William Buck New Zealand
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
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William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
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By staying on top of changes in the manufacturing sector, our industry experts provide relevant and timely guidance to a broad range of manufacturing business.
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Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
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We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
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Benchmarking is a term that has been around for many years in the business world and it can come in an out of fashion just like your favourite pair of jeans. So in today’s health care industry is benchmarking still relevant? How does it work and how do you interpret results? This month’s article will examine these issues to assist you in determining whether benchmarking will be worthwhile for your practice.
Benchmarking – what is it?
Benchmarking is a process where key items of your practice are compared against other similar practices. The key to a successful benchmark is firstly to ensure that meaningful items are measured. What are the key things that worry you about your practice? Do you worry about your performance against your competitors? Are their areas that you think you may be able to improve upon? These are the items that you should talk about with your advisors to ensure they are covered in the benchmark. Secondly, a benchmark is only as good as the data base that is used to make the comparison. In general, it is very difficult to accurately benchmark a specialist practice, as there is simply not enough similar data to compare against – the practices are quite variable. By comparison, benchmarking can be very useful for general practices and in some cases, you can even benchmark by region to get a clearer picture of how your practice is performing.
Why is it useful?
Many people perceive the primary role of benchmarking is to compare your practice against competitors. To do only this would miss the power of what benchmarking can do for your business. The real power of benchmarking is that it enables you to identify any issues in your practice before they develop into big problems. Think of it as a flashlight that you shine into the corners to find things that may be lurking unnoticed. Here are some of the key issues that can be identified, in particular, for a general practice:
What areas should be benchmarked?
There are two types of benchmarking that you can consider – clinical and financial.
From a financial perspective, the key areas to benchmark include:
– Number of available appointments
– Pricing schedules and opening hours
– Percentage of bulk vs private billing
– Patient fees generated vs patient fees capable of being generated
– Key expenditure such as medical supplies, wages, rent
– Doctor contract payments
This will give you a broad range of results to help you to review your practice.
How to use the results?
If the real power of benchmarking is the identification of issues, make sure that you get advice on how to interpret the results. Ideally, it should lead to a discussion with your advisors on some key actions that you can implement into your practice to improve your results or address the issues that have come to light. The power is in this action plan, not the numbers that are generated.
By way of example, I recently benchmarked a practice that had been under performing for a few years and despite everyone working harder, the results were not improving. They came to us tired and disillusioned. We benchmarked the practice in order to identify where the key problems were and the results showed that the problem was not in expenses, but in revenue. It was found that their appointment rostering system did not utilise all of the available doctors and rooms and accordingly, they were not maximising the number of patients that could be seen. This information helped them to focus their energy in an area that would give them better results – work a little smarter, not harder.