Given the substantial upfront education requirements of medical professionals, you are often not in well paid work until into your mid to late 30s, and therefore are often well behind your peers in different occupations who may already be a full decade into their career.
Practice Marketing & Development
For many Medical Professionals, their medical practice will become one of their greatest assets and therefore its success shouldn’t be left to chance.
At Stanford Brown we have partnered with some of most experience practice development consultants in the business.
PRACTICE DEVELOPMENT & MARKETING
Our Solutions include:
- Practice Recruitment & Retention
- Medical Business Strategy
- Practice Marketing
- Digital Marketing for Medical Professionals
- Business Development
- Brand Consultation
- Building Referral Networks
- Practice Review & Benchmarking
Key Financial Challenges of a Medical Professional
You Start Generating Substantial Income Much Later
Your Job is Stable and Earnings Potential is High
Unlike many of your peers who face redundancy risk, a medical career is often quite stable and well paid. Your skills are highly in demand and typically aren’t constrained geographically (with the exception of language).
Your Wealth is Tied up in your Ability to Earn
For most Doctors their prospects of achieving wealth is tied up in their ability to earn an income. This makes you somewhat vulnerable to changes in health or life circumstances.
You will become a significant payer of Tax
Paying taxes is a fact of life, but there are legitimate ways that you can minimise taxes. Many of these methods require early intervention to establish the correct structural entities and ownership strategies before significant medical equipment and rooms are acquired.
Australia is highly litigious
The combination of an aggressive lawyer and an unhappy patient can cost you dearly. Some medical disciplines attract greater litigious attention however it is imperative that a Doctors personal finances are ready for this kind of activity from both a cash-flow and protection focus.
There is little goodwill in a Medical Practice
Unlike some small business which can build up large recurring revenue and loyal customers, it is difficult to do the same with a medical practice. Many of your patients will be loyal to you, rather than the practice. If you leave, the patient often leaves as well. This places negative pressure on the valuation of some medical practices.
You work hard....very hard!
The vast majority of Doctors work long hours. As admirable as this is, it can often mean less time to plan and think long-term. It also has an impact on stress related health and the susceptibility to illness which can impact the ability to generate income.
You Retire Later
Many Doctors work into their late 60s and early 70s, some by choice, others by necessity due an absence in succession planning. We believe that no Doctor should be handcuffed to work beyond their preferred retirement date, and that should be done on the Doctors terms.
Additional info on Practice Marketing & Development