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
Our hospitality and tourism team has a working knowledge of the industry which, when combined with our technical knowledge, can assist you in reaching your commercial goals.
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.
Our mining and energy team has the experience and resources to help start-ups, developing businesses and well-established companies to meet their commercial goals.
Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
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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By PAUL COPELAND
DIRECTOR, BUSINESS ADVISORY
A medical precinct is the term given to the area where a grouping of medical and allied businesses come together in the one physical location. Typically, this grouping would be anchored by a general medical practice and include a pharmacy, pathology and dentist. The precinct can include other allied businesses such as radiology, physio, podiatry, audiology and psychologists.
For many years, this grouping of professionals has proven to be successful as the co-location of these services enable cross referring and joint marketing. Most importantly though, the convenience afforded to the patient in having a wide range of medical service located in the one area has proven to be a winning formula.
The development of these precincts has coincided with the increase in size of general practice medical centres. Historically, medical practices have consisted of 2 to 3 consulting rooms and possibly a treatment room requiring a floor area between 100m2 to 120m2. As the medical precinct concept developed, the success of the venture was, to a large part, based on the success of the medical centre and relied on the volume of patients the medical centre could attract to the area. These patients could then be exposed to other allied services in the precinct.
In addition, it became evident that larger practices could take advantage of economies of scale and become more profitable and valuable to their owners.
The medical precinct concept took hold and the physical footprint of medical practices increased. Today, it is common for practices to be established with a minimum of 5 to 6 consulting rooms, a treatment room and other facilities. The footprint is now typically more than 250m2.
The owner of the commercial property in which the medical centre is located, will have a required return on their investment, which is generated by rental income. The total rental income will be based on the total available leasing area from the property and the rental rate applied to that space.
The model for the establishment of a medical precinct commonly relies on the pathology and pharmacy tenants to pay a higher rental rate while the general practice pays a lower rent. The logic behind this is that if the medical centre has a lower overhead rent expense, there is a greater chance of the success of this business and therefore, the other tenancies would benefit from the patients attracted to the area. However, it is important to be aware that pathology companies have lobbied the government in relation to the level of rent GP practices charge to pathology sub-tenants. Where rents are deemed to be excessive, that is 20% above a market rate, it may attract attention of the Federal Health Department.
Something to watch out for
As property developers build more local shopping centres and community centres, the inclusion of a medical centre in the tenant mix has become almost an essential element leading to saturation in certain areas.
During the shortage of practitioners, approximately ten years ago, many overseas trained doctors (OTDs) came to Australia. In most cases, restrictions applied to where OTDs were permitted to work. The restrictions meant OTDs were required to work in areas of need, typically regional locations, for a period of 10 years. With these moratoriums now coming to an end, not surprisingly, OTDs are relocating to larger metropolitan areas (just like many other Australians).
As OTDs move to the larger metropolitan areas, they bring an entrepreneurial spirit which encourages them to either purchase a practice or establish a new practice. A new version of the Australian dream. The combination of readily available finance and experienced and qualified doctors, is an attractive opportunity to developers and property owners looking for tenants.
At the same time, there are an increasing number of general practitioners in the market. With more doctors graduating from Australian universities than ever before. As these doctors become fully qualified and enter the workforce, there will be an increasing competition for patients.
This combination of graduating doctors and doctors relocating, is beginning to indicate an unexpected outcome. It had been assumed that doctors would join medical practices and replace existing practitioners as they retire. However, there are a large number of general practitioners who work well beyond the traditional retirement date and as practice owners maintain their smaller, older, local practices.
Therefore, instead of joining these practices or purchasing them, doctors and corporate entities are increasingly establishing new medical centres in locations close to other existing practices. These new practices are, in many cases, based on one or two doctors with the intention to recruit other doctors to join the practice. They do not necessarily take into account the increasing competition in the market place and the overall relative number of patients available.
William Buck are medical industry experts, having worked with medical practices for decades. We have extensive experience in the establishment of practices, in financial modelling around practices and the development of medical precincts and in selling and acquiring medical practices. If you would like more information, please contact us.