ProCare has launched a new programme to help keep practices in the hands of clinicians, with a focus on helping younger clinicians into ownership.
The new initiative known as Elevate sits alongside ProCare Exchange, the co-operative’s practice brokerage service, as a succession planning solution for practice owners who would prefer to pass ownership of their business to another independent clinician.
Tony Wai, Chief Financial Officer for ProCare said: “ProCare is committed to taking a leadership role in protecting clinical ownership of general practice. We want to primarily help younger GPs – the next generation of clinicians – into ownership so that independent ownership can be maintained into the future.
Mr Wai says the intention is that when ProCare purchases a practice it would only be for an interim period, helping to develop and transform practices and support the introduction of new clinical owners.
There has been strong interest in the scheme from all types of practices in ProCare’s 175-strong network, following on from ProCare’s first practice purchase of Kaipara Medical Centre in Helensville a year ago.
“Our objective is to transition practices back into clinical ownership as soon as practicable, as we are planning with Kaipara Medical Centre,” said Mr Wai.
“We know how hard practice ownership can be, particularly in uncertain times, but we’ve also heard repeatedly within the co-operative that GPs and nurses want to preserve that independent clinician business model rather than opt for corporate ownership. We’re in an ideal position to play an active role in this.”
During the transition ownership period – and beyond - Elevate by ProCare will offer a range of support to strengthen and enhance services including back-room business expertise, practice management, service improvement advice and staff recruitment.
“Our co-operative provides a range of services that eases the burden of running a general practice, leaving owners to focus on strategy, culture, and of course the care of their patients,” says Mr Wai.
“This strips back some of the layers of time-consuming business-related requirements practices today need to manage to operate successfully. Conversations with current owners and clinicians who have been cautious about entering into buying a practice say this proposition appeals, suggesting a potentially far more rewarding view of owning a general practice.”
Mr Wai adds that the scheme also offers clinicians considering buying a practice for the first time the prospect of a taste of what ownership is like without the full commitment from the outset.
We can enable a ‘locum with a view’ option for younger clinicians, we offer GPs wanting to sell an appealing alternative and we provide support to enhance practice sustainability and therefore strengthen general practice in Tāmaki Makarau. It’s a win-win-win’.
Senior Communications Advisor, ProCare and Fresh Minds
Ruth.firstname.lastname@example.org or 021 263 1415