Ep55: Starting out in Private Practice

This podcast is about one of many pathways in medicine; private practice. It’s a pathway that presents many opportunities, but also personal and financial challenges. When doctors are  starting out in private practice, they typically do so within the safety net of an established practice, and perhaps only for part of the working week. In a simple model, they would be renting a room in exchange for an agreed portion of the consultation fees, to cover administration costs.  The next level of complexity is setting up shop for oneself, and this requires registering a company in order to employ other staff. Finally, one can partner in a group practice, which may bring efficiencies of scale, but potentially also personality clashes with other shareholders. And behind all of this, there is the need to build awareness and trust in the community.  In this podcast we hear about the experience of a private rheumatologist of 25 years, as well as accounting and financial planning. Guests Dr Louis McGuigan FRACP (Consultant Rheumatologist, Miranda) Paul Copeland (Director, William Buck Chartered Accountants) Scott Montefiore (Managing Director Hillross Montefiore and Co.) Production Written and produced by Mic Cavazzini. Tracks licenced from Epidemic Sound include ‘Bookies’ – Jones Meadow, ‘Hollow Head’ – Kenzo Almond, ‘Fear Being Unfelt’- Ingrid Witt, ‘Dusty Delta Day’ – Lennon Hutton, ‘After the Freak Show’ – Luella Gren. Image licenced from Getty Images. Editorial feedback for this episode was kindly provided by members of the RACP’s Podcast Editorial Group; Ilana Ginges, Michael Herd, Li-Zsa Tan, Andrew Whyte, Joseph Lee, Jenae ValkPlease visit the RACP website for a transcript embedded with citations. Fellows of the College can claim CPD credits for listening and additional reading.