Setting up a medical practice: what you need to budget for

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For many young doctors leaving university and getting ready to enter the world of work and practicing medicine, the goal is to open a practice and to work independently in private practice. This could be as a general practitioner or as a specialist. Whatever the choice it is an exciting and compelling one. It brings thoughts of independence and wealth and the ability to work in a way that you want to work, not answering to anyone. It makes the hard years of study and internships seem worthwhile. But the truth is that starting an independent practice is not easy. There are a lot of costs that need to be incurred and a lot of planning that needs to take place. Do it properly and it is all worthwhile, mess it up though and there could be a lot of pain and trouble. With that in mind, here are some key elements that you need to budget for if you want to go into practice by yourself.

Equipment

No doctor’s rooms are complete without all the standard medical equipment. It is everything from stethoscopes to bandages, ophthalmoscopes and patella hammers. Blood pressure cuffs and examination beds. The list is really very long, and you are probably best off finding a company that specialises in medical supplies Brisbane will certainly have a few to choose from – let them know that you are looking to set-up a practice and ask for a quote for equipment. It will almost certainly be the biggest expense that you will incur along the way – be prepared for a large number when that quote is returned.

Rooms

Finding the actual premises from which you will practice can be tricky. Depending on the type of practice you are looking to establish you will need to decide if you are going to rent rooms at a hospital or if you are going to be completely independent. The former is a better solution for specialists while the latter works before for GPs and primary health care practitioners who tend to be more community based. What you will not be able to avoid however is paying some form of rental – rooms don’t come cheap and you need to ensure that you are able to pay a deposit and the first six-month’s worth of rent upfront – that way you have security of tenure regardless of how many patients you see in eth first few weeks or month.

Staff and auxiliary services

There might be something romantic about being a one person show, but the reality is that is very hard. If you are seeing patients, you will need a receptionist – somebody to answer the phone and make appointments .  You will almost certainly need somebody to do the finances for your health business. It is sending out bills and monitoring payments as well as paying suppliers on time. It can be onerous, and you should make sure that you are focussed on doing what you do best – which is seeing patients and treating the ill.