage just got easier!

Since 18 March 2020, Hubdoc has been available for all Business Edition Xero subscriptions and will be available to access right from within your Xero file.

The idea of knowing that all your financial documents can be stored in one place, automatically can even give the most organised of people greater piece of mind.

What is Hubdoc?

Hubdoc is a tool to capture source documents and store a digital copy in a secure place. It will file your documents in a virtual filing cabinet making it easy to see and access historical documents.

How can Hubdoc benefit my practice?Do you have a high volume of creditor bills? Do you or your practice manager currently spend a lot of time handling and entering bills into Xero manually?

Do you have a lot of receipts to collate and enter such as credit card and petty cash expenses?

Hubdoc can help streamline your bills process by saving data entry time and reconciling your bank accounts in a simplified, seamless process.

How does it work?

Bills and receipts imported into Hubdoc can be automatically pushed to your linked Xero file to create a bill awaiting payment or a paid transaction automating the whole process in a few clicks.

1. Hubdoc captures your bills and receipts via either your mobile device, documents saved to a desktop computer, email or even fetching data directly from the supplier.
2. Once these documents are in Hubdoc the key data will be auto extracted using OCR technology to digitally read the information. Dates, invoice numbers, totals and GST amounts are extracted and populated automatically for you.
3. Receipts and bills are then published and pushed to Xero in just a few clicks – creating either a bill awaiting payment in Xero with a copy of the source document attached or a spend money transaction – ready to match with your bank feed!
4. Click on your bank reconciliation screen and match the transaction to the bill entered in Xero – reconciling is just now one click!

Automating this process within Hubdoc and Xero will mean you or your team will have more time in the day to spend on your practice and improving practice efficiency, patient care and helping the practice reach its overall goals.

Interested in saving time and knowing that all of your important information is stored in one location?

Contact our office for more information on how to implement these software solutions today.

Important Disclaimer: The material contained in this publication reflects General Advice only, and has not been prepared to provide specific Personal Advice to any particular individual(s). It does not take into account the individual circumstances, risk profile, needs and objectives of specific individuals. The examples are used for the purposes of illustration only. Readers should not act upon any matter or information contained in or implied by this publication without seeking appropriate professional financial planning advice. The publishers and authors expressly disclaim all and any liability to any person, whether a client of Cutcher & Neale or not, who acts or fails to act as a consequence of reliance upon the whole or any part of this publication. If the advice relates to the acquisition or possible acquisition of a particular financial product, you should obtain a copy of and consider the Product Disclosure Statement before making any decision.

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