The decision to move into private practice can be exciting but can also be overwhelming, as it brings with it many new and unfamiliar responsibilities.
To make this move easier for you, Avant has worked with industry experts to develop tools and resources to help you transition into private practice.
We've identified three steps to moving into private practice:
Step 1 - Decide on a business structure
Consider which business structure would suit you best.
- Solo practice - as a sole practitioner, you maintain complete control of your business, consulting from your own premises.
- Partnership - you may choose to establish a new partnership, or enter into an existing medical practice. Larger practices offer the advantage to patients of providing access to multiple specialties and/or services in the one premises. The benefits of a partnership structure include broadening your client base and sharing the risk and responsibilities of practice management.
- Other corporate structures - there are other corporate and business structures available offering varying levels of management involvement, risks and rewards.
To learn more about the options listed above, and which is best
for you, we recommend you consult with a certified practicing
accountant or a certified financial planner.
Step 2 - Obtain professional advice
Planning and preparation are essential to success. Seeking
advice from an expert could save you money and reduce business
Medical Indemnity Policy
can provide you with the depth of
cover you need to protect your practice entity, allowing you to
keep your professional indemnity cover and reputation separate from
that of your practice.
Tax advisors can advise on business structures that could
maximise profit and suit your desired level of risk.
Financial advisors and your bank can give you the best advice on
business loans or finance.
Legal advisors can ensure all your contracts are fair and
reasonable, protecting your personal interests.
Step 3 - Operating your business
Once you have selected the appropriate business structure and sought expert advice, you can proceed to the need step of establishment of the business. This step includes identifying a
suitable practice premises, hiring staff, marketing strategy, day-to-day operations and managing practice risk.
How Avant can help
Avant understands that starting or joining a private practice can be expensive. This is why we created the Avant Getting Started in Private Practice (GSIPP) Program; to help ease financial pressures in the first years by offering substantial savings on your Avant Practitioner Indemnity Insurance Policy.* Just another way Avant is delivering on our promise to provide more benefits to our members.
To find out if you are eligible, or to apply visit: avant.org.au/newprivatepractice
In addition, Avant’s Practice Medical Indemnity Policy^ can cover you against exposures involved in running a practice. Because as a practice owner, you wear two hats - in addition to your own work, you need to be covered for claims against the practice, your partners, directors and employees. Visit our website or call Avant Member Services on 1800 128 268 for more details.
* IMPORTANT: Professional indemnity insurance products are issued by Avant Insurance Limited, ABN 82 003 707 471, AFSL 238 765. The information provided here is general advice only. You should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs before deciding to purchase or continuing to hold a policy with us. The discounts do not apply to previous or existing members of the Getting Started in Private Practice scheme and only apply from the first year a member becomes eligible and subject to eligibility rules. For the eligibility rules and full details, please read the Getting Started in Private Practice Member Eligibility Rules at avant.org.au/newprivatepractice or by contacting us on 1800 128 268
^ The Practice Medical Indemnity Policy is issued by Avant Insurance Limited, ABN 82 003 707 471, AFSL 238 765. This policy is available at www.avant.org.au or by contacting us on 1800 128 268 FREE. Practices need to consider other forms of insurance including directors’ and officers’ liability, public and products liability, property and business interruption insurance, and workers compensation. You should contact your insurance broker for more information.