FAO Health is our sub-brand with services, experience, and knowledge tailored for the health care industry.
Avance Health Care Specialisation
Avance specialises in providing accounting and taxation services to health care clinics, pharmacies, home and aged care providers and other health related business using the Avance proprietary FAO Health platform. We have experience in providing services tailored to businesses in the health industry, will collaborate with you on financing and accounting solutions, and have an approach designed for your specific needs within this industry, including:
- Accounting for industry-specific transactions, such as Medicare, health funds, DVA payments and NDIS,
- Practice Management System (PMS) or Point Of Sale (POS) integration with our FAO Health Cloud accounting platform,
- Business development and system solutions geared to your situation and goals, and,
- Tailored business solutions that are informed by industry-specific knowledge.
What is FAO Health?
FAO (Finance and Accounting Outsourcing) Health is a platform that allows the owners and managers of clinics, practices, pharmacies and other health industry businesses to outsource their accounting, tax, bookkeeping, and compliance duties. Avance does all the heavy lifting for you.
FAO Health has many benefits, including:
- Being a flexible, scalable platform with the capacity to meet peak reporting periods, changes in technology, or special projects,
- Outsourcing bookkeeping, tax, and reporting, allowing you more time to focus on building your business,
- Eliminating the need and cost for employees trained in accounting, and,
- Using an outcome-based pricing model, meaning that you only pay for what is agreed upon and delivered.
FAO Health is delivered under a Service Level Agreement as a fully managed service to ensure quality and compliance obligations are met. This client-oriented service guarantee ensures that business managers and owners are not distracted by micro-managing administrative tasks. Instead, you can focus your time on building your practice, retail operations or health services.
For more information, contact Avance today!
The Additional Benefits of FAO Health
Managers and team members are able to focus time on value-adding activities, including:
- Providing uninterrupted service delivery and building positive relationships with patients and clients,
- Maintaining clinic or pharmacy presentation or team rostering for improved productivity,
- Managing inventory and dispensary (pharmacy and allied health), and,
- Processing patient and client forms, prescriptions, and health care programs.
Accurate accounts and KPI reports allow team members and business owners to make more informed decisions in regards to:
- Improving the patient or client service delivery experience and outcomes,
- Managing cash flow, particularly around working capital and health rebates and,
- Analysing inventory ROI and/or practitioner productivity and room utilisation.
A reduction of admin overhead allows managers to concentrate on building the business through:
- Increasing profit through building client and patient goodwill, trade, and the reputation of the clinic, pharmacy, or health services business
- Developing and implementing robust and valid business strategies for growth, and,
- Creating a systemised and self-managed business, reducing the labour impact of admin overhead.