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Financial Studies
HPC has produced industry specific (and profession specific), tailor-made financial software programs incorporating benchmarking standards. These programs may be used to assist Practitioners in the following ways:
Choosing a Career Path
The Program may be used to assist in two different ways:- For Practitioners fresh out of training wishing to compare the financial differences between remaining in the Public sector and entering into the Private sector. These, and any other scenarios, can be compared based on your specific circumstances.
- For Practitioners (young or old) wishing to compare the financial differences between establishing a new Practice either on your own or with a Partner(s), buying into an existing Practice, or joining an existing Practice as an Associate, Contractor or Licencee.
Establishing a New Practice
The program is used to establish accurate start up costs, project likely operational expenses, income and profit in the first year. The cost of keeping the Practice open per day and the number of patients necessary to break even are determined.You are able to manipulate the data in order to help determine how many days per year and hours per day you should work. You can also determine whether to bulk bill or privately bill and at what level to set your fees.
Information produced from this study will be required by your financier.
Expanding or Winding-Down the Practice
The program may be used to establish likely expenses involved in growing the Practice and the likely increase in flow of income and expense as a result.Practitioners may use this program in the reverse, to establish the best way to commence winding down the Practice maintaining just enough income to cut down on working time.
Targets and strategies are then set to help you reach your end goal.
Call us to find out more.
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"Working as an Employee at the time, I was ready to go into Practice for myself. Only, I wasnt sure whether to do this on my own or to join with my Colleagues in setting up a group Practice. The financial study Karen undertook with my wife and I clarified the situation for us and confirmed the need for expansion into another small town. I was happy to find that the financial study not only considered the financial elements of my decision but we also considered and discussed the various human elements involved including my own particular interests. Karen helped me understand my options better.It has given me a clearer picture on the way to go and how I can plan for the future."
Dr Anil Sharma, Ophthalmologist, QLD.
"I was presented with the option to buy a General Practice far from where I am currently working. The owner is not really using it to its full potential and decided to close it down as the premises need a bit of work. I wasn't sure whether taking over this Practice would be a worthwhile option for me. I undertook a Business Plan and Feasibility Study with HPC and we looked at the costs involved with improving the premises, fitting it out with my own equipment and furniture, operating costs and some various scenarios for income projections depending on whether I decided to bulk-bill or privately bill. As it turns out the Practice could become very profitable if run properly. This Plan helped me make my decision and gave me the confidence I need to go ahead and take over the Practice."
Dr Niyi Olatunbosun, General Practitioner, Cessnock
