Starting your own medical practice is an exciting and potentially very rewarding venture, but you’ll need to make sure you’re prepared. There’s a lot to think about and the more you can plan ahead and mitigate any potential risks, the better your chances of building a successful practice that will thrive in the future.
We’ve put together seven steps for starting a successful medical practice here.
Step 1: Create a plan
While it can be tempting to just dive straight into setting up your practice, taking some time to put together a business plan can reduce the likelihood of unforeseen risks derailing your dream. A business plan will help you solidify the practical steps of how to start a medical practice, define your goals and map a path to achieving them.
Your business plan should cover the following:
- What services you will specialise in
- What you will do differently from other practices in the area
- Your marketing plans and how you will get patients in the door
- Your overall vision and mission statement
- Staffing and hiring plan.
Step 2: Calculate your costs
Starting a medical practice can be an expensive venture so it’s a good idea to get an idea of your costs upfront. This will help you prepare and budget accordingly, and give you an idea of where you might need to source extra finance. The costs will vary depending on your location, type of medical practice, size and whether you’re building a brand new medical practice or taking over an existing one.
Step 3: Get your insurance in place
Running your own medical practice comes with a number of risks that you’ll need to consider. Insurance can help mitigate many of these risks and it’s a legal requirement in many cases. You’ll want to make sure you have insurance for your equipment, premises, medical indemnity and any other insurance you need to safeguard your practice and staff. It’s a good idea to consult a professional to make sure you are fully covered for everything you need.
Step 4: Choose your location
If you’re starting a new practice from the ground up, you’ll need to consider your location carefully. Think about what other similar practices might be located in the area, whether there’s easy access to public transport, the volume of passing foot traffic and other considerations like parking.
Step 5: Find your practice manager
Your practice manager is probably the most important person in your practice. They will be responsible for the day to day running of your practice, and it makes sense to get them on board as early as possible. Make sure you choose someone whose values align with yours and who has experience running practices like yours.
Step 6: Pick out your clinical software
Technology is at the core of your business processes, so picking out your clinical software is an important decision. There’s a lot to consider when choosing software. Here are a few things you’ll want to think about:
- Do you want cloud-based or on-premise clinical software?
- Will your staff be working remotely?
- Do you need to be able to scale up and down easily?
- Will your clinical software integrate with other apps you’re planning to use?
- How easy to use and intuitive is the software?
- What’s your budget?
- Do you have a reliable IT partner to help with upgrades and maintenance?
Step 7: Create your marketing plan
Once you open your new practice, you’ll need patients if you’re going to be profitable. For this, you’ll need to get the word out about your services. A marketing plan will help you solidify your strategy and make sure you’ve budgeted for any costs involved. At the very minimum, you’ll need a website, signage and some printed leaflets or brochures. You might also want to consider online advertising, social media marketing and other marketing activities.
Once you have a clear plan in place, you can get started on the work of setting up your new medical practice.
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