Generally, the medical practice provides an opportunity for best returns with the lowest risk. It is common for most to see a 50% to 100% return in the long run.
For instance, a GP borrows $100,000 for the clinic investment and begins to earn an extra $50,000 annually from returns, this is an automatic 50% return for the GP. In most cases, GP owners can earn as much as $100,000 annually.
The said amount can grow for the next two decades. This particular aspect delineates clearly between GP owners and non-GP owners.
It is recommended for most GPs to consider starting and owning their own practice. However, this choice can be limited to GPs who are working full-time. On the other side, GPs who are close to retirement may opt to grab this choice as it can be an advantageous pursuit. GPs can overtake primary care roles while putting up their own practice.
Medical Practice as a Business
Setting up a practice can be done in various ways.
Some practices allow profitability while bulk-billing. This can be done through high patient numbers with controlled charges. On the other hand, practices can privately charge patients with an appointment system. The latter path is usually focused on heightening the efficiency of the practice.
Also, practices can be strategically located in areas with respective patient groups. For example, a practice can be put up near a real estate block that may attract patient traffic more frequently. On the other hand, some may opt to take occupational health services next to commercial or industrial areas.
