Author: David Dahm

Five key tips towards finding a trusted ethical financial adviser In this article we cover the following key tips: Being financially self-aware and literate is the best protection you can give yourself Do not be fooled by glossy brochures and flashy offices, qualifications  or professional associations or organisations Do not be rushed into to doing anything, and

Australians’ sensitive health information, including data on women who have had abortions, is not being properly protected, a News Corp investigation has found. Under a new mandatory notification scheme, businesses must now report a data breach to the Office of the Australian Information Commissioner.  The first 37 days of the new mandatory notification scheme has

Medicare Audit Anxiety is it fake or real? We have asked this question in our last news alert article Do you find trouble in interpreting the MBS item numbers?. We need your feedback. Please complete and share this important five-minute survey . We collect this de-identified data for the High Court of Australia. Prior to

There are two areas of concern: Homecare tax ruling Excessive income splitting and service entities   Homecare tax ruling Practices have been given up to 18 months to get compliant or lose out on the Practice Incentive Payments (even though trials are taking place). It is not certain whether the program will actually ever be

It is so important professional membership associations and not for profits to walk the talk when it comes to representing their members as well as the community’s best interest. This is about being open, transparent and accountable. By taking this for granted, this will risk any statutory privilege provided by the Government that their members

We have been receiving reports from some practices that GP’s in private medical practices have been targeted by a recent mass Pathology Rent Red Book mail out from the Department of Health. The Department is informing referring GPs of the current prohibited kickback rules e.g. excessive rents being offered to practices and to be wary

We have just received an important question from a reader, regarding succession planning. Practice manager ‘Ali’ asked; when do you start to think about succession planning… in particular about issues such as timelines, how long it takes on average to sell a practice, and whether staff are retained versus replaced?  When should you start planning? 

If you cannot measure it you cannot manage it! Australian first for healthcare practices a new way to lower your overheads and improve profitability. What are the three important things people want in life? Go big, boutique or broke by tackling two of your greatest stresses There are three important things people want in life: That

Australian first for healthcare practices a new way to lower your overheads and improve profitability – NEW! Are you being paid correctly? You cannot afford to get your key providers pay wrong.Keeping their trust is a must. If you are paying providers a percentage of their gross fees, you will be pleased to know you

If you are trying to formulate a succession plan or are simply getting your books into order so you can draw up a succession plan or sell a practice, now is the time to restructure, i.e. before the end of the financial year, so to save as much as 40% on your bookkeeping and accounting

At Health and Life, it’s our mission to improve the lives of people, here in Australia and globally. Health and Life hosts this The Business of Healthcare blog and the Health and Life website. To help us achieve this mission, and in preparation for the new EU data protection laws, we’ve updated our Privacy Policy,

We have a library of our cutting edge seminar presentations made around Australia. Armchair Medical have made this initially available free. (We received no commissions or payment for this service). If you are interested in clinical and non clinical topics, Armchair Medical offer a low cost subscriber option. They offer excellent and timely advice tailored

As I predicted in February 2016, your personal health record is being exposed, with or without your full knowledge. The Federal Government’s new $2bn national patient electronic health record system rollout is at full throttle. This potentially means others have electronic access to your mental health, drug and alcohol abuse, sexually transmitted disease, domestic violence, and

As an accountant specialising in assisting medical practitioners, I am concerned about the unfair playing field and potential intimidating and questionable legality of the Government’s new initiative to protect big pathology business against small practices with a new data kick back monitoring system, when the there are no clear rules for enforcement or ethical brakes

In a world that is already going through major changes due to technological advancement, the business of healthcare is evolving to meet the demands of a new fast-paced culture. Today, we want everything immediately, and this has created opportunities for optimisation in the world of healthcare. Will you be ready to ride with these changes,

Start off on the right foot with an experienced, future proof accountant/advisor who cares for your practice/business and will help you work.. on the fun stuff too! This article will help you find the right accountant for you. Asking the right questions is more important than asking for the right answers. Financial security – Start

If you want to know why you have trouble interpreting the MBS (Medicare Benefits Schedule),  here is why you cannot get a straight answer- the answer is nobody knows. It is time this issue was fixed, so we need to hear from you, regardless of whether you are a doctor or a practice manager. As

Dear readers; you are probably wondering why I, David Dahm am involved with this matter. The answer is simple. It has to do with my work in promoting the accounting profession (and issues in the medical profession as well – in particular how the medical and health care professions can reduce fatal medical errors.) After

Tax nightmare looms healthcare homes May 2017 Disease challenge April 2017  – the need for standards David Dahm’s innovative solution to prevent ‘bullying’  international healthcare standards and his views on the ethics board was cited in the American Journal of Physicians and Surgeons December 2016 David is interviewed on top practice tips you can implement.

1st July 2016 2.4% Award pay rise or freeze?! Did you know that on the 1st July 2016 your staff may be legally entitled up to a 2.4 % pay rise? Also just announced is a new option for people to be paid out their four weeks’ annual leave. Just ensure you have the agreement in

AFTER heart attacks and cancer, medical errors are the third biggest cause of death in Australia. And believe it or not, there’s an easy solution without having to invest the billions we spend on other medical research. For full video presentation click here Human error accounts for about 40 deaths per day in Australia’s health

As reported last week in  on the 8th April 2016 at Sydney Novotel Darling Harbour, David Dahm is honoured to be invited to speak with an eclectic group of speakers. This includes the controversial  Dr Charlie Teo, who was voted Australia’s most trusted person in 2014 by Readers Digest subscribers and Professor Barry Boettcher, a blood

How can you save your money when using our healthcare services? We have recently had some interesting media reports on the best value for money private health insurers, such as HBF and the least value NIB. We have become increasingly concerned about excluded procedures and significant patient gaps amongst these schemes. It is important to

There are some surprising and not so surprising statistics on the money that a Doctor earns compared to other occupations. The disparity between male and female practitioners is interesting to note. Clearly there are exceptions to the rule. We need to keep in mind that Doctors commit to a lot of training throughout their careers. There can be

This is a quick reminder to everyone. Give your bank account details to your treating practitioner before July. Medicare will stop issuing cheques to patients. The change — announced in the Federal Budget last year — does not include Pay Doctor via Claimant (PDVC) cheques, which will continue to be issued. Patients can register their

As both State and Federal Governments continue to struggle for money, the medical profession is increasingly becoming a low hanging fruit opportunity. Poor understanding, documentation or a less than wise frugal approach is landing some doctors and practices into hot water. To be fair, setting up and running a practice can be a complex affair.

This is a new section. These are the latest articles on practice tips such as patients are their own worst enemy to the latest practice financial incentives. They include updates on how the national media have reported issues from our news alert series which has vindicated key observations we have made or key areas to

Finally, after a number of requests, thanks to our friend Gary Smith from Armchair Medical and the East Melbourne PHN, we have produced a live recording from the East Melbourne PHN seminar series David Dahm recently presented on Doctor and Staff Contracts. We hope this video will clear up any common confusion between contactors and

Fair Work National Underpayment of Wages Phone Audit Blitz! Risk a $54,000 fine?! Practices risk a fine up to $54,000 per breach. Time poor practices who do not keep their documentation up to date are at risk. Paying above the Award rate is not enough. Fair Work Australia are randomly calling practice staff i.e. your

Your Private Medical Condition Exposed?! A $20 solution! Did you know the Government will pay cash to your GP for your personal medical records without having to ask you?! This is now legal. Your local GP could lose up to $50,000 each year if they do not comply. Did you know over 60 Government agencies

Why are new GP’s terrified of Practice Ownership? The fear factor…!  News reports http://www.healthandlife.com.au/wp-content/uploads/2016/01/Id-be-terrified-Why-new-GPs-fear-practice-ownership.pdf that new GPs are terrified of practice ownership is more a myth than a reality. Ignorance is the source of much unnecessary fear. Clearly many practice do not have any succession planning programs in place which is breeding much uncertainty in practice.

General Practice Business Model is Dead? A New Killing Season?! How are you feeling with recent national headlines like these? 1. GP Business Model Off the Rails! 2. The Biggest Threat to GP’s 3. Small or solo practices won’t cut it: Professor Hickie Recently it is becoming rare to get up in the morning and read

Got a spare appointment Doc? New immunisation law – no jab no pay from 1 January 2016 plus more! The financial incentive for your children to get an immunisation jab is on. It may improve your health and wealth. We always believe in empowering patients to have freedom of choice through education. This is a personal family decision

Congratulations to Littlehampton Medical Centre and Inglis Medical Centre. They both feature in the latest national RACGP (Royal Australian College of General Practitioners) magazine. The RACGP each year recognises practices for their approach to patient’s health and wellbeing. The award criteria takes into account a number of factors, including services offered to patients, health promotion

Do you use standard contracts/agreements in your practice? Are they legally binding? New ACCC Law 2016 This new “standard form” law is designed to protect smaller parties such as contractors, employees and suppliers from unfair contract terms and conditions. If there is a breach, this term or agreement may not be legally enforceable. “A standard

New Pathology Pain: Warning for GP Practices: There is a price for certainty! Practices are on notice. In December 2015, the Senate proposed dramatic changes to reduce patient pathology and radiology rebates. These were announced by the Government late last year. We advise our pathology and radiology related clients that these changes in government policy may

New laws when employing a health professional: Practices must do a background check! Be aware of the Australian Health Provider Regulation Agency (AHPRA) laws in relation to hiring a health professional. For the benefit of your practice, it is important you do the relevant background checks and make them a standard part of your recruitment

It is time to end the blame game, defend doctors and provide an actual solution for restructuring the MBS, following the comments from Federal Health Minister Sussan Ley in the wake of the recent 4 Corners report see http://www.abc.net.au/4corners/stories/2015/09/28/4318883.htm and http://www.healthandlife.com.au/wp-content/uploads/2015/09/TV-show-points-finger-at-GPs-for-much-of-Medicare-waste.pdf. These statements were comments on the alleged rampant misuse of outdated Medicare Benefits Schedule (MBS)

What keeps Practice Owners and Managers up at night – 4 key areas to watch! If you are too busy to read this, you are missing out on an opportunity to learn how to work more efficiently and effectively in a way that is both sustainable and profitable. This news alert is all about setting

Practice owners are increasingly interested in what we call succession planning paralysis. There are three important things to consider. What is succession planning, how do you find a purchaser and what is your Practice worth? The perception that there is a continuing workforce challenge, increasing complexity, declining fee growth rates and profit margins has resulted

1st July 2015 new 2.5% Award pay rise or freeze and more?! Did you know that on the 1st July 2015 your staff may be legally entitled up to a 2.5 % pay rise? Note the industrial general Award increase was 2.5%. It is important to refer to the specific Awards below some payments are up to 3%.

  There has been some recent media about what patients want and even what doctors want. Reportedly, a new video even made doctors cry, see below for more information. We have summarised the recent media below for you. This is really useful and important information. We do not endorse any of these findings, however they

There has been a lot of media coverage and how it may impact you. This is a brief and practical summary sourced from the Actual Budget Papers on what you should ask your advisers. The two parts that we think are particularly significant are below in Health – 10 significant healthcare changes  and  Tax – 6 tax

Less Pain if you Restructure your Practice Now! Five simple reasons why practices should restructure now before it becomes a more expensive headache! (For a positive restructuring experience before 1st July contact David Dahm at pa@healthandlife.com.au or 1800 077 222). Significant health reform will affect everyone.  The government is proposing to extend the Medicare freeze for

The day’s of a “Gentlemen’s agreement” (i.e. hand shake agreements not putting agreements into writing) are over….! It is time to finally take control and eat well and sleep well to this recurring problem! We are aware of practices that have been recently hit with payroll and contractor audits. This is a new warning bulletin

Congratulations to the Honourable Member Christopher Pyne for 25 years in Parliament  I recently received an invitation from Federal MP Christopher Pyne to attend a celebration of his 25 years in Federal Parliament. Chris and I go back many years, to our primary school days together and it was a great honour to be invited