If you’re considering a move into private practice, the process can certainly be a daunting prospect. There are many decisions to make, including the navigation of any financial pitfalls and long term planning to ensure financial success.
Whether it’s starting with the right business structure, finding funding to establish your rooms, or protecting your growing wealth, Walshs has years of practical experience to share with you at the upcoming Royal Australasian College of Surgeons (RACS) ‘Preparation For Practice Workshop 2024.
The two-day workshop presented by RACS, will walk you through the financial, legal, and technical considerations you’ll face when starting up, buying into and running a private practice. You will also receive solid advice on marketing your practice, working with hospitals and health funds and running an effective private practice.
The Walshs team will lead three sessions that will share valuable insights to help you establish or buy into an existing practice without being caught by financial traps.
Business Models of Private Practice
Our presentation on ‘Business Models of Private Practice’ will look at establishing your private practice or business affairs. It is critical that you start with the proper business structure for your needs. As each form of structure has its own benefits and limitations, it is essential you select an option that meets your individual circumstances, follows ATO guidelines, and yields tax benefits.
Funding Your Private Practice
This session will focus on the different expenses you can expect when establishing rooms and how you can effectively cover the costs. We’ll also look at the ownership and funding options available when you purchase or update real estate for your rooms and their relevant advantages and challenges.
Wealth Creation and Protection
Our third and final presentation across the weekend will cover an important topic, wealth creation and protection. You have worked hard to get to this point and it makes sense to protect your assets through personal and business insurance. This session will look at the different types of cover available to you and how they can help protect you and your family. We will also examine some different wealth creation strategies and the importance of estate planning.
At Walshs, we take great pride in seeing our client’s progress from intern to specialist and then transition into private practice. We have supported many clients through this stage of their career and we look forward to sharing our wealth of knowledge and experience at the next RACS Preparation for Practice Workshop.
For more information about the workshop, or to register, head here.
To chat to the Walshs team about your individual circumstances please email us or call 07 3221 5677.
