Success story: Starting a family-focused medical practice

Dr Michael Clem had a dream of opening his own medical practice. He turned to BOQ Specialist to make it happen.

 5 minutes

 

Dr Michael Clem had been working as a GP for over a decade when he decided the time was right to start his own practice. While he drew inspiration from his father, a pharmacist who had run his own business for more than three decades, Dr Clem was also keen to work with his brother, Peter. 

“I went through uni and medical school with Peter,” he explains. “He’s a former RAAF pilot and overall brilliant man. I couldn’t wait to share a medical practice with him.”

While Dr Clem wanted to set up a new practice from scratch, he knew he would need expert financial help.

 

Calling in the experts

“I had been to a few conferences where BOQ Specialist were in attendance and that’s where I first came into contact with them,” says Dr Clem. “I asked around and the word-of-mouth recommendations for BOQ Specialist were overwhelmingly positive.”

Dr Clem soon discovered that the level of service offered by BOQ Specialist easily lived up to the hype.

“BOQ Specialist is a dynamic organisation that can make decisions and get answers very quickly,” says Dr Clem. “On top of that, they really deliver a high level of personal care and are very supportive and encouraging.”

Dr Clem had a couple of partners on board and they shared a vision of providing the highest level of healthcare no matter what the situation. Another big focus was on the health and wellbeing of the doctors while providing encouragement to continue their education. The final piece of the puzzle was to make this new practice a pleasant place to work.

 

Making it work

Dr Clem, his partners, and BOQ Specialist worked together closely to get the financing, business modelling and financial forecasts in place. They were certain they had covered all the bases.

Seven Hills Family Doctors opened their doors in April last year. Located five kilometres east of Brisbane’s CBD, it provides comprehensive medical care to the local community and surrounding areas.

“We’re not a gigantic medical centre with dozens of doctors open 100 hours a week,” says Dr Clem. “We are, instead, a high-quality, family-focused practice that bulk-bills for children. We believe there shouldn't be a financial obstacle to meeting children’s medical needs.”

 

Risk and reward

Seven Hills Family Doctors has been going from strength to strength since it opened. By taking the time to plan properly and have all the financials in place, the business has been growing steadily.

“Having BOQ Specialist in our corner was like our own secret weapon,” says Dr Clem. “They've been engaged and supportive all the way through, and continue to be involved to this day. It really does make a difference when you've got backing like that.”

While there’s no denying that starting your own practice is a large financial commitment, Dr Clem has some advice for those who are thinking of taking the plunge.

“You need to be aware of the risks and approach it with the appropriate trepidation. The most important thing is to have a long-term plan in place and have someone to answer all your questions.

“Owning and running a medical practice gives you an entirely different perspective to just being an employee. The medicine is still paramount but there's concerns about staff and the people with whom you work.

“I am thankful to BOQ Specialist for giving me an opportunity to create our practice,” says Dr Clem. “Serving our patients and our community is a very humbling experience. I feel I’ve gained a more global approach to public health. The decision to start my own practice was, without a doubt, the best decision I’ve ever made.”

 

Thinking about starting a practice? Click on the link to find out more about our tailored financial solutions for setting up a practice. Ready to take the next step? Contact us to find out how we can tailor a practice finance solution for you, or call us on 1300 131 141.

Subscribe for regular insights

All the best advice on how to build a practice, delivered to your inbox.

BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian Credit Licence no. 244616 (BOQ Specialist). Use of the information contained on this page is governed by Australian law and is subject to the Terms and Conditions which can be read by clicking here. View the BOQ Specialist Privacy Policy by clicking here.

The information contained in this article (Information) is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided.