An update on the Healthcare sector
28 March 2019
For many years now, the idea of a sole practitioner in the Healthcare sector has become increasingly less common, with a rise in the more corporatised model. More and more, doctors are coming together to operate collectively, giving them the scope and scale to be able to adapt to the ever-changing healthcare sector.
The more corporate outlook allows for a greater focus on systems, controls and governance; something that is really important in the new age of the healthcare industry due to legislative change and a switch in areas of focus. This means that practices must be able to adapt to this new environment. Industry changes such as My Health Records being released and a more digitised approach have resulted in an increased concern around cyber security. Practices need to be able to manage the cyber security threat effectively if they want to compete.
There are currently two royal commissions in play, which will have an impact on the healthcare sector. First is the Banking Royal Commission which will impact the sector in the sense of how will businesses be able to achieve their funding? The second is in terms of aged care which is currently in play. The outcomes of these will have interesting impacts on the sector as a whole.
For further information on the Healthcare sector please contact Andrew Tathem or a trusted BDO adviser.