What to look out for if banding together

Working with other colleagues can have various advantages and has become a common way of coping with the ever-changing world of healthcare. It’s a chance to share costs, income or perhaps bid for new contracts. Ian Tongue explores some of the more common ways consultants work together.

Commitment level is one of the key factors when considering what the group is set up to achieve.

If commitment is low, this usually prevents profit-sharing ventures and results in cost-sharing arrangements. These can be very effective if resources such as secretarial support and rooms are shared.

If commitment levels are higher and individuals are keen to build a business and share profit, it is normal to work in a formal group.

This would require a trading business to be set up which is usually a limited company or limited liability partnership. This allows businesses to have a more formal identity and, when bidding for contracts, gives the group more gravitas.