If you are considering leasing or purchasing your own surgery rooms, there are a few important questions you may wish to ask yourself before choosing the premises that best suit you and your patients’ needs.

The demographics of the locality you are assessing for your practice will affect your potential for business growth. Have you considered the type of patients you would like to attract – families, workers or retirees? Thinking about the needs of your target market, will the best location for your practice be close to other healthcare providers, as part of a specialised medical centre, in a major shopping centre or in a local shopping strip?
During the early stages of a new practice, cash flow can be tight. What funds can you access during the initial phase of your practice? How much of your personal savings can you afford to contribute to your practice set-up and everyday expenses? Keep in mind, some finance solutions are more tax effective than others.

Location, finance, growth potential – there are many factors to consider when opening a practice. Answering the following questions will help you on your way.

• Should you purchase or lease your premises?
• Do you have the finances to cover wages, advertising, stationery, licences?
• How many car spaces will you need for patients and staff?
• Is the practice located in an easy to find location?
• Is the practice easily accessible for patients?
• What are the demographics in the area you are considering?
• Is there potential for growth in the surrounding area?
• Have the rooms been previously leased as a practice? Why did the last tenant leave?
• Is there floor space for the practice to grow into?
• How will you advertise your practice? Do you have contacts for referrals?
• What are your staffing needs? Experience and staffing numbers should be considered.
• Will your staff be overseeing services to your clients or will you be attending each appointment?
• Is there competition in the surrounding area?
• What type of services do your competitors offer? How will you differentiate your service offering?
• Will your practice be paper based or computerised?
• How much consumable stock do you need on hand?
• Will you operate as a company, or sole trader?
• What are your personal goals and circumstances?
• Do you need to hire additional practice management expertise?

Medfin Finance's practice setup checklist will help you to keep track of the set up requirements and the paperwork you need to organise.
You will also find a proforma Business Plan and cash flow statement under Useful Tools.
These forms are available for you to download.

Want more information?

Contact your Medfin Finance Relationship Manager on (65) 6419 6825.

Important information: Because we do not know your personal circumstances, you should consider whether this option is appropriate for your circumstances. Statements about future matters may not be realised and should not be relied upon.