While it might seem cozy to swap out that locker at the medical center for your own practice where you call the shots, there’s a lot to consider as a medical professional before taking the plunge. A major barrier to entry is the cost factor of setting up the practice and still having enough money set aside to cover the overhead for a couple of months. An estimated figure pins the startup cost at around $20,000 to $30,000, with running costs around $6,000. But if you are able to overcome the initial financial challenges, you will find the remaining steps a lot easier.
Find A Location That Is A Hit With Patients
Medical professionals tend to work well alongside other professional businesses, such as dermatologists near salons and health spas, optometrists near fashion stores, and general practitioners near office workers. The location is critical to attracting the right foot traffic and in many cases need to be convenient and accessible for health reasons. It’s also important to ensure that two practices that offer the same services are not within competing distances, as it would help the longevity of the practice.
Sort Out The Legalities And Insurances
As the owner of a medical practice, the onus is on you to ensure that the practice has all the paperwork in place. It’s important to find out the requirements in terms of opening a private practice, such as regulatory requirements, licenses (not just medical but business too), and to keep abreast of changes to practice regulations. It’s also important to note that healthcare business insurance requirements are different to that of a retail store or engineering firm. You would need to consider insurance for yourself, business insurance, and insurance for your staff.
Get Ready To Specialize
If you’re starting a practice in a small town that already has a practitioner in your particular field and the demand warrants a second practice, it will be worth your while to do some extra training. This will allow you to specialize in a niche, which happens to be a good business model for non-medical professionals too. Instead of opening up a general practice, why not add a specialization such as nutrition, early childhood development, or mental health? Adding that extra layer will almost be like a one-up referral, and allow you to more easily infiltrate the market.
While there is a lot of research that goes into opening a private practice, it’s completely within reach for those who have the tenacity to work through the steps. For medical professionals who have the desire to be more hands-on with their patients, this a good route to follow.
What do you think?