Industry Analysis & Industry Trends
The General Practice Medical Services industry has grown healthily over the past five years. General practitioners (GPs) are the first point of contact in the medical system, providing direct treatment to patients or diagnosing their problems and referring them to a specialist or a general hospital. GPs receive Federal Government assistance through Medicare, which covers a schedule fee for each consultation. Bulk-billing, which involves GPs charging just the schedule fee, has climbed to cover over 80.0% of all GP consultations over the past five years. This has largely been due to an increasing number of retirees visiting their GP, as pensioners are more commonly offered bulk-billing than working-age adults... purchase to read more
Industry Report - Starting a New Business Chapter
Barriers to entry into the General Practice Medical Services industry are moderate. Difficulties faced by new entrants include significant educational requirements, building a viable client base and initial start-up costs. Prospective GPs are required to undertake a minimum four-year undergraduate degree to gain their medical qualifications. They then have to undertake three to four years of vocational training to become a GP, usually through the government-funded Australian General Practice Training program. The stringent educational qualifications required are a significant barrier to entry.
It can take time for a new general practice to build a customer base. Patients can build loyalty and rapport with their existing GP and may be reluctant to change... purchase to read more