Buying a medical practice is often the best investment a doctor makes, providing the potential to generate higher income than what would otherwise be generated as a non-owner.
Buying a practice should be the best investment for a GP. A mark of a good practice is a demonstrable ability to produce an above average return for its owners. Prospective buyers will be prepared to pay a premium over the value of the practice’s tangible assets to receive that above average rate of return.
Budgeting is the basis for all business success. It helps with both planning and control of the finances of the medical practice.
Successful investors know successful investing occurs over decades and across generations. With the height, stability and longevity of a doctor’s income comes the opportunity to plan for the next generation.
A young GP will often ask what should I do? Buy a home or buy a practice? Our answer is “buy a practice first. And then use the extra cash flow to buy a better home.” Find out more by reading our complete eBook.
We encourage our clients to consider making the maximum concessional contributions possible each year to their superannuation fund.
Superannuation really is super. Super lets you pay less tax and boost your retirement savings, all in one go, with the help of salary sacrifice.
Are you a medical, dental or allied health practice engaging other practitioners on a service arrangement? If so, it is important you document the method of engagement properly and consider the manner in which you conduct day to day operations of the clinic and its interaction with the practitioner.