Success story: Growing the practice in a boom suburb

BOQ Specialist helped Dr Tim Diep fulfil his dream of expanding his practice after 20 years working as a GP in the Sydney CBD.

 3.5 minutes

 

Dr Tim Diep is no stranger to the demands of owning a medical practice. He has managed his own clinic for half the time he has worked as a GP: 10 of his 20 years of experience. But two years ago he found himself facing a problem in his Hyde Park, Sydney, clinic. He had run out of room.

“We had doctors asking to work for us and we ran out of room so we needed a new location,” he explains.

He looked to nearby areas, and settled on a place in Redfern, a suburb on the fringe of Sydney’s CBD. His decision to settle there was driven equally by strategy and convenience. “[Redfern is] an area that’s booming,” he says.

“The population is growing, there’s new high rises going up… it’s also close to Hyde Park so I can go between the two practices easily. 

“The second reason was that Redfern was looking for a medical centre, so we thought we would get involved.” 

 

BOQ Specialist is like a partner

Dr Diep credits BOQ Specialist for helping make his decision such an easy one. Long-time practice owners hoping to expand commonly dread the stress of balancing financial commitments and running a clinic. But Dr Diep says BOQ Specialist helped take the pressure away and shift the focus from financials to his personal goals. 

“Trying to get a bank to lend you money is sometimes very difficult and BOQ Specialist made that very easy. They knew my history and they’ve always been there for me with the Hyde Park clinic.”

Dr Diep credits BOQ Specialist’s Paul Catanzariti for having the “confidence and the guts” to make the hard decisions and really work to grow the business like it was his own. “He’s been my banker for almost eight years now,” he says.

“So he’d seen my business grow from, at the beginning, two doctors in Hyde Park, to 23 doctors and the new site in Redfern.”

 

Funding potential

BOQ Specialist could see the potential of Dr Diep’s practice. “We’re mainly a family practice,” he says, “looking after young families, geriatric patients, and men. We cater for a lot of other people as well. We do holiday vaccinations, we have plans to do allergy testing as well and then skin cancer checks—it’s a vast service.” 

This, along with support from BOQ Specialist, has helped lay the foundation for another 20 years in the business. “There’s potential for more doctors to join down the track, but at the moment it’s about getting the locals comfortable with us,” says Dr Diep. “And that’s been working out really well.” 

 

Looking to expand into a new 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

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