Finance

11 min read

Jun 1, 2024

End of Financial Year: Key Financial Considerations for Your Clinic

Peter Flynn

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End of Financial Year: Key Financial Considerations for Your Clinic!

As we approach the end of the financial year here in Australia, it’s a great time for clinic owners to pause and reflect on some important financial matters. (If you’re in a different country, just adjust the timing to your own fiscal calendar.)

In this post, I want to walk you through five essential financial focus points to help you close out the year strong and prepare for a successful year ahead.

1. Update Your Break-Even Numbers to Reflect Superannuation Changes

The compulsory superannuation contribution rate in Australia is increasing to 11.5%. This directly impacts your wage costs and your clinic’s break-even point.

It’s vital to revisit your break-even spreadsheet and update these figures so you have an accurate picture of your financial position. Doing this helps you understand how much revenue you need to cover all costs, including the new superannuation rate.

2. Create or Refine Your Financial Reporting Rhythm

One of the most common questions we get at Clinic Mastery is: “How often should I review my numbers?”

The short answer: regularly, but with a clear rhythm.

For most small healthcare businesses, reviewing your Profit & Loss (P&L) statement and balance sheet once a month is ideal. I recommend setting a recurring time, like the second Tuesday of each month, so you have enough time to reconcile your accounts properly.

By reviewing the P&L alongside the balance sheet, you get a clearer picture of your actual profitability and financial health. This also helps clarify things like director’s loans or dividends that may not appear in your profit figures immediately.

Additionally, keep an eye on your cash flow statement, especially if you experience delays in payments or have significant outgoings. And don’t forget to monitor your accounts receivable — tracking unpaid invoices in aging buckets (0-28 days, 29-60 days, 60+ days) helps you stay on top of what’s owed to you.

3. Map Out Your Financial Forecast for the Coming Year

Costs in business rarely stay the same. Occupancy, wages, utilities — everything is trending upward.

Take time now to forecast your financials for the next 12 months, accounting for:

  • Superannuation increases

  • Rent or lease adjustments

  • Wage growth or new hires

  • Rising energy and supply costs

Using your updated break-even spreadsheet, model different scenarios to see what revenue targets you’ll need to hit to stay profitable.

4. Plan and Communicate Fee Updates with Your Team

If your costs are rising, you may need to adjust your fees accordingly. It’s essential to plan these fee updates carefully and communicate the reasons clearly with your team.

Your team are the frontline when talking with clients, so they need to understand the why behind the changes. This isn’t about greed; it’s about covering your increased costs and paying your team fairly so they can focus on delivering outstanding care.

When communicated well, most clients accept reasonable fee increases. A small number may push back, but with transparency and empathy, you can manage this effectively.

5. Set Your Own Financial Goals as a Clinic Owner

Finally, as a clinic owner, it’s important to set personal financial goals. These might relate to your income, savings, or investment targets.

Having clear goals creates financial certainty, which reduces stress and allows you to make confident, abundant decisions rather than decisions driven by scarcity.

Remember, you’re not aiming to make tens of millions but rather to earn a fair, honest living that reflects the value you provide to your team, clients, and community.

Final Thoughts

I encourage you to review these five key areas as you close out the financial year and plan for the year ahead.

End of Financial Year: Key Financial Considerations for Your Clinic!

As we approach the end of the financial year here in Australia, it’s a great time for clinic owners to pause and reflect on some important financial matters. (If you’re in a different country, just adjust the timing to your own fiscal calendar.)

In this post, I want to walk you through five essential financial focus points to help you close out the year strong and prepare for a successful year ahead.

1. Update Your Break-Even Numbers to Reflect Superannuation Changes

The compulsory superannuation contribution rate in Australia is increasing to 11.5%. This directly impacts your wage costs and your clinic’s break-even point.

It’s vital to revisit your break-even spreadsheet and update these figures so you have an accurate picture of your financial position. Doing this helps you understand how much revenue you need to cover all costs, including the new superannuation rate.

2. Create or Refine Your Financial Reporting Rhythm

One of the most common questions we get at Clinic Mastery is: “How often should I review my numbers?”

The short answer: regularly, but with a clear rhythm.

For most small healthcare businesses, reviewing your Profit & Loss (P&L) statement and balance sheet once a month is ideal. I recommend setting a recurring time, like the second Tuesday of each month, so you have enough time to reconcile your accounts properly.

By reviewing the P&L alongside the balance sheet, you get a clearer picture of your actual profitability and financial health. This also helps clarify things like director’s loans or dividends that may not appear in your profit figures immediately.

Additionally, keep an eye on your cash flow statement, especially if you experience delays in payments or have significant outgoings. And don’t forget to monitor your accounts receivable — tracking unpaid invoices in aging buckets (0-28 days, 29-60 days, 60+ days) helps you stay on top of what’s owed to you.

3. Map Out Your Financial Forecast for the Coming Year

Costs in business rarely stay the same. Occupancy, wages, utilities — everything is trending upward.

Take time now to forecast your financials for the next 12 months, accounting for:

  • Superannuation increases

  • Rent or lease adjustments

  • Wage growth or new hires

  • Rising energy and supply costs

Using your updated break-even spreadsheet, model different scenarios to see what revenue targets you’ll need to hit to stay profitable.

4. Plan and Communicate Fee Updates with Your Team

If your costs are rising, you may need to adjust your fees accordingly. It’s essential to plan these fee updates carefully and communicate the reasons clearly with your team.

Your team are the frontline when talking with clients, so they need to understand the why behind the changes. This isn’t about greed; it’s about covering your increased costs and paying your team fairly so they can focus on delivering outstanding care.

When communicated well, most clients accept reasonable fee increases. A small number may push back, but with transparency and empathy, you can manage this effectively.

5. Set Your Own Financial Goals as a Clinic Owner

Finally, as a clinic owner, it’s important to set personal financial goals. These might relate to your income, savings, or investment targets.

Having clear goals creates financial certainty, which reduces stress and allows you to make confident, abundant decisions rather than decisions driven by scarcity.

Remember, you’re not aiming to make tens of millions but rather to earn a fair, honest living that reflects the value you provide to your team, clients, and community.

Final Thoughts

I encourage you to review these five key areas as you close out the financial year and plan for the year ahead.

End of Financial Year: Key Financial Considerations for Your Clinic!

As we approach the end of the financial year here in Australia, it’s a great time for clinic owners to pause and reflect on some important financial matters. (If you’re in a different country, just adjust the timing to your own fiscal calendar.)

In this post, I want to walk you through five essential financial focus points to help you close out the year strong and prepare for a successful year ahead.

1. Update Your Break-Even Numbers to Reflect Superannuation Changes

The compulsory superannuation contribution rate in Australia is increasing to 11.5%. This directly impacts your wage costs and your clinic’s break-even point.

It’s vital to revisit your break-even spreadsheet and update these figures so you have an accurate picture of your financial position. Doing this helps you understand how much revenue you need to cover all costs, including the new superannuation rate.

2. Create or Refine Your Financial Reporting Rhythm

One of the most common questions we get at Clinic Mastery is: “How often should I review my numbers?”

The short answer: regularly, but with a clear rhythm.

For most small healthcare businesses, reviewing your Profit & Loss (P&L) statement and balance sheet once a month is ideal. I recommend setting a recurring time, like the second Tuesday of each month, so you have enough time to reconcile your accounts properly.

By reviewing the P&L alongside the balance sheet, you get a clearer picture of your actual profitability and financial health. This also helps clarify things like director’s loans or dividends that may not appear in your profit figures immediately.

Additionally, keep an eye on your cash flow statement, especially if you experience delays in payments or have significant outgoings. And don’t forget to monitor your accounts receivable — tracking unpaid invoices in aging buckets (0-28 days, 29-60 days, 60+ days) helps you stay on top of what’s owed to you.

3. Map Out Your Financial Forecast for the Coming Year

Costs in business rarely stay the same. Occupancy, wages, utilities — everything is trending upward.

Take time now to forecast your financials for the next 12 months, accounting for:

  • Superannuation increases

  • Rent or lease adjustments

  • Wage growth or new hires

  • Rising energy and supply costs

Using your updated break-even spreadsheet, model different scenarios to see what revenue targets you’ll need to hit to stay profitable.

4. Plan and Communicate Fee Updates with Your Team

If your costs are rising, you may need to adjust your fees accordingly. It’s essential to plan these fee updates carefully and communicate the reasons clearly with your team.

Your team are the frontline when talking with clients, so they need to understand the why behind the changes. This isn’t about greed; it’s about covering your increased costs and paying your team fairly so they can focus on delivering outstanding care.

When communicated well, most clients accept reasonable fee increases. A small number may push back, but with transparency and empathy, you can manage this effectively.

5. Set Your Own Financial Goals as a Clinic Owner

Finally, as a clinic owner, it’s important to set personal financial goals. These might relate to your income, savings, or investment targets.

Having clear goals creates financial certainty, which reduces stress and allows you to make confident, abundant decisions rather than decisions driven by scarcity.

Remember, you’re not aiming to make tens of millions but rather to earn a fair, honest living that reflects the value you provide to your team, clients, and community.

Final Thoughts

I encourage you to review these five key areas as you close out the financial year and plan for the year ahead.

End of Financial Year: Key Financial Considerations for Your Clinic!

As we approach the end of the financial year here in Australia, it’s a great time for clinic owners to pause and reflect on some important financial matters. (If you’re in a different country, just adjust the timing to your own fiscal calendar.)

In this post, I want to walk you through five essential financial focus points to help you close out the year strong and prepare for a successful year ahead.

1. Update Your Break-Even Numbers to Reflect Superannuation Changes

The compulsory superannuation contribution rate in Australia is increasing to 11.5%. This directly impacts your wage costs and your clinic’s break-even point.

It’s vital to revisit your break-even spreadsheet and update these figures so you have an accurate picture of your financial position. Doing this helps you understand how much revenue you need to cover all costs, including the new superannuation rate.

2. Create or Refine Your Financial Reporting Rhythm

One of the most common questions we get at Clinic Mastery is: “How often should I review my numbers?”

The short answer: regularly, but with a clear rhythm.

For most small healthcare businesses, reviewing your Profit & Loss (P&L) statement and balance sheet once a month is ideal. I recommend setting a recurring time, like the second Tuesday of each month, so you have enough time to reconcile your accounts properly.

By reviewing the P&L alongside the balance sheet, you get a clearer picture of your actual profitability and financial health. This also helps clarify things like director’s loans or dividends that may not appear in your profit figures immediately.

Additionally, keep an eye on your cash flow statement, especially if you experience delays in payments or have significant outgoings. And don’t forget to monitor your accounts receivable — tracking unpaid invoices in aging buckets (0-28 days, 29-60 days, 60+ days) helps you stay on top of what’s owed to you.

3. Map Out Your Financial Forecast for the Coming Year

Costs in business rarely stay the same. Occupancy, wages, utilities — everything is trending upward.

Take time now to forecast your financials for the next 12 months, accounting for:

  • Superannuation increases

  • Rent or lease adjustments

  • Wage growth or new hires

  • Rising energy and supply costs

Using your updated break-even spreadsheet, model different scenarios to see what revenue targets you’ll need to hit to stay profitable.

4. Plan and Communicate Fee Updates with Your Team

If your costs are rising, you may need to adjust your fees accordingly. It’s essential to plan these fee updates carefully and communicate the reasons clearly with your team.

Your team are the frontline when talking with clients, so they need to understand the why behind the changes. This isn’t about greed; it’s about covering your increased costs and paying your team fairly so they can focus on delivering outstanding care.

When communicated well, most clients accept reasonable fee increases. A small number may push back, but with transparency and empathy, you can manage this effectively.

5. Set Your Own Financial Goals as a Clinic Owner

Finally, as a clinic owner, it’s important to set personal financial goals. These might relate to your income, savings, or investment targets.

Having clear goals creates financial certainty, which reduces stress and allows you to make confident, abundant decisions rather than decisions driven by scarcity.

Remember, you’re not aiming to make tens of millions but rather to earn a fair, honest living that reflects the value you provide to your team, clients, and community.

Final Thoughts

I encourage you to review these five key areas as you close out the financial year and plan for the year ahead.

Article by
Peter Flynn

Pete Flynn is a physio by trade and a business consultant at heart. He founded his first Adelaide clinic to help people overcome pain and reclaim their lives. Within five years, that clinic grew to a 23-member team across two locations that no longer required him. He successfully sold both clinics in 2022 and now guides other clinic owners in scaling, leadership, marketing, and people management. Known for his practical wisdom and generosity, Peter’s approach is always anchored in the principle: give more than you take. He’s here to share how to create real value, both for your clients and your teams, without losing sight of what truly matters.

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How Does Your Clinic Score?

Discover your Clinic Score & Amplify your Impact with Clinics Mastery’s Assess Your Clinic™ Scorecard. Get a rating for the 7 Degrees of Business that you need to master.

Assess Your Clinic

How Does Your Clinic Score?

Discover your Clinic Score & Amplify your Impact with Clinics Mastery’s Assess Your Clinic™ Scorecard. Get a rating for the 7 Degrees of Business that you need to master.

Assess Your Clinic

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© 2025 Clinic Mastery Pty Ltd. All rights reserved.

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Folllow us:

© 2025 Clinic Mastery Pty Ltd. All rights reserved.