Purchasing a practice could secure a medical practitioner’s financial future – and there are good reasons for choosing one that is well-established.
“An existing customer base provides a predictable cash flow from day one,” says Nathan Marris, Relationship Manager at Medfin Finance. “Everything you need to run a practice will be in place, including staff who know the business and how to do their job, so you can just walk in and take over.”
Inevitably, there are also possible drawbacks. “The staff might not have the same approach to patient relationships and care as you,” Marris continues. “You might also be buying a level of liability. For example, depending on how you structure the purchase, you may have to pay any long service leave accrued by staff employed there for more than 10 years.”