Establishing your own medical practice is one of the most exciting and rewarding moves you can make in your career. Whether you’re looking to buy into an existing practice, start fresh, or take over a clinic, this decision brings clinical freedom, greater financial opportunity – and complexity.
At Walshs, we’ve guided hundreds of doctors through this journey. Below is a step-by-step financial perspective on what’s involved, incorporating real-world insights from our medical practice opportunity meetings and specialist checklists.
✅ Key Considerations to Discuss Before You Begin
Opportunity Discovery
- Are you buying, setting up from scratch, or taking over a practice?
- Why this practice or location? What’s the potential?
- Consider patient base, referral networks, and growth opportunities.
Business Partners
- Will you have co-owners or colleagues involved?
- Is there scope to bring on new partners in future?
- Ensure agreements are formalised early to avoid future issues.
Timeline
- When are you aiming to open doors?
- Backward-plan from your opening date to align financing, fit-out, and staffing needs.
Getting the Foundations Right
Location and Premises
Lease or buy? Each path has financial and strategic implications.
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If leasing:
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Negotiate favourable terms.
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Consider incentives such as rent-free periods or fit-out contributions.
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Review lease duration and renewal options carefully.
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If buying:
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Seek advice on structuring and finance.
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Understand purchase contracts and settlement timelines.
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Consider long-term capital growth and tax outcomes.
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Fit-out & Equipment:
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Plan early for construction, IT infrastructure, and medical equipment.
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Explore financing options to preserve cash flow.
Structure Considerations
Setting up the right business structure from the outset is crucial for financial efficiency, legal protection, and long-term flexibility.
- Entity Type: Choose the right entity (e.g. company, trust, or partnership) for asset protection, income distribution and tax efficiency.
- Compliance & Documentation: Register your business names and ensure all documentation (e.g. constitutions, trust deeds) are accurate, compliant, and aligned with ATO and ASIC requirements.
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Future-Proofing: Plan for potential changes, such as bringing on new partners, staff equity arrangements, or business succession down the line.
Practice Management
Operational setup is just as important as clinical readiness. Addressing key management areas early will support smoother day-to-day operations.
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Staffing Needs: Determine what roles are essential from day one — receptionist, nurse, practice manager, or admin support — and plan your recruitment or contracting accordingly.
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Management Support: Decide whether to handle operations internally or engage virtual practice management services.
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Systems & Software: Select fit-for-purpose solutions for:
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Billing & claims
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Appointment scheduling
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Patient record management
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Staff rostering
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Accounting & reporting
Ensure your systems integrate well and suit the scale and specialty of your practice.
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Legal Agreements
Establishing clear legal documentation is essential for protecting your practice, defining roles, and avoiding future disputes. Key agreements to consider include:
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Service agreements – Outlining terms between practitioners and service entities.
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Shareholder or unitholder agreements – Defining ownership, decision-making rights, and exit strategies.
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Employment contracts – Clearly stating responsibilities, remuneration, and termination conditions.
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Lease or purchase agreements – Covering terms for practice premises, including obligations and risks.
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Confidentiality & IP clauses – Safeguarding sensitive information and intellectual property.
Financial Planning & Forecasting
Develop a clear business plan supported by detailed start-up and operational budgets. This should include:
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Lease or purchase costs – premises acquisition or rental expenses
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Fit-out & IT infrastructure – construction, medical equipment, and technology setup
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Salaries & wages – for clinical and administrative staff
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Marketing – website, branding, digital advertising, and referral outreach
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Working capital – to cover day-to-day expenses in the early months of operation
Finance & Lending
Understanding your total funding requirements is key to securing the right financial support:
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Assess the total cost of set-up, including hidden and indirect costs
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Explore medical-specific finance options such as:
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Fit-out loans
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Equipment finance
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Working capital funding
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Model repayment timeframes and cash flow impact to ensure the practice remains financially sustainable.
Support & Networks
Access to the right expertise can make all the difference when establishing or expanding a private practice. Our network connects you with trusted professionals who understand the healthcare sector:
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Legal – Practice-specific lawyers for contracts, structuring, and compliance
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Property – Buyers’ agents and lease negotiators
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IT & Practice Software – Support for setup, integration, and troubleshooting
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HR & Recruitment – Hiring assistance and workforce planning
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Insurance – Business, professional indemnity, and income protection coverage
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Practice Management Consulting – Guidance to optimise operations and performance
Our integrated team means fewer gaps, faster decisions, and better results.
Due Diligence
Before entering into any purchase, lease, or partnership agreement, comprehensive due diligence is essential to protect your investment.
Key areas to review include:
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Financials – Review past performance, forecasts, and any outstanding liabilities
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Contracts & compliance – Check for risks or obligations in service agreements, leases, and licences
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Staffing & payroll – Understand wage obligations, entitlements, and the employment structure
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Patient base – Evaluate the strength and continuity of the existing patient list
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Regulatory compliance – Confirm Medicare and PRODA registrations
Engaging professional advisors at this stage helps you identify red flags early and avoid costly surprises.
Let’s Set Up for Success
Starting a medical practice is complex — but with the right planning and advice, it can be one of the best financial decisions you ever make. At Walshs, we specialise in helping medical professionals establish successful, compliant, and profitable practices across Queensland.
We’ll guide you through every step — from entity setup and finance to software, staffing, and tax planning — so you can focus on delivering excellent patient care.
📄 Free Resource: Medical Practice Setup Checklist
Not sure where to begin? Download our checklist as a basic guide, covering key areas.
Want to talk through your practice plans?
Book a medical practice opportunity meeting with our team today.
📞 07 3221 5677
🌐 www.walshs.com.au/book-a-meeting
✉️ enquiries@walshs.com.au
