T: +61-7-3221 5677 - Enquiries: enquiries@walshs.com.au - Mortgage Broking: lending@walshs.com.au

Walshs

Starting Out in Medical Practice Ownership

One of Queensland’s leading financial planning, accounting and lending firms for medical and private clients. Providing accounting, mortgage broking and strategic financial planning advice.

T: 61-7-3221 5677
Email: enquiries@walshs.com.au

Walshs
Level 24/10 Eagle Street, Brisbane QLD 4000

Open in Google Maps
  • Medical Clients
  • Private Clients
BOOK A MEETING

Walshs Insights

Starting Out in Medical Practice Ownership
Tuesday, 28 June 2022 / Published in Walshs Blog

Starting Out in Medical Practice Ownership

If you are considering taking the plunge into the world of medical practice ownership, knowing where to start can be the biggest challenge. Whether you are looking to buy in, take over or start a medical practice from scratch, Walshs specialises in the medical accounting and financial planning space and can help you make sense of this exciting and daunting opportunity.

There are many different aspects of the business you will need to think about when starting out. The first step is to identify which ownership option is best for you.

  • Buying into a practice
    • Has established systems, structure and client base
    • Must research to pay the correct price and understand the business you are joining
    • Limited flexibility for change
  • Taking over a practice
    • Has established systems and client base
    • Must research to pay the correct price and understand the business you are buying
    • Some flexibility for changes to business
  • Starting your own practice
    • No established systems, structure and client base
    • Must research to understand the viability of the proposed business
    • Unlimited flexibility for business decisions and setup

Walshs are here to help you on your journey towards building a successful practice. To assist you we have put together a summary of the main considerations.

 

Timeline and Business Partners

  • When do the doors open? What needs to happen between now and then?
  • Does your opportunity involve other colleagues? Do you have the potential to bring on other owners in the future or as business increases? What legal agreements are needed?

 

Location and Premises Options

Leasing

  • Find a location, negotiate lease terms and incentives.
  • Is there an opportunity to buy the premises in the future?
  • Is a fit-out required? What about equipment? How is this funded?

Buying

  • Find a location, negotiate purchase contract terms
  • Who owns the premises? How is the purchase funded?
  • Is a fit-out required? What about equipment? How is this funded?

 

Structure Considerations

Finding the right structure for your medical practice can be difficult as each practice and person has unique needs depending on their ownership option. We can help you navigate this by designing a custom structure that considers the following:

  • Entity function – business, asset ownership/protection, investment.
  • Ownership – single or multiple owners.
  • Taxation – income tax, GST, payroll tax, etc.

 

Practice Management and Employment

Your team are the lifeblood of your medical practice and are instrumental to the overall success of the business. This is true whether you are talking about your practice manager, reception staff or your contracted doctors.

We have a great blog that sets out what you need to know about employing in your medical practice, you can check it out HERE.

Having the right service agreement in place between the practice and doctors is vital to provide clarity and legal validation to the relationship between parties.

 

Finance and Lending Requirements

Determining how to fund a medical practice can be daunting and depends on a number of factors:

  • Purchasing a business or ownership stake?
  • Purchasing premises? Other costs?
  • Fit-out and equipment needed?
  • Cash/lending available

Set-up and operational budgets are pivotal to understanding the amount cash or lending you will need to fund your practice. They also provide clarity to the lender on your projected cash flows.

 

Our Network

From legal to IT and property, we have a network of specialist firms we will engage, who can draw on collective understanding, experience, skills and capability to assist with all functions required to move you through the path of buying, joining or starting a new practice.

At Walshs, we specialise in medical accounting services and take pride in our ability to guide our clients through the exciting transition into medical practice ownership by having our team and larger network available to assist at every step.

To find out more about how we can assist you with your medical practice opportunity, send us an email or call 07 3221 5677.

By Kate Chant CA, Senior Accountant (Medical Practice Specialist)

  • Tweet
Tagged under: Australian business, Brisbane finance, brisbane medical accounting, Brisbane medical practice, financial advice, financial planning, Medical Accountants Brisbane, medical practice, new business, private practice, queensland

What you can read next

Starting Out in Medical Practice Ownership
DO I need a bookkeeper?
Starting Out in Medical Practice Ownership
Walshs team flies high at RACQ International Women’s Day Fun Run
Starting Out in Medical Practice Ownership
Making the most of your depreciation claims

Recent Posts

  • Brisbane home with map showing Brisbane location

    Where should you invest in Brisbane? Top property insights for smart buyers

    At Walshs, we’re all about helping you make sma...
  • Australian Orthopaedic Association regional Alliance Partnership with Walshs in Queensland Announcement

    Walshs is Proud to Support AOA Queensland as a Regional Alliance Partner

    Walshs has strengthened ties with the Australia...
  • 2 women and a man in a blue suit in a tax meeting - they are happy and smiling

    Maximise, strategise, save! Tax Planning that pays in 2025

    Gone are the days of setting a tax strategy at ...
  • Accounting for Doctors

    Accounting for doctors in 2025 and beyond

    Accounting for doctors in 2025 has evolved far ...
  • Australian Man voting

    Election 2025: What the LNP, Labor and Greens have planned for your wallet

    (UPDATED 28 April 2025) As the Australian feder...

Contact

  • PHONE: 61-7-3221 5677
  • FACSIMILE: 61-7-3221 5744
  • EMAIL: enquiries@walshs.com.au
  • MORTGAGE BROKING: lending@walshs.com.au

Location

  • OFFICE: Level 24/10 Eagle Street, Brisbane QLD 4000
  • POSTAL ADDRESS: GPO Box 12, Brisbane QLD 4001
Starting Out in Medical Practice Ownership

Connect with us

MAKE AN ENQUIRY OR BOOK A MEETING HERE
Starting Out in Medical Practice Ownership
Starting Out in Medical Practice Ownership
Starting Out in Medical Practice Ownership
Starting Out in Medical Practice Ownership
Starting Out in Medical Practice Ownership
Starting Out in Medical Practice Ownership
Starting Out in Medical Practice Ownership
All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
ABN 11 248 978 295 Walshs Financial Planning Pty Ltd AFSL 432636 ABN 82 122 293 912 Corporate Authorised Representative No. 463774 of Walshs Finance Australian Credit Licence 459119

Liability limited by a scheme approved under Professional Standards Legislation.
  • Privacy Policy
  • Financial Services Guide
  • Credit Guide
  • Complaints Policy
TOP
lending-15-min-ph

If the time you would like is not available, please contact our office on 07 3221 5677.

Make a booking with Darole Evans

If the time you would like is not available, please contact our office on 07 3221 5677.

GET IN TOUCH

If you would like a Walshs adviser to contact you or to receive marketing material from Walshs and/or be advised of upcoming seminars and events please provide your contact details.
[contact-form-7 id=”18018″ title=”Contact form 1″]

Book 15 minute lending call

If the time you would like is not available, please contact our office on<br>07 3221 5677.