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 problem and referring the patient to a specialist or a general hospital. GPs receive strong Federal Government assistance through Medicare, which covers a schedule fee for each consultation. Bulk-billing, which involves GPs just charging the schedule fee, has climbed to 82.0% of all consultations over the past five years. This means that more patients have been able to visit their GP for health problems without any out-of-pocket cost.
Strong demand for GP services has resulted in industry revenue rising by a compound annual rate of 3.5%... 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 to the industry 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 to become a GP are a significant barrier to entry.
It can take time for a new general practice to build a customer base... purchase to read more