Practice Review

The structure of your business if very important to get right. This structure should reflect your long term goals. Your business advisors should work together with you to identify you vision and goals and advise on an appropriate structure. These advisors may include business advisor, accountant and lawyer.

Your practice structure should be discussed as part of the larger picture, when determining your business structure and should reflect your vision and long term goals.

There are four main practice structures you can choose from, they are:
Associateship
When you work at an existing practice as a contractor and pay a % of your fees to the service entity

Virtual Practice
Services are provided remotely by a business that takes care of your phone calls, appointments, and billing on your behalf

Traditional Practice
An established practice in a physical location with administration staff and clinical services

Hybrid (Virtual & Traditional)
A combination of both virtual and traditional elements with either a physical address and admin staff where you are able to work virtually over many locations, or services based at your physical address with a combination of onsite and virtual administration services.

Billing style will often depend on the demographics of where your practice is and the patients you will see along with the look and feel off your practice.

To ensure we reach our vision we need to connect you with experts in various fields to assist you in achieving your business dream.

Business Consultant
Whether you’re starting out, or an established doctor-preneur wishing to expand, you will need to work with a trusted leader in medical practice growth and strategy. From business plans and cash flow forecasting,manager mentoring and profitable operational planning Health Business Network is the one-stop-shop for all your medical business needs.

Marketing Consultant
Healthcare marketing is essential for growing your practice, managing reputation and referrals, and delivering better patient experiences and care. Vividus specialises in science based, AHPRA compliant marketing to promote your practice, attract and engage the right mix of new patients, and retain the patients and referrers you need for scalable long term growth.

Accountant
An accountant that specialises in assisting medical specialists is very important to be able to offer tailored financial services for doctors at each stage of their medical career. Ideally you should engage an account that focuses on financial security and wellbeing through specialist advice to protect and grow your wealth.

Legal Advisor
A lawyer that specialises in Healthcare, has extensive industry specific knowledge and expertise, from individual physicians, as well as medical groups of all sizes. It is important to work with and experience lawyer within the medical space.

Financial Planner
Finance Specialists are a unique lender that organise lending only for medical professionals . The benfit is that you don't need to explain your circumstances as they know them well - and it's this that makes the whole process easier. Quite oftern they are not a big bank, so they are flexible and focused on you - your practice and your needs.

Insurance Specialist
Insurance brokers specialising in the healthcare sector that can assist you navigate the complex risks in running a modern day healthcare business by putting in place risk management strategies and the right insurance program to protect their assets, liabilities and reputation.

IT Provider

Practice Design / Fitout
An experienced and expert Practice Designer and Fit out specialist team will ensure that your surgery achieves your objectives by utilising an extensive range of practice design and fitout services. They are also experienced in understanding the legislative requirements in designing, building and fitting out a medical practice.