After all that hard work and the numerous sacrifices made while studying medicine, you are finally going to open your own private medical practice. Yay, congrats! For this to be successful in the long term, you have to plan ahead for your journey and conduct extensive research to get you started with setting the base of your private clinic. So, if you have been looking for some guidance about that, you have stumbled upon the perfect mini-guide. Now, let’s get started without any further delay.
A Sound Business Strategy
The first important thing for a private practice is being able to develop a strong business plan. The next obvious step is to execute it well. However, you are a doctor, not a businessman, right? Many people do not regard the fact that to open a private space you have to plan every single detail meticulously. Start by planning how you will secure financing because setting up a shop requires an extensive amount of money.
Many doctors are usually starting their careers in debt because of their medical school expenses. So ensure you review your options carefully and realistically. In a business plan, include clinical infrastructure, revenue, equipment, and location, outsourcing investments if needed. Make a solid business plan to give yourself a good start.
Seek Financial Support
After making a sound business plan, get some financial help because without a doubt, like any other startup, you will need it. Many banks and government institutions might help you out with startup funding schemes. You just have to submit your business plan along with the loan request.
While doing this, make sure to include all your projected expenses and devise a well-thought-out application. Submitting to multiple banks will be beneficial because everyone has different terms and conditions for providing loans. This will help you to figure out which one is good for you. As an alternative, you can look into startup grants offered by government institutions.
Find a Space for Your Clinic
This is an important, exciting, and obvious step! After submitting your business plan, use your waiting period wisely and start exploring the best locations. Keep in mind that you’ll need to choose a site that will be strategic in targeting customers. You can start out by taking the building on lease. If you like the property, you can purchase it later on. Also, ensure your location has ample parking.
Get the Required Medical Equipment
As you’re already aware, this is a must-have for a medical clinic. So do not push it to the end of your to-do list, and be mindful of it while planning your expenses. After finding the best location, you’ll need the proper equipment depending on the type of clinic you are opening. You’ll also need to get computers, communication systems, fax machines, and scrubs. Although furniture or decor is not medical equipment, having aesthetically pleasing furniture and infrastructure will also create an inviting environment.
Lab tests play a key role in diagnosing patients, so be sure not to skip this on your list of necessities. For a private medical practice to succeed, you will need to have a plan that covers ancillary services such as lab testing, radiology, and other services. Ancillary service is a great way to have some extra income. Select the best ancillary service that will set your clinic apart from the competitors.
Hiring Qualified Staff
While going through the hiring process, writing a detailed job description helps to establish the recruitment goals and communicates your requirements clearly. It is essential to hire certified nurses and staff who help you achieve your goals and understand the importance of patient life. Also, consider hiring an office manager and professional consultant.
Other Things that You Need
Make sure you have a well-functioning ER system. Another critical element is your billing process. You can outsource your billing process to ease the workload. In addition to this, your clinic may eventually require some marketing services, so be sure to dedicate a portion of your budget for that as well.
Opening a private medical practice is not a simple task. Make sure that you have the ideal support system in place. With the right business plan, patience, and a good mindset, your clinic will be all set for success.