Your Membership fee
Fee changes from 1 July 2023
In response to the rise in the cost of providing member protection, support, and advice across the industry, we have updated our fee structure this year. As a result, individual membership fees may have changed.
Please email our Member Services team at email@example.com if you would like to discuss your Member Benefit Statement.
How we calculate your individual membership fee
As a member-owned not-for-profit organisation, we use a primarily risk-based approach to calculate membership fees, and work hard to keep them as low as possible. Your individual membership fee will be based on your membership details, which means your fee responds to how your practice changes over time.
See your Member Benefit Statement for your individual membership details for the current and three prior membership periods. The factors we consider in our calculation are:
- your category (eg General surgery; Dentist; Psychiatry)
- your practice basis (eg Employer indemnified; Recent graduate)
- your estimated annual gross billings and/or salary for practice that is not employer indemnified
- whether your type of practice requires an endorsement (eg Minor cosmetic services; Spinal surgery; Bariatric surgery)
- the state/territory you practise in
- your retroactive cover date
- any loadings including a risk surcharge. If applicable, the risk surcharge will be included in accordance with the ‘Medical Indemnity Act 2002 (Cth)’.
A minimum membership fee may apply.
Your membership fee is individually calculated based on the information you provide about the nature and length of your practice.
This approach ensures that your fee reflects the contribution required to appropriately support and cover the risk to indemnify you. As your practice changes and develops, so does your membership fee. If you have recently commenced practice that in not indemnified by your employer (or moved to a higher risk practice classification), your membership fee may change.
You can expect to see a stepped increase in your membership fee each subsequent membership period until you reach the ‘mature’ rate. If you move from a high-risk classification to a low-risk classification, the reverse will happen.