You have finally finished your qualifications and you’re ready to begin the next phase of your career. It is likely that you have been working for public or private hospitals for some time and you’re looking to transition into some form of private practice.
Before you take that step, there are a few matters you should consider, subject to whether you are establishing your own practice, or looking to join an established practice.
Regardless of the size, it is essential that the structures are in place to ensure effective management and compliance. In turn this will allow you, the doctor, to focus on your core business of caring for patients and practising medicine.
In the early stages of the move to private practice, it is also likely that you will want arrangements that are cost effective and flexible so that you can determine exactly how much or how little private work you wish to do, and to determine if the private practice lifestyle is right for you.
There are several options to consider when you are looking to take the first step such as:
If you are joining an established practice, some basics you need to consider are:
Some of the basics of that need to be considered before opening a new general or specialist medical practice include:
Ordinarily, we find that doctors in their early career are looking to join existing practices under either a Service, Licence or Sessional Agreement.
While these agreements should be relatively straightforward and clear, there are potential tricks and traps that can cause you grief in the long run. For example, the agreement may contain a restraint, confidentiality or waiver in relation to your patients and the area you practice in.
While this may not be problematic at the time, when you progress in your career and look to move out into your own private practice, these restraints/waivers can prevent, delay or otherwise hinder, you from moving on.
There are various options for young doctors looking to break into the market. If you want to get a taste of private practice without the commitment of hiring staff, back of house programs, accounting and reporting, you may want to look into a sessional suite arrangement or join a managed practice.
Regardless of whether you are joining an established practice, or setting out on your own, there are several considerations before you should put pen to paper.
We have prepared a medical practice checklist which is available here for your consideration.
If you are looking to move into private practice, please reach out to us so that we can assist and help make the process as smooth and stress free as possible.
Whilst it will be your first and only time in transitioning to private practice we have helped hundreds of doctors through the same process and you can utilise that knowledge and experience to put your best foot forward.
The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute legal advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek legal or other professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.