Many doctors, after finishing medical school and successfully passing the exams, begin working in a clinic or hospital. This fulfills the residency period required from doctors before they can establish their profession. Some doctors end up pursuing a career in hospitals, while others dream of having their own private healthcare clinic.
Starting a private practice is not easy. It requires adequate experience and preparatory steps. But if you’re a doctor and you feel that you’re ready to venture out on your own and chase opportunities outside the hospital setting, here’s how to start your own healthcare clinic.
Create a business plan
Every business, no matter what industry they’re in, needs to have a concrete business plan. This is where the owners lay down all the things that would come into their business, such as expenses, objectives, target market, etc. Business plans are a business owner’s guide to building their company and pushing it towards growth. And it’s also a requirement to gain business benefits such as financing.
Get financing
Probably the most burdensome part about starting a private practice is the financial aspect. It costs a lot to build your own clinic. You have to pay for rent, buy equipment, pay staff, and have some sort of capital to sustain the clinic until it becomes profitable. Unfortunately, getting the money to start a private practice can take years, especially considering that a lot of doctors have existing debts due to medical school.
Indeed, the medical profession is a costly venture, but it’s a noble one. Luckily, there are a lot of banks and institutions that offer to finance startup clinics. Write a conservative expense section in your business plan and submit it to loan offering institutions for better chances of getting approved.
Pick a location
Now it’s time to pick a location for your clinic. In doing this, you need to consider exactly what practice you’ll be doing to find a place where you can serve your target market. For example, if you’re going to pursue general medical services, it’s best to find a space in the city for adequate reach and visibility.
A common dilemma faced by startups when picking a location is whether or not to buy the property. For startups, it’s more advisable to rent first to make sure that the place is ideal to sustain the business. If it ends up being the perfect location, then they can opt to buy it.
Buy equipment and gain staff
When opening a private clinic, a lot of money has to be put into equipment. Depending on your specific practice, obtain all the necessary equipment you need. Don’t forget administrative tools too like office equipment and computers. You can also consider some furniture for your waiting and consultation areas.
This is also the time to obtain staff to help you run your private clinic. It’s not necessary to get a lot of nurses just yet. You’ll need to gauge the workload and traffic first. To start off, get a front office team and one or two nurses. You can build your staff later on.
Market your practice
Now that you’re all set up, it’s time to let the world know you exist. Even clinics and healthcare providers need to have marketing strategies to gain visibility and reach. Healthcare marketing consultants can help with that. Marketing your clinic will involve having both an online and physical presence to maximize your efforts.
Opening a private clinic is not easy. It requires a lot of preparation and planning. With these tips, you’ll be well on your way to starting your private practice.
