Starting in private practice: Recent fellows' checklist
Recent fellows' checklist

Starting in private practice: Recent fellows' checklist

Updated
Read time 3 min
Updated
Read time 3 min
Congratulations on being granted college fellowship! When you decide to join a private medical practice or start your own, this checklist will help you tick off your regulatory obligations and practice business essentials, so you can practise confidently as an independent consultant. 

Managing the essentials

Medical indemnity updates and insurances

  • Notify your medical indemnity insurer you have fellowed
  • You will need to update your medical indemnity category of practice to your specialist category. You will be asked to provide an estimate of your annual gross billings. This tool can help estimate your billings. As part of your registration requirements, you must have appropriate indemnity arrangements in place for the healthcare you provide. You may be eligible for a Getting Started in Private Practice (GSIPP) premium reduction.  
  • This is also a good time to consider your personal insurance needs such as income protection, accident or trauma cover and life insurance.  
  • On the business side, if you are starting a practice, consider practice insurance including cyber cover. 

Meet your CPD requirements

  • Know your continuing professional development (CPD) requirements. You will need to nominate a CPD Home (either a college or non-college home) to meet your 50 hours of CPD annually. Avant’s online CPD activities can help you meet the Medical Board of Australia’s requirements.

Comply with professional obligations

Informed consent

  • Establish a good, shared decision-making process and documentation practices for your patient consent discussions for all treatment. 
  • If you are a proceduralist, ensure the consent forms you use are specific to the procedure and document any additional information in the patient’s record. Many colleges have information sheets to help inform patients of the risks and benefits of procedures. The use of diagrams and images may also assist, and using open-ended questions can help you assess a patient’s understanding about the procedure.
  • Remember, patients are required to be informed upfront about all costs relating to consultations and procedures to enable them to make fully informed decisions about their treatment. The financial consent discussion must be documented and is more than just a necessary administrative step; it builds patient trust and reduces complaints. Manage these conversations effectively with our speciality-specific guidance.

Financial management 

  • Decide on your billing rates. Make sure they reflect your years of training. If you’re unsure, refer to the AMA schedule fees or ask more experienced colleagues how they set their fees. Refer to the Australian Competition and Consumer Commission’s information on fee setting by medical professionals to comply with competition law. 
  • Decide how you will manage private fees and whether you will participate in Government funded programs.
  • Consider your bookkeeping process and, if outsourcing to a third party, verify their credentials. If you’re starting your own practice, ensure it is payroll-compliant and your bookkeeping is up to taxation standards. For more information, view our practice start-up essentials checklist.  
  • Discuss your tax obligations with your accountant, including whether you need to obtain an Australian Business Number and register for GST. 
  • If you’re joining or starting a private practice, seek information from a medical finance specialist on funding options, cash flow, and structuring decisions to support your transition into independent practice. 
  • It’s also a good idea to evaluate whether your current living arrangements support your long-term plans, including proximity to your practice, family needs and lifestyle balance. 

Support to navigate risks

Our Risk Advisory Services are a membership benefit, providing advice to support Avant members as they navigate their move to private practice. Access personalised consultations, educational resources, and practice setup advice to help you practise safely. 

Looking after yourself

Starting in private practice can be both exciting and challenging. Don’t forget to prioritise your own health, including having your own GP and scheduling time off as part of your self-care routine. Our health and wellbeing resources can help. 

For more information and support, call us on 1800 128 268. 

Professional indemnity insurance products are issued by Avant Insurance Limited (ACN 003 707 471, AFSL 238765). Please read the relevant Product Disclosure Statement or policy wording (available at www.avant.org.au) before deciding whether to acquire or continue to hold the product.

The Getting Started In Private Practice (GSIPP) discounts do not apply to previous or existing members of the GSIPP 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 GSIPP Member Eligibility Rules at avant.org.au/newprivatepractice or by contacting us on 1800 128 268.

The information on this webpage does not constitute legal, financial, medical or other professional advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. Persons implementing any recommendations contained on this webpage must exercise their own independent skill or judgement and seek appropriate professional advice relevant to their own particular circumstances. 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 any person for any loss suffered in connection with the use of this information. Information is only current at the date initially published. OD-1103-01