[DAYS_LEFT] days left of your Medeconomics free trial

Subscribe now

Your free trial has expired

Subscribe now to access Medeconomics

Ask the Experts: Is it financially worth becoming a partner?

Jenny Stone advises a salaried GP who is weighing up a partnership opportunity.

Q. I am a salaried GP and I have been asked to become a partner as a replacement. There has been gradual decline in profits every year for the last few years. I am wondering what the current partner salary would be. If my income is less that what I am getting then it might not be worth becoming a partner.

A. If you are becoming a partner you should ask to see the practice accounts as this will give you an indication of likely profits and what your individual earnings will be. The average profit for a full-time partner doing 8 sessions is £120,000, however out of this profit, a partner needs to pay both the employee's and employer's (14%) superannuation contributions, whereas a salaried GP or locum will pay just their employee's. So a comparable partner profit excluding employers superannuation is £105,000.

The average profit of £120,000 is only an average and practice profits vary depending on each practice, so the only way you will have an idea of what you will earn as a partner in the practice you are going to be joining is if you see their accounts as their profits may be very different.

It is advisable that you arrange for a medical accountant to review the accounts for you.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Would you like to post a comment?

Please Sign in or register.

Database of GP Fees



Latest Jobs