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A Letter to all Aged Care Providers in New Zealand.

Dear Aged Residential Care Provider,  It is my pleasure to introduce Peak Care Advisory Limited to you and the services we provide. Our mission at Peak Care Advisory is “Helping build profitable health care businesses." Our focus is aged residential care profitability. I have enjoyed more than a decade in CFO and CEO roles at Radius Residential Care Limited and most recently Promisia Healthcare Limited, both NZX listed and predominately providers of aged residential care. It is ...

The rise and rise of the virtual CFO …. Now every health care business can have one!

An affordable way to have access to a part time and highly skilled Finance professional for your healthcare business. It's time to engage a virtual CFO!...

Challenging the Status Quo - Process Improvement

This article is about process improvement and challenging the systems, manual processes and what we do on a daily basis. Process improvement asks, “Can what I am currently doing be done better?” It is all about constantly challenging the status quo and remaining efficient and competitive. I am dedicating this article to my wife, Diana, and the incredible work and leadership she is doing on a day to day basis in her current role. Di works for an incredible company. Like all incredible compani...

Burnout is an organisational issue. It's time to do something about it!

In this article I’m taking a look at burnout and asking what senior leaders in health care businesses are doing or can do to guard against this impacting their most important resource, their employees.  One of Simon Sinek’s many thought provoking posts on LinkedIn says, “If we don’t understand people, we don’t understand business.” So, how well do we understand and can support those people in our health care businesses who may be heading towards burnout especially in this height...

“What gets planned gets done!” – Strategic Planning 101

Whether it is strategic planning, project planning or your own personal planning, planning seeks to define clearly the direction an organisation, a project or you personally is wanting to head and the decisions required to get there. The need to plan has been around for basically ever.  Whether planning the annual woolly mammoth hunt or provisions for a long winter in a rugged mountain cave, planning has been critical to survive. As the centuries progressed great fellas like the following w...

The Guiding Principles to Meaningful Analysis

Enhancing financial reporting so that they add value to the decision makers who use them is what I really enjoy. Call it “bringing the numbers to life.” Like all chartered accountants, there will be a topic within our profession that we aim to excel at as a subject matter expert. I’d like to think mine has been ensuring finance teams add value to the business they belong and this includes the reporting. In 2013 I completed my first book which is called “Bean Soup - Beyond Bean Counting ...

Financial management can be a juggling act in health care.

Whether in aged care or operating a GP clinic, there is a minimum level of financial knowledge and understanding needed by the key decision makers. A key element in making a sound management decision is to understand how it will effect financial performance. In aged care this is most likely the Facility Manager and at a GP clinic I have seen this passed to the Practice Manager successfully. In David Meckin’s 2007 book “Naked Finance – business finance pure and simple” he starts with the ...

Preparing to meet the Bank.

All businesses will have some form of relationship with a bank. That may range from frequent contact throughout the year through to no more than touching base once a year for an annual review. I have always preferred to keep quite proactive with the bank ensuring I give them a quick update on performance every few months. Having worked with nearly all of the major banks in New Zealand and a few overseas I have found there are the following three overriding points to keep front of mind with your ...

Your exit strategy planning starts now!

Developing a robust exit strategy for the owners of a health care business starts with the realisation that one day you will want to wind down and spend more time with a fishing rod in your hand or travelling or any number of other reasons. Importantly, planning your exit should be started earlier rather than later in the life of your business. Planning an owner’s succession that will end up in the business being sold to a new owner is the focus of this article rather than, as an example, “K...