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General practice tool kit
Your practice finances
Last revised: 24 Oct 2019
To build a successful and sustainable general practice that allows you to achieve your financial goals, you need to regard your general practice as a business.
Business owners and advisors often talk about spending time on your business, as well as in your business. Time spent in your business might include seeing patients and managing staff, but time spent on your business includes things like long-term planning, networking, and identifying ways to increase your income and lower your expenses.
To achieve your financial aspirations, you need to understand and work on:
For example, you may want to consider:
Sometimes it’s appropriate to charge a fee to someone other than the patient. For example, GPs often receive requests from insurance companies to provide a report about a patient’s application or claim. Preparing medical reports for insurers and other third parties can be complex and time-consuming and therefore it is reasonable that you charge the third party (not the patient) an appropriate fee.
Preparing medical reports: A guide to setting fees and writing reports (RACGP log-in required)