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I want my practice to join DermCo. How can I find out what it is worth?
How will management fees work once my practice joins DermCo?
DermCo is a Partner model, with all Partners having equal status. This is essential for stability and fairness. The management fee split for all Partners is similar. As such, practice principals joining the group must adopt this common management fee, which may differ from their previous arrangement. The financial effect of this change is countered by the increasing value of a practice principal’s shares in DermCo.
What do I get in return for my practice joining DermCo?
Do all my associates/locums have to become Partners?
What changes will you make to my practice once I join DermCo?
Who oversees my practice once it joins DermCo?
What if I want to retire? How does that work?
What if I want to leave, can I set up a new practice of my own?
Becoming A Partner
What is the benefit of being a Partner?
Partners who perform non-clinical work commissioned by DermCo towards the development of new models or expansion of existing models, are paid for their time by DermCo. This time also contributes to their annual share of the Partner profit pool.
At the request of existing DermCo Partners, DermCo offers new Partners, upon joining, an opportunity to invest in DermCo shares. There is no obligation or expectation to invest, and it is a personal decision for each Partner.
DermCo Partners also benefit from the status and prestige of the group and have a genuine opportunity to contribute to its future. DermCo has already achieved a scale that is very difficult for an individual practice to achieve. As such DermCo is increasingly positioned to innovate and to show leadership in the dermatology space. DermCo intends to be the premier group of Dermatologists in Australia.
What if I fall short of the qualifying criteria for a share of the profit pool?
A Partner who is absent from the business for a 12-month period will lose their Partner status and may be required by the Board to sell any DermCo shares they may hold. Partners will have a grace period to remedy any breach to their Partner status. The Board may exercise discretion about revoking Partner status (for compassionate reasons etc.).
What do I have to do to qualify as a Partner?
- Having completed 2 years with a DermCo business, or;
- Having completed 2 years with a business that joins DermCo, or;
- If recommended by the Clinical Council, regardless of qualifying periods.
A minimum number of hours and minimum gross billings must be achieved annually to maintain Partner status. This commitment is not onerous, and merely serves to demonstrate that a given Partner is present and active within the group.
Can I take a break and maintain my Partner status?
Exclusivity, Autonomy and Restraint
Do I have to practise exclusively at DermCo clinics if I become a Partner?
Do I have to get my leave approved once I join DermCo?
I’ve been doing a bit of rural telehealth work for years; do I have to give that up?
Will DermCo tell me which days/hours I must provide services, or require me to consult at specific locations?
Will you tell me what type of clinical work I need to be doing, or dictate my consultation length etc?
What if I want to leave, can I set up a practice of my own?
Restraints do exist to prevent a departing DermCo shareholder from establishing or buying into a competing business or taking IP or staff/patients to such a business for a defined period and within certain geographical limits. No departing shareholder may entice away patients, employees, or contractors for a defined period.
What is the purpose of the Clinical Council?
- To advise the Board and CEO on matters relevant to the standard and quality of clinical services delivered by DermCo businesses
- To review new DermCo Partner nominations, either recommending to the Board that eligibility criteria have been met or providing written recommendations and remedies to unsuccessful nominees
Can the Clinical Council tell me how to practice?
How do I join the Clinical Council?
Do I get paid for time on the Clinical Council, or for work commissioned by DermCo?
Can I invest in DermCo?
Are there any technical considerations?
How do I find out more?
Tell me about the tiered management fees.
Should I seek legal and accounting advice if I wish to join DermCo/ buy shares/ become a Partner?
Dermatologists seeking to become Partners or shareholders, or to bring their practice into the DermCo group are encouraged to seek independent legal and accounting advice. Throughout this journey, DermCo is highly responsive to questions, operating on a principle of fairness, transparency and professionalism.