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With headlines portraying falling income, increased costs and inherent risks, many are considering if GP partnership is still worthwhile. But the financial benefits of partnership are significant.
GPs in training will be exposed to the everyday variety of a busy GP practice. For those that make this their long-term career, the next decision is exactly how they wish to work.
There are many reasons why a GP may wish to pursue a sessional or portfolio career, security of income and not having ultimate responsibility to name just two. However, given the headlines, it would be easy for an otherwise keen GP looking at financial implications to conclude that becoming a partner is not financially viable.
The reality is very different. A salaried GP can expect to earn in the region of £12,000 per session on average – a gross salary before pension of £96,000 for a full time GP.
A locum GP’s work pattern will vary but they can expect to earn in the region of £700 per day. If working four days a week for 46 weeks, this would equate to £128,800 - an enhancement one would expect given the uncertainty of work patterns – although they will need to fund all of their own expenses from this income, so their net profit will be lower than this.
If we compare these figures to the national average earnings for a full time GP Partner, the most recent data from GP Online (2023/24 year) shows profits of £158,700. We would expect this to have increased each year.
A key difference of partnership is that a GP partner needs to fund their own employer’s superannuation – but even after deducting this, we are still left with £138,748 based on the average.
The financial rewards of partnership continue to outweigh a salaried or locum position. There can be wide variations in earnings from practice to practice, so if your practice is performing below these levels, contact our healthcare team on 01392 211 233 for an appraisal of your practice finances and what areas should be reviewed to improve practice profitability.