From Public to Private: The Business of Going Solo
- Johan Riekert
- Jan 15
- 2 min read
Updated: Jun 2
Making the leap from public to private practice is one of the most significant transitions a medical professional can make and one of the least prepared for.
This presentation from Medical Specialist Accountants bridges the gap between clinical training and business reality, covering everything doctors need to know to run a medical practice as a business.
What's covered:
Choosing the right accountant — why your accountant must specialise in medical practices, understand practice management software (Healthbridge, MedEDI, Elixir), and report to you monthly — not just at tax season
Business structures explained — the pros and cons of sole proprietor, partnership, and incorporated entities, and when to make the switch (taxable profit of R1.3M is the key threshold)
Registrations you can't skip — Inc registration, CIPC, VAT (mandatory at R1M turnover), PAYE, UIF, and COIDA
Understanding SARS — from personal income tax and corporate tax to dividend withholding tax and capital gains, plus how SARS is now using AI to detect non-compliance
Technology and reporting — what a modern accounting tech stack looks like (Xero, Hubdoc, business intelligence dashboards), and what your monthly report pack should include
Common pitfalls — lifestyle creep, cashflow mismanagement, bad debt, employee fraud, and expanding too fast without financial planning
Fraud prevention — segregation of duties, multi-user payment access, supplier reconciliations, and verifying bank details via WhatsApp before large payments
Trusts and advanced structuring — when they make sense (asset protection and estate planning), and when they don't (not a tax-saving tool on its own)
The bottom line: Your practice generates significant revenue, but without the right financial team, tech, and structure in place from day one, that revenue won't build lasting wealth. The goal isn't just compliance — it's creating a business you can grow, protect, and eventually sell.
