Checklist for setting up a medical practice
Setting up a medical practice can be daunting. This checklist shows what you need to decide and act on to get started.
Learn MoreYour guide to practice ownership
5 minutes
We have spent over 30 years helping doctors build and run their practices with a range of tailored financial products and services.
As well as helping you with all your business and personal banking needs, BOQ Specialist can also help you buy and fit out your practice premises. Buying a practice is a major business decision that requires careful business and financial planning. It’s exciting, but there’s a lot at stake.
Whatever option you take a sound business plan, including a realistic financial plan, is vital. In this guide you will find a list of the other professionals we recommend you engage when undertaking this crucial step in your career. Not all banks are created equal. While some of the products mentioned in this guide are standard, our experience of financing dental practices means that many of our products have features that may not available at other financial institutions.
This guide is designed to help you navigate the process of owning a practice that’s right for your future plans and to help you understand the financial options available.
Practice purchase versus starting a new practice
When purchasing your own practice, you have some distinct options: you can buy into an existing practice, perhaps the one you have been working in, you can purchase a whole existing practice, or set up a new practice from scratch.
Buying versus renting commercial premises
If you have decided to set up a brand new practice, you have the option of either buying or renting your premises. In our experience, there are pros and cons of each option, both practically and financially.
Practice purchase checklist
It can be hard to keep track of everything when you look at lots of properties, so we’ve created a property checklist for you to photocopy and use when you inspect.
Understanding your loan options
It’s vital that you understand the financial implications of your decisions and that you make the best decisions for your circumstances and your goals. It’s all too easy to sign up for a loan that meets your immediate requirements, but doesn’t fit your medium and long term goals. When we tell you about the cost of a commercial loan, we will talk to you about the true cost from day one. Most banks will disclose the ‘headline rate’, which is the tempting interest rate, but this can be misleading as it doesn’t include establishment fees, lenders mortgage insurance and other bank fees.
Pre-loan checklist
Whichever loan option you take, you will need to do some homework so that you can present as much information as possible to your finance specialist.
Other specialists for your team
As well as a good financier with experience of lending to medical professionals, like BOQ Specialist, we recommend you work with other professionals whose expertise will help you navigate the process of purchasing your practice.
