From Registrar to Private Practice: What Every Doctor Should Know About Financial Independence

For many Irish doctors, the next question isn’t clinical — it’s financial. Moving from salaried public work into private practice can be both liberating and daunting. You’re no longer just a clinician; you’re a business operator, too.

And that means thinking differently about money, risk, and opportunity.

Here’s what every registrar should know before stepping into private work — and how to prepare financially without making common mistakes.

Start with structure, not spending

Many new consultants rush to buy equipment, lease a space, or set up a company the moment they leave hospital work. But before you commit to any financial decisions, get the foundations right.

Ask yourself:

• Am I working as a sole trader or through a company?
• Do I have an accountant who understands medical practices?
• What are my tax obligations and how will I fund them?
• Is my income forecast realistic — and is it enough to support repayments?

Too many first-time consultants underestimate how long it takes to stabilise income, especially when private billing takes 30–60 days to land. Cash flow delays aren’t a sign of failure — they’re a built-in feature of private healthcare.

So start with liquidity planning before business planning.

Don’t assume public experience means private confidence

You may be clinically outstanding. But running a private practice requires a new skillset: managing costs, negotiating with suppliers, paying staff, investing in growth, and making financial decisions under pressure.

This is where many new consultants hit a wall. They go from a structured HSE salary and protected pension to a variable income environment with zero margin for error — and no time to figure it out on the fly.

The best way to prepare isn’t to do a finance course. It’s to get the right support, early. A good accountant, a responsive financial partner, and a simple funding line can give you the buffer you need to find your rhythm.

Build in flexibility from day one

One of the biggest mistakes we see at GHC is early-career consultants locking themselves into fixed loan structures — when their income, practice model, and billing cycles are still evolving.

They take out personal loans or rigid term facilities with monthly repayments, only to find that their clinic doesn’t generate consistent income for the first six months. That puts pressure on cash flow, and worse — pressure on clinical decisions.

Instead, we recommend building flexibility into your financial setup:

• Choose funding solutions that allow drawdowns only when needed
• Avoid early repayment penalties
• Keep personal and business finances separate
• Protect your credit profile by using pre-approved lines instead of applying ad hoc

This gives you control — and headspace — to make good business decisions without financial panic.

Use funding as a tool, not a trap

Let’s be clear: not every registrar needs funding. But many could benefit from access to it.

Starting private practice comes with upfront costs — clinic fit-outs, equipment purchases, indemnity insurance, tax setup, and initial staff payments. If you’re relying on delayed reimbursements, that can leave you stuck.

That’s where a flexible, purpose-built facility like MediFlow can help. You’re approved based on your specialty and experience. You draw down only when needed. You repay after 90 days. And you’re not penalised for paying early or not using it at all.

It’s not about borrowing for the sake of it. It’s about buying time — so your practice can breathe while it finds its feet.

Financial independence is a skill — and a mindset

Moving into private practice is a professional milestone. But it’s also a financial turning point. You move from guaranteed income to self-directed revenue. From public support to private accountability.

That shift can feel uncomfortable — or empowering.

The difference lies in preparation.

At Global Health Capital, we work exclusively with medical professionals. We know the transition from registrar to consultant is one of the biggest steps in your career. And we’ve built our products — like MediFlow and MediFlex — to support that journey, not slow it down.

If you’re preparing to step into private work, start smart. Start structured. And don’t be afraid to ask for support.
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