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 a specialist checklist.
✅ Key conversations to have upfront
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
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Will you have co-owners or colleagues involved?
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Is there scope to bring in partners later?
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Formalise agreements early to avoid future issues.
Timeline
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When do you want to open?
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Work backward to align your financing, fit-out, staffing, and regulatory milestones.
✅ Laying the right foundations 🏗️
Location and Premises
Lease or buy? Each has its pros and cons.
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Leasing: Negotiate favourable terms, look for incentives like rent-free periods or fit-out contributions, and review renewal clauses carefully.
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Buying: Get advice on finance and structuring, understand contracts, and consider long-term growth and tax implications.
Fit-out & Equipment
Start planning early. Think construction, IT, medical equipment, and the finance options to preserve your cash flow.
Business Structure
Getting this right upfront is key to protecting assets and managing tax.
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Choose the right entity (company, trust, partnership).
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Register business names and ensure all documents are accurate and compliant.
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Think ahead to future partners, equity arrangements, and succession planning.
✅ Practice Management matters 🧠
Operational setup is just as important as clinical readiness. Addressing key management areas early will support smoother day-to-day operations.
Staffing
Who do you need on day one — receptionist, nurse, practice manager? Plan early and clearly define roles.
Operations Support
Will you manage admin internally or use virtual practice management?
Systems & Software
Choose reliable tools for:
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Billing & claims
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Appointments
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Patient records
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Staff rostering
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Accounting & reporting
Ensure everything integrates and suits your practice size and specialty.
✅ Legal documentation you can’t overlook 📝
Clear legal agreements protect your business and define expectations:
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Service agreements – Between practitioners and the service entity
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Shareholder/unitholder agreements – Cover ownership, decisions, and exit terms
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Employment contracts – Roles, pay, and termination clauses
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Premises agreements – Lease or purchase terms
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IP & confidentiality clauses – Safeguard your business and patient data
✅ 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:
Know what you need to fund the setup, including less obvious costs. Medical-specific finance options include:
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Fit-out loans
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Equipment finance
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Working capital facilities
Plan repayments and model your cash flow to keep things sustainable.
✅ Your professional support network 🤝
The right advisors make a big difference. We can connect you with trusted professionals who understand the healthcare landscape:
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Legal & compliance experts
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Property specialists
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IT & software support
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HR and recruitment
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Insurance and risk advisors
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Practice management consultants
With our integrated approach, you get faster, more confident decision-making – and fewer gaps.
✅ Due diligence before you commit 🔍
Before you buy, lease, or partner, conduct thorough due diligence:
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Review financials, liabilities, and forecasts
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Check all contracts and licences for risks and obligations
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Understand staffing structures and payroll
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Assess the existing patient base and potential
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Confirm Medicare, PRODA, and other compliance factors
Engaging professional advisors at this stage helps you identify red flags early and avoid costly surprises.
✅ Ready to get started? 🚀
Starting a medical practice is complex – but with the right planning, advice and support, it can be one of the best financial decisions you ever make. At Walshs, it’s our specialty. We’ve helped hundreds of medical professionals establish successful, compliant, and profitable practices across Queensland. We’ll guide you through every step – from structure and finance to staffing, systems, and tax.
👉 Download our free Checklist Resource Here – Medical Practice Setup Checklist
Or get in touch and we can talk through your practice plans – we’d love to help.
📞 07 3221 5677
🌐 www.walshs.com.au/book-a-meeting
✉️ enquiries@walshs.com.au
