New GP contract: why more doctors are considering portfolio careers

Introduction

The new GP contract was brought in to improve services for patients, promising more same-day appointments and a ban on capping request volumes during core hours.

But how have these changes impacted those on the frontline? Wesleyan Assurance Society surveyed 500 GPs to find out.

Why more GPs are looking beyond traditional NHS roles

Our findings show that private work is increasingly being viewed as part of a sustainable long-term career rather than an alternative to NHS practice.

The survey also suggests that financial considerations remain a major driver of interest in more independent forms of work. Among GPs expecting to increase locum work, 55% cite higher earning potential, while 48% point to better work-life balance. 

The growing appeal of portfolio careers

The appeal of holding multiple roles is clear: diversified income, greater flexibility and more control over your work-life balance. But what about the impact on your financial planning?

We asked our Head of Medical, Alec Collie, for his opinion:

“Many GPs are building portfolio careers that combine NHS work with private practice and other professional interests. But portfolio careers come with real complexity, such as multiple tax structures, pension arrangements across different schemes, and administrative burden.

“The important thing for GPs is making sure any financial plans keep pace with their career, whether that’s managing multiple income streams or planning for retirement.”

The NHS faces a growing retention challenge

It’s clear that the future of the NHS is uncertain. Not only does it need to compete with private work, but 30% of GPs say they plan to work overseas at some point in their career.

Once again, better pay, career development opportunities and improved working conditions are all cited as reasons to work outside the UK.

When it comes to the NHS 10-year plan, there seems to be similar concerns. 70% feel it will increase workload pressures in general practice and 65% expect it to increase their administrative burden. Despite these concerns, 58% agree that the plan will improve job security for GPs.

What this means for the future of general practice

Though we can’t predict the future for the NHS, it’s clear that career expectations among GPs are changing. The demands are clear: better balance, better pay, better flexibility.

The biggest question is how the profession can retain experienced GPs when they feel the need to supplement or move away from traditional NHS roles to achieve this?

If we want to retain talent, both in the NHS and the UK, we need to make sure GPs have the financial and professional support to navigate a modern medical career.

For GPs themselves, varied financial planning is key to navigating career changes with success.