Improve Your Practice

Physical Practice

printer

Building

What type of premises will suit?

When establishing a practice, a major decision for the business owner is the type of premises required and how this will be acquired. This will depend largely on the available finances and the ownership structure.

The financial option selected should be built into your long-term business plan. It is wise to seek professional advice from financial advisers, accountants, property consultants and your legal representative.

Things to consider when deciding on the type of premises required:

  • Should you lease, buy or build?
  • What are the pros and cons of each type of occupancy?
  • If you’re going to lease a building, ensure that a formal lease agreement or contract of sale exists that is soundly negotiated and regularly reviewed (if required).
  • Investigate finance availability and loan options.
  • Compare interest rates offered by financial institutions. (Professional associations can often guide you on alliances they have formed.)
  • Discuss with your accountant the appropriate length of loan and repayment structure.
  • Discuss with your accountant which business entity will lease, buy or build.
  • Prepare budget forecasts to ensure repayments will be met.
  • Who will be responsible for structural maintenance?
  • Will you need to renovate/alter the current facilities?
  • Discuss with your accountant and/or financial adviser the pros and cons of having the premises as an asset.
  • Does the building comply with regulations including disability access, parking and fire safety, etc.?
  • Are you compliant with council regulations?

Contacts

It is important to contact the following organisations prior to setting up a business:

  1. your local council or local government
  2. your state department of business or fair trading
  3. your state department of health
  4. your practice/principal accountant
  5. your practice/principal financial adviser
  6. your practice/principal solicitor

Next page

Layout
  • Creating the practice working environment
  • Waiting area
  • Reception
  • Hand-over room
  • Consulting rooms
  • Procedure and treatment rooms
  • Recreational area
  • Disability access for patients with mobility issues
  • Improve your practice

listChecklists

Icon linksLinks

This publication is proudly brought to you by Avant Mutual Group. The content was authored by Brett McPherson, reviewed by Colleen Sullivan and Avant Mutual Group.

This publication is not comprehensive and does not constitute legal or medical advice. You should seek legal or other professional advice before relying on any content, and practice proper clinical decision making with regard to the individual circumstances. Persons implementing any recommendations contained in this publication must exercise their own independent skill or judgment or seek appropriate professional advice relevant to their own particular practice. Compliance with any recommendations will not in any way guarantee discharge of the duty of care owed to patients and others coming into contact with the health professional or practice. Avant is not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published. © Avant Mutual Group Limited 2014.

IMPORTANT: Professional indemnity insurance products and Avant’s Practice Medical Indemnity Policy are issued by Avant Insurance Limited, ABN 82 003 707 471, AFSL 238 765. The information provided here is general advice only. You should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs before deciding to purchase or continuing to hold a policy with us. For full details including the terms, conditions, and exclusions that apply, please read and consider the policy wording and PDS, which is available at www.avant.org.au or by contacting us on 1800 128 268. Practices need to consider other forms of insurance including directors’ and officers’ liability, public and products liability, property and business interruption insurance, and workers compensation and you should contact your insurance broker for more information. Cover is subject to the terms, conditions and exclusions of the policy. Any advice here does not take into account your objectives, financial situation or needs. You should consider whether the product is appropriate for you before deciding to purchase or continuing to hold a policy with us.