A guide to entering private practice
Specialists who are choosing to enter private practice usually have two ways of setting up their practice:
- joining (or buying) an established practice
- setting up their own practice.
Your local St John of God Health Care hospital can let you know what options may be available to you, connect you with other specialists and help support your decision-making.
Joining or buying an established practice
Joining an established practice gives you access to existing practice locations and referral networks, administrative and clinical support, IT systems, billing and financial management.
Existing practices operate under a range of different structures including partnerships, joint ventures, and private companies, with a range of entry, co-ownership and investment arrangements.
Establishing your own practice
When you start a new, solo medical practice, you take on almost all the responsibility and control over how your practice operates.
You may encounter higher start-up costs, and you will likely have to work longer hours as you will be working on the business and clinical requirement of your practice.
We recommend engaging with a business adviser, accountant, financial adviser, lawyer and/or practice manager, preferably with experience in the medical field before choosing this option.
You may need to establish a range of critical non-clinical components including:
- Business structure
- Financing and insurances
- Location – demographics, referrers, competitors, patient/staff access, disability access, layout, buy or lease
- Equipment and supplies
- Accreditations and licensing
- HR and recruitment
- IT system and support – software, hardware, phones, backup, telehealth, cybersecurity
- Marketing and advertising, including websites and social media.
Business development support
Visiting medical officers who set up a private practice with St John of God Health Care gain access to high quality facilities and equipment that have attracted many of Australia’s leading specialists. We also support our specialists with tailored business development plans as they set up their practice.
Speak to the Business Development manager at your local St John of God Health Care hospital.
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