Joining a group Practice
Before you sign: What you need to know before joining a group practice in Australia
Joining a private group practice can be an exciting step in your professional journey, offering collaboration with other healthcare professionals, shared resources, and a built-in patient base. However, before signing any agreements, it’s crucial to understand the potential challenges and benefits to ensure the agreement is a ‘win-win’ for both you and the group.
Financial Structure - How will you be compensated?
Enquire about the financial health of the practice. Is it sustainable? What are its sources of revenue?
If the practice isn’t financially stable, this will impact your income or job security. Understanding how you will be compensated is fundamental. Many practices operate on different models, such as a salary, fee-for-service, or profit-sharing. It’s crucial to ask about the split between your earnings and the practice’s overhead costs. Some practices may take a percentage of your income for administrative support, office space, or other services, while others may offer more favourable terms. Be clear on what services, such as billing or marketing, are included in the fee you pay to the practice.
Practice Ownership and Decision-Making
Is the practice run by a single owner, or is it a collective? It’s important to know how decisions are made and whether you will have a say in those decisions. Some practices have democratic structures where all partners have input, while others may be more hierarchical. Understand who makes decisions regarding finances, policy, or even day-to-day operations, and whether you’re comfortable with that structure.
If you aspire to one day be part of the leadership or become an owner yourself, find out if there is a pathway for that within the practice.
Work Culture and Professional Fit
Culture is key to long-term satisfaction. Spend time with the current practitioners and staff before committing to ensure there’s alignment with your values and professional goals. Ask questions like: How do team members communicate? Is there support for professional development? Does the practice value work-life balance? Having a sense of belonging and support within the team is crucial for your mental and professional well-being.
If the practice is highly specialised, be sure that your expertise aligns with the services offered. Misalignment in specialisations or treatment philosophy can lead to conflicts down the road.
Referrals and Patient Load - Whose responsibility is it?
A major factor to consider is how you will receive patients.
Does the practice provide a steady stream of referrals, or will you need to bring/generate your own patient base? Find out what marketing efforts are in place to attract new patients. Practices with robust referral systems and a good local reputation will help you maintain a steady client load and income.
It’s also important to ask what happens if there are lean periods.
Will you still be responsible for overhead costs even when client numbers are low?
Legal Considerations
A major factor to consider is how you will receive patients.
Does the practice provide a steady stream of referrals, or will you need to bring/generate your own patient base? Find out what marketing efforts are in place to attract new patients. Practices with robust referral systems and a good local reputation will help you maintain a steady client load and income.
It’s also important to ask what happens if there are lean periods.
Will you still be responsible for overhead costs even when client numbers are low?
Billing and Administrative Support
Running the business side of a practice is often one of the most time-consuming tasks. Find out who handles the billing and whether the practice uses an in-house or third-party service for these functions. If you are responsible for billing yourself, consider how much time and effort it will take away from seeing patients.
Additionally, ask about the level of administrative support provided, such as scheduling, managing patient records, and handling insurance claims. The more support the practice offers, the more time you can dedicate to patient care, but it may come at the cost of higher overhead fees.
Opportunities for Professional Growth
Before joining a private practice, investigate the opportunities for mentorship and professional development. Does the practice offer continuing education support, peer supervision, or regular team meetings for case reviews? Access to these resources can help you grow professionally and provide better care to your patients.
Also, clarify whether you will have the flexibility to pursue additional certifications or specialisations. Practices that encourage growth and development tend to have more satisfied and successful practitioners.
Exit Strategy and Succession Planning
It’s important to think ahead about what happens if the practice doesn’t work out. Review the terms for ending your association with the group. Is there a notice period? Will you have to repay any debts or penalties? A clearly defined exit strategy ensures you aren’t trapped in a situation that no longer serves your professional or personal goals.
By carefully evaluating these aspects and asking the right questions before joining a private practice, you’ll set yourself up for a more successful and fulfilling professional experience.
Don’t rush into any agreements without fully understanding what’s expected of you and what you can expect in return.
FREE Career Healthcheck - Optimise your medical career.
Take control of your healthcare career with expert advice tailored for doctors, medical professionals, and specialists.
Hooman Consulting helps medical specialists navigate the complexities of private practice selection. We can review and compare offers, offer advice and can negotiate on your behalf to ensure you land the perfect fit.
Obligation Free and Confidential: Discuss your career path in the healthcare industry with complete privacy.
Tailored for Doctors: Designed for medical practitioners, including specialists, and hospital staff.
Expert Insights: Get personalised recommendations for your particular situation to help progress your medical career.
Take the first step toward a thriving career in medicine in Australia. Book your free career health check today!
