Thinking about taking the next step into practice ownership? You need to consider the many complexities of practice ownership. This includes your business plan, financing, compliance obligations, employment matters, practice set-up requirements and insurance implications, just to name a few.

There are multiple pathways you can take into private practice: starting your own solo or group practice from scratch, acquiring an established practice or buying into a practice. While there are advantages and disadvantages of each option, the key is choosing the strategy that best suits your personality and vision. Read about the pros and cons for each pathway.

For those who already own a practice, maybe you aren’t reaching the growth you expected by this stage of your career. It’s important to stay on top of any challenges and take advantage of opportunities to build a resilient practice.

As the saying goes, a failure to plan is a plan to fail. Developing and implementing an overall operational business strategy needs to be foundational. This should include a strategic vision for your practice, a system that takes care of your responsibilities as a business owner and employer, tools to provide performance measurements, and human resource management. All are essential to ensuring your practice is operating efficiently, and to minimise risk and maximise business opportunities while maintaining a high standard of patient care. When all these elements are in place, it is also important to maintain and regularly review processes, plans and procedures to ensure your practice continues to meet its agreed aims and objectives.

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Disclaimer:

This publication is not comprehensive and does not constitute legal or medical advice. You should seek legal or other professional advice before relying on any content, and practise proper clinical decision making with regard to the individual circumstances. Persons implementing any recommendations contained in this publication must exercise their own independent skill or judgement or seek appropriate professional advice relevant to their own particular practice. Compliance with any recommendations will not in any way guarantee discharge of the duty of care owed to patients and others coming into contact with the health professional or practice. Avant and its related entities are not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published.