We might not be investment or financial advisors, but we talk to GPs and medical practice owners every day. There are many practices doing well in Australia, but we also see many practices that fail. We have noticed a few things that might be useful if you are thinking of buying or owning a practice:
Do:
- Research the area carefully to make sure there is demand for more doctors
- Talk to your trusted GP recruiter to find out how easy it will be to recruit doctors for your practice – a building isn’t a practice without doctors
- Respect the GP profession and consider how you can support GPs as professionals
- Develop a clear business model for your operations
- Think about how your practice can be designed to meet the needs of GPs you might want to attract
- Consider how you can stand out from other clinics and differentiate while not alienating doctors or patients
Don’t:
- Assume that District of Workforce Shortage (DWS) means that there is a shortage of doctors in the area – many DWS areas are ‘over doctored’ while acute shortages exist in some non – DWS areas
- Buy a clinic that can’t be developed or expanded
- Assume that money can get you all the doctors you need
- Build your rosters around your financial needs without considering the preferences of GPs
- Recruit doctors just because you can – they won’t stay if there isn’t a sustainable practice or patient base.
We are happy to talk to you about your thoughts or questions and to conduct a feasibility study through Alecto Consult – our consulting division. We can also talk to you about recruitment prospects in your area to help you plan for your business based on realistic recruitment projections.