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 - Industry SWOT Analysis Chapter
The General Practice Medical Services industry is in the mature phase of its life cycle. GPs provide essential medical services that are partially or fully covered by Medicare, and this system has been in place over the long term. Industry demand is driven by population growth and the ageing of Australia's population. Older people visit GPs far more often than younger people. With individuals aged 50 and over increasing as a percentage of the population, industry revenue has grown steadily.
Industry value added (IVA) measures an industry's contribution to the overall economy. IVA is forecast to grow at a compound annual rate of 3.1% over the 10 years through 2020-21, outperforming real GDP growth at a forecast compound annual rate of 2.8% over the same period... purchase to read more