Are you thinking about turning your professional dreams into your own business? If so, you will need a clear picture of the financial side of your project. To avoid unexpected costs and financial problems when starting your practice, you need to carefully identify all potential expenses. These include things like location, medical equipment, any staff costs and insurance, for example. How do you estimate your start-up capital as accurately as possible?
"}},{"componentType":"sectionTitle","title":"Basic expenses: premises and furnishings"},{"componentType":"paragraph","richBody":{"value":"Your practice premises is the main item in your start-up budget. You can either rent or buy a practice space. Renting a space often requires a deposit and may incur monthly costs. Purchasing a practice space may involve you investing a significant amount, but it can prove more cost-effective in the long term. A loan enables you to spread the purchase investment over several years and enjoy tax benefits.
In addition to the space itself, you will of course also need to furnish it. This includes (office) furniture such as desks, chairs and waiting room seating, as well as a cabinet, toilet facilities, medical or dental equipment and IT systems. It is essential to have good IT infrastructure, including electronic patient files and a reliable appointment management system. Depending on the condition of the premises, renovation or refurbishment expenses can also eat up a significant portion of your budget.
Example expenses:
You will need support staff to keep your medical practice running. Depending on the size of your practice, you may need a receptionist, management assistant or nurse, for example. Labour costs will be a large part of your operating expenses.
You will also need to factor in expenses associated with administration and accounting. Hiring an accountant will save you a lot of time and worry, especially during the initial stages of setting up your business. Another option is to outsource operational tasks such as cleaning or IT services to external service providers.
Indicative costs:
From 1 January 2026, companies in Belgium are required to use electronic invoicing for business-to-business transactions. Looking for a handy tool to centrally manage your invoicing on your banking platform? Discover the ING Invoice Manager.
"}},{"componentType":"sectionTitle","title":"Legal and tax obligations"},{"componentType":"paragraph","richBody":{"value":"Setting up a practice naturally also entails legal and tax obligations. In particular, fees for registering with a recognised business service provider as well as notarial and licensing fees, are all significant considerations.
Taxes such as VAT and corporation tax are also important factors to consider. Fortunately, you will often be able to enjoy tax benefits, like exemptions and deductions, that are specific to medical professionals. There are also attractive schemes for start-ups, such as tax relief on advance payment of corporation tax or premiums and subsidies that will help you on your way, financially. Make sure you are aware of all applicable legal obligations to avoid fines or administrative problems.
Example expenses:
Good insurance cover is essential for the financial protection of both your practice and yourself. Professional liability insurance is the most critical insurance policy for doctors. It protects you against claims resulting from medical mistakes. Disability insurance cover is also important to guarantee your income in the event of illness or an accident.
Discover Check-up Pro, a handy tool from our partner AXA, that helps you identify the insurance products you need as a professional in just a few clicks. That way, you will have the insurance cover essential to protecting yourself and your clients.
You may also want to consider taking out legal expenses insurance. This cover is useful in the event of legal disputes with suppliers or patients, for example. It is advisable to consult an insurance advisor to choose a package that suits your situation.
Example expenses:
You will probably have noticed that your start-up capital depends on a wide range of factors – including whether you rent or buy your practice premises – and that you will need to plan for various expenditure types, from operational expenses to tax liabilities. With the practical information in this article, we want to help you build your dream and support you, where necessary. You can always count on your ING Medicalis banker for advice. Good luck!
"}},{"componentType":"paragraph","title":"Need more information and advice?","richBody":{"value":""},"textLinks":[{"url":"/en/business/my-sector/healthcare-professional","text":"I want to get to know the approach of ING Medicalis"},{"url":"/en/business/financing/private-equity","text":"I want to find the right financing solution for my project"}]},{"componentType":"highlight","title":"At ING Medicalis we are happy to share our medical sector expertise with you.","richBody":{"value":"This article is for informational purposes only and the information contained in it may change over time. For that reason, we recommend that you always check the specific rules and requirements with the relevant authorities for the latest information. We also advise you to seek professional advice for each individual case before making any decision. ING Belgium NV cannot be held liable for decisions taken on the basis of the information provided.
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