Working within the NHS system comes with a whole host of benefits. But many dental and medical professionals find the lure of private practice just too strong to ignore. What steps should you take if you’re interested in making the leap?
This does not constitute advice and advice should be sought in all instances before acting on it.
Should I stay or should I go?
The NHS is the largest employer of healthcare professionals, it’s publicly funded, and comes with job security — just to name a few of the things that keep people tied to the public sector.
The choice to leave the NHS and go private should not be taken lightly. It might seem desirable right now with the current state of affairs of the system, but perhaps the biggest downside is that if your practice (or even some of the dentists or doctors) goes private, then many of the patients might be unable to continue seeing their chosen medical or dental professional.
For those that have been in the NHS for a long time, that might be a difficult cross to bear, and a very real issue as you will need patients at your newly established practice. But you might also find that your loyal patients will follow you to your new practice.
However, if you pursued healthcare to help people, you may well be in luck.
As you are no doubt aware, private practices are typically much smaller than NHS practices, caseloads will also be smaller therefore allowing you to provide more personalised and dedicated care than you might have been able to in the NHS.
Running a smaller operation also opens up that dedicated attention to staff. Hours might be more flexible, your team might bond quicker, and the work environment might be overall a better fit than a public hospital or dentist office for many experienced candidates.
If you are already running a practice, you need to consider whether or not your team will be on board with the change to private. The solution to any problems that may arise is communication.
Be transparent and upfront about the decision, the benefits to moving to private, and how exactly your staff will be affected. Everyone needs to be on the same page for the changeover to be a success, so ensure a “team first” attitude throughout the process.
You should seriously consider the decision – the pros and cons, as well as the consequences of both outcomes – before making any changes to your chosen path.
Mind made up?
Once you plan to start your own private practice, the first thing you should do is consult professionals, because you won’t just be practising medicine or dentistry – you’ll be running a business.
With that, comes a whole host of decisions you’ll need to make. You might need help financing or finding the right mortgage for your new office — something qualified financial advisors and mortgage brokers can advise on.
Before making a decision, talk to a professional
These are, of course, only a few considerations you’ll need to ruminate over before deciding to switch from the NHS to a private practice.
But by thinking over these key points, planning out the entire changeover process, and working alongside professionals who can help every step of the way, the undertaking won’t be so daunting.
To ensure it all goes smoothly, get in touch with us today. We’ll be able to make sure nothing important gets over looked so your focus can remain on the new and improved way you care for patients.
Need advice on planning your finances?
Investments | Financial Planning | Retirement | Save Tax | Protection |
Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.