The term private practice is used to describe a professional business that is not under the control of the government. With respect to healthcare, it can be defined as a healthcare professional working on their own without any partners or government sponsorship. Private practice is structured corporately. One or more physicians start with their setup and employ the staff. The revenue generated is used for the development of the setup, paying the staff members, and the rest is for the owners.
Sometimes the very successful private practices are transformed into a larger healthcare setting, like a clinic that houses two or more clinicians. However, those who practice privately seek minimal staff support and manage maximum work on their own. Therefore, in most practices, you will find a clinician, a nurse or assistant and a front desk attendant. Some private practices that are a bit bigger will have a manager.
Clinicians may choose private practice because it benefits them with individual freedom, better relationships with patients, gives them a chance to set their practice patterns and allows them to build a team of their own. They can work as much as they want during the hours convenient to them. On the other hand, they are subjected to intense work stress, financial extremes, and much business risk.
To start a private practice in Australia, The Department of Health, Australia has set some regulations that you must follow. To begin, for the people in Australia who wish to pursue their career as a doctor, as your first job in Australia, you are required to work under supervision, especially in an area that needs doctors. Then if you want to go for private practice, you would need an Australian Business Number, a Medicare Provider Number for accessing Medicare, Register your business name, setup payroll and taxes. There may be other licenses that you must acquire.
- You will have the full autonomy to make decisions (related to payment plans, software purchasing) on your personal preferences but, of course, within legal and regulatory constraints.
- You will have the opportunity to learn more in a variety of subjects like financial management, IT, marketing, etc.
- You will have a more personalised working environment.
- Private practice can provide better doctor-patient relationships. Better relations indicate patient retention, which not only brings financial rewards but also job satisfaction.
- Private practice has lower chances of forward movement. You’re the leader and owner and are at the top already.
- Private practices are linked with less substantial base salaries. If you cannot balance your income and expenses, you might encounter a significant loss.
- You may find yourself in an ultra-competitive workplace.
- There are many regulatory and legal factors and hoops to consider before you begin and during your private career.
