BDC

Opening a Medical Practice

medif

As you advance in your medical career, you may find yourself in the position to open your own private clinic. For many, this can be a stressful decision. For one, you’d be leaving the comfort of the hospital to branch out on your own but for others, the ability to run your own clinic is part of the attraction.

When building and owning a private practice, you have the control and the ability to steer the practice in the direction you want. There is a lot to be said for that amount of control whether you are an MBBS doctor or a medical assistant (see medical assistant programs here). However, it does come with challenges. The following will discuss aspects of starting your own practice and inform you of common missteps.

There is no time like the present, don’t delay!

While pursuing your medical career, you should constantly think about what you want for the future. If opening your own practice is something you’re interested in, consider the ramifications while you’re still in school. Thinking about the direction you want to go while still performing your internship or residency will help you make more informed decisions later on.

It will also help you network with the right people to get your practice off the ground down the road. When it comes to getting your practice off the ground, give yourself a six-month head start. This will allow you the proper timing for the paperwork and credentials to clear if you need them.

Get Your Finances in Order

A private practice is a business and it will take capital to get it up and running. Many times you’ll need the help of a bank to secure a loan. You’ll want to do your research on the bank and the loan type for your practice. You’ll also want to put together a business plan and budget so the bank will understand what you’re trying to accomplish and the potential for growth in your industry. Having a good business model will help the bank make an informed decision on your loan, but it will also help define your vision moving forward.

Take Your Time Vetting Employees

Finding the right support staff is essential to running your practice. In fact, it is essential that you hire the right employees. When going through the hiring process, take your time. You want to be sure that you attract the right type of employee to your clinic, one who shares the same goals and level of service. You want staff that reflects your core values and echoes your philosophy.

Also, consider the expense of hiring someone who doesn’t fit into your model, over time, this employee could end up costing you money and clients. Don’t’ be afraid to let someone go either, especially if they aren’t meeting your expectations.

Don’t Get Too Focused on the Latest Technology

We live in an amazing world where technology is expanding our horizons. The medical industry is no exception. Technology can be used to streamline the way you handle your patients from setting appointments to digitizing their records, but it can also be an effective tool to improving procedures.

Don’t get caught up in the “latest” craze though. Make your practice efficient with the best technology available but don’t feel like you have to compete when it comes to the biggest or best gadgets, general facility fit out, chairs, or medical equipment.

Focus on the Business

In that past it was difficult to see the field of medicine as a traditional business but that doesn’t mean it isn’t true. If you run your practice with a good foundation in business practice, the rest will fall into place. Of course, medicine does have its quirks but that doesn’t mean the basic rules don’t apply.

If you don’t have a background in business management, consider hiring someone who does. An office manager who appreciates that side of the industry will do wonders for your practice and its success.

LinkedIn
Twitter
Facebook
Pinterest
WhatsApp
Email

Latest Issue

BDC 299 December 2022