This tool has been designed to help you and your practice meet your financial goals. It is designed to demonstrate the mechanics of fee for service and to help you understand how practice billing may affect your income and the lifestyle you wish to achieve. The calculator will help to guide you on setting an appropriate consultation fee, as well as the number of services you would need to bill to meet your goal. Experimenting with different calculations will help you to determine how many sessions, individual consultations and thus the number of clinical staff your practice will need to meet your ideal financial goal.
Note: decisions relating to financial management are extremely important, so it is essential you seek professional advice (eg accountant, financial advisor, lawyer) relevant to your individual circumstances. This calculator is not intended as a comprehensive accounting tool and is provided for general guidance only.
Adjust the levels using the arrows or by entering values into the appropriate boxes.
The average length of clinical session/number of patients per hour that you enter should be based on a Level B consultation (MBS item 23). This is the most used GP item number.
The “Non-clinical time per week” button does not contribute to the calculations, however has been included to help you evaluate the time you are currently spending on consultations and non-clinical work and plan your schedule.
The tool will calculate the annual gross billings required to achieve your desired annual income, average patients per year, the average fee required per patient, and average hourly billings required to meet your desired income.
Please note the two calculator tabs (Annual income and Monthly billings) are linked. Please enter figures in this tab before you proceed to tab 2.