Ways to start a private medical practice
Starting a private medical practice is a dream for many doctors. Private clinics are highly profitable, and they also allow you to be your own boss. However, opening a medical clinic is not as easy as starting a new business. There are a number of serious issues doctors have to worry about, unlike entrepreneurs. So, here is a list of helpful tips that will allow you to open your own clinic without a fuss:
Get Advice From Senior Doctors
Don’t jump headfirst into private practice. First, you must test the waters. In order to do this, you need to seek advice from senior doctors who are more experienced than you. Some may have their own clinics. Spend time with these doctors, and they might help you achieve your dream. If possible, shadow a senior doctor at a clinic. You will be able to learn useful tips in real time. In addition, working with a reputed doctor can contribute to your reputation as well.
Take Out a Bank Loan if Needed
You will certainly need substantial funds to open your own clinic. The best source of such funding is a bank loan. Banks rarely turn down funding requests for medical clinics. Unless you have a prior malpractice record, or have gone bankrupt after you became a doctor, the loan request should go smoothly. Avoid taking out line-of-credit loans (otherwise known as second mortgages) if possible.
Buy the Necessary Medical Equipment
You cannot rent important medical equipment like X-ray readers and ECG machines for your clinic. You will have to buy items like an Omron blood pressure monitor new, and then pay to maintain them. Such costs should be calculated into your overall financial strategy for the clinic. Don’t buy medical equipment second-hand. Buy the latest, most state-of-the-art version of a device. Remember, you will have to use them for several years.
Choose a Great Location
Location is everything to a medical clinic. If you are located in a prominent urban area, you will attract good business. The amount you can charge will also depend on the median income level of the neighbourhood where you set up shop. For example, a clinic in an upscale area can charge high fees from customers. On the other hand, a clinic in a less privileged area will be limited in how much it can charge from patients. You should also consider the competition. Do not open a clinic at a location where another doctor offers similar services a couple of metres away.
Get Insurance Protection Against Malpractice
A malpractice insurance policy is as essential to your clinic as the roof overhead. It’s all too easy to get sued in modern times. Your clinic can come under threat even for a small, unintentional mistake. So, it’s always better to be safe than sorry. Buy malpractice insurance and be safe.
Hire Support Staff
You will need certain support staff to run your health clinic, even if it is small. The most important staff you need is an accountant to keep the books clean and neat. Then, you will need a nurse. Some doctors, like plastic surgeons, might not be able to function without a nurse. If you plan to have a pharmacy attached to the clinic, hire a pharmacist as well.
Don’t forget to introduce yourself to the target customer base once you open the clinic. That is, meet important local people, attend public events, and network to attract patients to your clinic.
