Introduction

Table of contents

Last revised: 29 May 2025

Managing your finances

Regardless of the quality of the healthcare services it provides, a general practice needs to properly manage its finances if it does not want to find itself in trouble. Financial issues can also cause significant personal and professional stress. Despite their high earning potential, many doctors experience financial difficulties that can range from an inadequate cash flow to large financial losses, and even bankruptcy.

Focussing on your financial success and your practice’s sustainability, the information in this module helps you to:

assess your financial needs and expectations, as well as those of your practice, patients and community
identify all the costs associated with providing general practice services
better understand the income streams available in general practice, including fee-for-service
calculate fair and equitable fees for your services
understand how your billing and financial arrangements can have a significant impact on your revenue and income
understand and implement effective financial strategies, based on your circumstances and needs.

Seek professional financial advice

While good financial management can help you achieve your financial and professional goals, poor decisions relating to financial management can have serious consequences, which is why it’s essential that you seek sound professional financial advice (eg from an accountant, financial advisor, lawyer).

The information in this module provides general guidance only so you can be better informed when you talk with your professional advisors.

The RACGP does not accept any responsibility for reliance upon the contents of this toolkit.

Key module resources

Learn how to set up a bookkeeping system, manage your cash flow and prepare for tax time.

Services Australia – Services, payments and programs if you’re a GP.

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