The medical practice as an investment It is not unusual to see rates of return of more than 50%, and even 100% or more in some cases. If a GP borrows $100,000 against the security of their home and starts to earn an extra $50,000 a year profit, above their time reward, that is a 50% return on the GP's investment.
The average net profit rate across the industry was 11.30% of patient billings. In our survey, this figure represents the profit available to owner GPs after all operating costs and after allowing for an arm's-length split of their direct patient fees — calculated at 60-65% of gross fees, depending on the region.
General practice is generating larger profits and margins than legal practice, construction or accounting, a new report claims. Researchers looked at all ABN holders registered for GST and found the median profit among those in general practice was $144,000, while their median gross profit margin was 36%.
Based on our latest GP salary survey (May 2023), the average GP salary in Australia is $334,000 for GPs who work 7 or more sessions per week (full-time). The annual General Practitioner salary for part-time GPs, working 6 sessions or less per week, amounts to an average of $164,000 pa.
The data showed that the average payment per registered payment has risen by £4.04 in the past year – up from £159.61 in 2020/21. The average payment per weighted patient has also risen slightly. It was £159.61 in 2020/21 and rose to £163.68 this year.
Based on a widely accepted formula of 72 appointments per 1,000 patients each week and an average list size of 1,600 patients (per GP), the report, Safe Working in General Practice, proposes that GPs should be offering 115 appointments a week – an average of 23 a day over five days.
If you are working full time and seeing 4-6 patients per hour you can expect to earn a GP salary upwards of $250K AUD per year. The potential income is really high with some of our GPs easily earning between $300 – $400K AUD and upwards.
The European Union of General Practitioners and BMA have recommended a safe level of patient contacts per day in order for a GP to deliver safe care at not more than 25 contacts per day. 'At Your Service', published by the Policy Exchange and forwarded by Sajid Javid, states that 28 patient contacts per day is safe.
However, family doctors say they should deal with no more than 30 patients a day, in order to ensure proper care is given. One in 10 GPs are in touch with 60 or more patients – double the safe limit – the survey found.
Find out what the average General Practitioner salary is
The average general practitioner salary in Australia is $209,537 per year or $107 per hour. Entry-level positions start at $129,500 per year, while most experienced workers make up to $296,400 per year.
Because they're a partner in the business, a GP partner will get a share of the profits if a GP practice is doing well. In practice, this means that they generally earn more than salaried GPs.
General practice
For an example of how this works in practice, a GP might charge $50 for a standard consultation. The Medicare rebate for this is $36.30, leaving a gap of $13.70 for you to pay.
Do you have to be a doctor to open a medical practice? In Australia, you do not have to be a doctor to be a corporate owner, partner, or principal in a clinic, as long as the clinic is effectively controlled by accredited physicians.
National trends in England. In October 2022, the number of patients per doctor (whether a trainee or fully-qualified GP) at GP practices was 1,700 in England. This varied considerably, with some GP practices having several thousands of patients per doctor, and some having hundreds.
“Demand for GPs is estimated to grow between 2021 and 2032 by 38.5%. Demand for GPs in major cities is projected to increase by 47.0% by 2032, while demand in regional and remote areas is projected to increase by 17.6% in the same period.
GP practices are paid on the basis of the number of patients on their list. This is obtained from the registered patient list held by NHS Digital on behalf of NHS England. In addition to this GPs are paid for their performance under the Quality and Outcomes Framework (QOF).
In the 2019 survey, Australian GPs reported the lowest stress levels of any country, at about 30%. While the number of doctors reporting stress increased across all countries between 2019 and 2022, Australia's shot up the farthest.
Luxembourg with $280,000 per year, and the Netherlands with $120,000 per year will earn the most for a general practitioner.
AMA report confirms staggering undersupply of GPs in next two decades. New analysis from the Australian Medical Association has confirmed, after years of Government neglect, Australia is facing a shortage of more than 10,600 GPs by 2031, with the supply of GPs not keeping pace with growing community demand.
Not only has the Covid pandemic put GP surgeries across England under immense pressure, it has also caused significant backlogs of work they are now trying to clear. The BBC has spent the morning inside one NHS practice to hear how staff and patients are coping.
Not every patient will need to come into the practice itself, and many will prefer not to have to take a morning or afternoon off work to do so. Meanwhile, some conditions would be better seen by another professional such as a pharmacist or physiotherapist that may not be based in the surgery building.
3) GPs, like other health workers, are becoming unwell
It can be difficult for doctors to access care, particularly if they work in rural practice. Abuse and violence is also more common, with one survey finding at least 80% of GPs saw or experienced a form of violence at their place of work.