The risk that goes with striking out on your own, upfront investments, running costs, and other difficulties of owning a medical practice explains the current trend of consolidation within the healthcare industry. It seems that large healthcare enterprises and big-name hospitals are controlling more and more of the market, so for many medical graduates, joining these medical “corporations” seems like a logical step – when you already spent so much money on medical, school why risk it when you can step into a well-paying job which has business operations already running smoothly?
Why bother at all?
Opening your own medical practice is a great way to take your career into your own hands, but if it was easy, every MD would do it. To make it successful you need a detailed plan that outlines a clear schedule of what happens when. Here’s a collection of valuable tips from medical professionals who’ve gone through the trials.
Create a pro forma
A pro forma is a lightweight version of a full-size business plan which contains realistic revenue and debt projections. There you need to account for your expenses, so bankers know whether it’s in their interest to back you up with investment. The pro forma should project your financial situation for the next three years and include the costs of setting you up, your lease, electronic health record system, medical supplies, and general office supplies.
Choose a great location
Your private clinic location is where your business ideas come to life. There are many factors you should consider, but the most important one is the target patient pool. If your medical practice is located closer to your clients, there’s more chance it will take off as planned. One of the prominent trends in the healthcare industry is the resimercial interior, which combines the best aspects of residential aesthetics and commercial functionality. For a private clinic, resimercial style can provide an inviting atmosphere where patients might feel like at home. Keep in mind that you’re also going to spend a lot of time at the place. Don’t forget to provide ample parking space, as well as all the necessary accessibility options.
Obtain necessary equipment
When you’ve chosen a location, you need to purchase all the equipment that a private clinic needs. The actual equipment you’ll get depends on the type of practice you’re opening, and no one knows better what you need than you. On the other hand, make sure to do everything to get a better deal. The waiting room needs comfortable furniture that will put your patients and ease, while the entire space needs reliable and quality LED lighting solutions. Manufactured in compliance with the highest medical standards, quality medical lighting is important for equipped operating rooms. These fixtures feature state-of-the-art optical and electrical components that ensure excellent illumination for medical procedures, while many of them also have indirect lighting mode to allow patients to rest and recover comfortably.
Purchase electronic health record system
An electronic health record system (EHR) is a valuable tool of the trade for medical practitioners. By digitizing records and streamlining communication, it serves as the main hub for patients’ records and histories, including communications with other healthcare providers, lab findings, and prescription orders. Besides, a functioning EHR system is one of the prerequisites for receiving federal incentive payments.
Hire a reliable team
To make the most impact with your private medical practice brand in the new neighborhood, you need a great team, as they’re to become the best brand ambassadors you can get. Make sure that people notice an assistant who is always in a good mood or a secretary who is helpful, and are willing to spread the good word. In your hiring process, take time though each step. it goes without saying that your primary concern will be their level of experience and the passion for what they do.
Market your practice
In this time and age, a private clinic needs to maintain a strong online presence. However, apart from using Facebook, Instagram, and LinkedIn to paint the picture of your practice, it’s important to maintain a good reputation. Just as the information of the new coffee shop in the block is shared by the word of mouth, so is the private medical practice “marketed” by the formal and informal feedback of its patients.
The ability to be your own boss is too large of a draw for young professionals who want more autonomy in determining their workflows. To these people, the ownership and the sensation of success that comes with running their own practice outmatches anything a big hospital system has to offer.