Why Financial Literacy Matters for Medical Practices. Welcome to my Financials 101 series to help you understand the three fundamental reports that help you make informed decisions.

One day, I’m sitting with a practice owner who’s wondering whether they can keep going with the lack of doctors in their rural area. Next, I’m talking to someone through a partnership breakdown that has nothing to do with money and everything to do with culture and emotion.

From 1 July 2026, the new Payday Super laws will require all employers to pay super at the same time as wages, rather than quarterly. For medical practice owners, this represents one of the most significant shifts in recent years in terms of payroll and cash flow.

Working with medical practices can actually be an emotionally charged job, who would have thought? Most people picture accountants buried in spreadsheets and tax files. And yes, there are numbers, strategy, and compliance.