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What you need to know before starting a healthcare practice in Canada

When you begin your career as a healthcare professional, you will benefit from being an associate as you learn the ins and outs of managing a practice.

As you gain more experience you may want to have a practice of your own.

Many newcomers who are foreign-trained healthcare professionals also may want to start their own practice as opposed to looking for work in their field.

At that point you will need to decide whether to start a new practice or purchase an existing one.

“While it is true that starting a new practice does provide some control over the scope and philosophy of the healthcare services delivered, there are also benefits to purchasing an established practice, including avoiding startup costs and other financial factors,” says Sarah Adams, vice-president of Small Business at RBC.

Adams outlines the following points to consider when making your decision.

Benefits of starting a new practice:
• The image and values of your practice are under your control.
• New ideas can be implemented while minimizing resistance to change with existing staff.
• You can hire the team you want who share your vision.

Benefits of purchasing an existing practice:
• You have ready access to the experience of colleagues who participated in building the practice.
• An active client base allows you to earn income more quickly.
• Upfront costs are reduced with move-in-ready premises and existing staff.

More at www.rbcroyalbank.com/business

– News Canada

Posted: Sep 30, 2015

May 2019

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