Setting up a new medical practice requires considerable planning, time, and often financial investment. It is critical to plan ahead, not just on the physical aspects of the medical practice such as the location, building fit out and personnel, but also the administrative aspects.
The structure of practices can vary significantly according to needs. Each structure has different advantages and disadvantages covering the level of autonomy, risk, responsibility and cost.
Starting a practice is probably one of the most significant professional decisions a doctor will undertake during their professional life. “Starting a practice” or to “Buy into an existing practice” is a common goal for many doctors and health professionals.