Advice to navigate the ‘new world’ of healthcare

The global pandemic has put the Australian healthcare system under unprecedented pressure. As the sector adapts to the long-term challenges presented by Covid-19, financial results and clinical outcomes are intertwined as never before. BDO’s Healthcare team has the knowledge, expertise and resources to help navigate this complex and integrated new world.

How BDO can help

Australia’s total per capita healthcare expenditure is among the highest in the world. Managing this cost is a key objective on government and healthcare provider agendas, whilst also adapting to new business models, market disrupters, cost pressures and risk-based reimbursement.

We work across the public and private sectors to advise healthcare and senior living organisations on strategy, performance, compliance, risk and governance. Our team can assist you with:

advice on healthcare system strategy, merger and acquisition transaction services, processes and compliance
access to capital and healthcare investment banking services, tailored to the new healthcare environment
financial and tax compliance with complex healthcare regulations, Generally Accepted Accounting Principles (GAAP) and business requirements.

BDO’s Healthcare Advisory team has the knowledge, experience and resources to help you succeed in this complex and integrated new world. By using our national and global networks, we work across the public and private sectors to advise organisations on six key areas:

Strategy and transformation

Helping you rethink your business model, explore new opportunities and be prepared for the future, with a focus on:

Strategic planning
Operational excellence
Project and program management.

Find out more about our strategy and transformation services.

People advisory

Helping you lead your organisation and ensure your team is fully engaged in the journey, by working with you on:

Workforce planning and talent management
Organisation review and re-design
Leadership strategy design and measurement.

Find out more about our human capital services.

Data analytics

Helping you analyse large and complex volumes of data to derive valuable insights and drive informed decisions, using:

Data visualisation
Operational and commercial insights
Scenario analysis and predictive modelling.

Find out more about our data analytics services.

Financial management consulting

Helping you become more financially sustainable, by providing:

Finance transformation
Effective board and executive reporting
Advisory accounting solutions.

Find out more about our financial management consulting services.

Risk advisory services

Helping you understand and manage your risk strategy, performance and assurance through the provision of:

Internal audit
Risk management
Forensic investigations.

Find out more about our risk advisory services.

Digital

Helping you drive efficiencies and adapt to changing environments by identifying, procuring and leveraging new technologies, with a focus on:

Digital transformation support
Transform to cloud
Cyber security.

Find out more about our technology advisory services.

The proportion of Australians over the age of 65 is projected to double over the next 40 years. This will increase demand for community aged care and residential care services and require additional investment in quality residential aged care infrastructure. Now more than ever, the growth prospects for senior living providers are enormous.

Taking full advantage of reform opportunities requires future-focussed business strategies that embrace technology, understanding the local and federal policy reform landscape, and implications on business. It also means adopting agile service delivery models and reviewing funding approaches.

BDO has a long history of involvement with the senior living industry, providing guidance and support to owners and operators during various stages of business. This includes public, private and not-for-profit providers. We’re also committed to shaping progressive legislative reform for the sector through government lobbying and community engagement.

Our enduring commitment to Australia’s community care, residential aged care and retirement villages means you can be confident our team will always focus on what is best for your organisation. Whether you’re an approved provider, village operator, lender or new entrant to the sector, BDO can provide tailored advice across:

Audit and assurance
Business consulting
Asset protection
Future disposal and exit strategies
Maximising GST recovery
Minimising exposure to income tax
Partnership and joint ventures
Financing requirements
Access to capital
Effective tax planning
Business structuring.

Faced with an ageing population, managing health expenditure is a key objective on the Federal Government’s agenda, evidenced by changes to the Pharmaceutical Benefits Scheme (PBS). At the same time, life sciences businesses are faced with intensifying competition and challenges posed by expiring patents. Many are considering mergers, acquisitions and collaboration arrangements to expand their portfolios and R&D pipelines, or expand overseas into new markets. These transactions are complex, multi-faceted and create significant uncertainty regarding financial reporting.

BDO’s Healthcare team understands these complexities and has extensive experience guiding pharmaceutical, biotech and medical device manufacturers at every stage including:

Research and development
Tax credits and regulations
Licensing agreements
Mergers and acquisitions
Due diligence.

Importantly, we can also advise on how best to access vital capital to fuel innovation, and research and development efforts, and identify significant opportunities to drive value through efficient tax strategy.

Learn more about our M&A deals.

BDO’s expert dental team have the specialist experience and insights you need throughout every business stage. Whether you are starting out, have an established practice or are expanding your business to multiple practices, we work with you to understand your requirements and circumstances. Our expert team design and implement strategies that will put you on a clear path towards achieving your long-term business ambitions. Our diverse experience extends across a range of services, including:

Getting to know you and your dental practice: we assess your current position, future goals and strategies, and analyse your purchase price against key benchmarks such as profitability, estimated valuation, key operating risks and potential growth opportunities.
Structuring and due diligence: get started the right way - we help define the appropriate structure for your practice, including the development of timelines for future plans and goal. We assist with considerations for contractor or Service Facility Arrangements (SFA) and the preparation of due diligence reports.
Compliance: equip yourself with the right business tools - we help prepare financial statements, activity statements, payroll and tax returns, bookkeeping and management reporting.
Advisory: from start to finish, and beyond, we establish and implement a continuous review of best practice and efficient processes to reduce administration work.

Dental Practice Financial Management Workshops

Advanced clinical skills and quality customer service are not the only defining factors of a successful dental practice. Superior financial management is crucial to achieving success and sustainable growth for your practice. BDO’s specialist team facilitate hands-on learning workshops uniquely tailored to dental owners and practice managers. We provide you with the right tools for success, covering accounting and finance fundamentals and exploring practice enhancement opportunities.

For more information on our Dental Workshops, contact our specialists Bhupesh Kaphle and Pranil Kumar today.

Healthcare insights

Meet our industry leader

Kyffin Thompson

National Leader, Healthcare
Partner, Consulting

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Contact our team to discuss your needs using the request for service form.
Alternatively, call 1300 138 991 to speak with an adviser in your nearest BDO office.

Healthcare