Starting your medical practice can be an exciting journey. Your decision would trigger lots of positive and negative outcomes. At the end of the day, all you see are the impacts and successes recorded during the journey.
Spend some quality time deciding on the types of medical practice that best suits you. Then, proceed with details on the obligations/criteria for becoming a medical practitioner in that field.
It is always helpful to seek enlightenment on the requirements of your medical journey. This way, you don’t get stranded when new challenges show up. In this article, we have provided answers to important questions for doctors such as:
- Where will my medical center be located?
- How to find doctors near me?
- What will my business plan look like?
- How much financial budget is needed for execution?
So, keep reading the guide below on starting your own medical practice if you are a doctor who does it all.
Steps to Starting Your Own Medical Practice
With the increasing rate of medical challenges, the demand for medical practitioners and health care facilities continues to spike. Almost every town has a medical center or a small clinic to seek medical attention from. Thus, being aware of the other medical businesses near you can be helpful to assess the competition.
For example, there is an essential demand for more primary care and Medicare facilities to attend to aged people with medical needs. Searching “medical center near me” on the Internet will give you a good scope of the nearest medical business competitors. Looking at successful medical businesses can spark new ideas for your startup.
If you want your medical practice to prosper like your nearest competitors, you have to follow the best practices. Your medical business can outperform your competitors in no time.
The first thing you need to consider when starting your own medical practice is to have a business plan. No business will succeed without a business plan. Even though business planning can be one of the challenging parts of medical practice, it is also rewarding.
When planning your medical practice, you must establish your goals, mission, values, and objectives. Planning is important because this is where your budget and financial modeling will start. A laid-out plan will also be a guiding light for your medical practice as you progress. Below are the steps to follow when building your business plan:
- Create a timeline.
- Determine your medical practice objectives.
- Understand and create your financial plan.
- Determine your budget.
Establish Business Entity
After having a good business plan, the next thing you need to do is establish the business entity. The first thing you should determine in your business entity is how you will finance your medical practice. Without enough capital, you won’t be able to continue the journey and your business plan will be a waste.
One of the common methods of financing medical practice is by getting business loans. But before taking this step, ensure you talk with a financial counselor. The consideration of organizational structures, such as S Corps and LLC, can have a major impact on how long your medical practice will last. So, getting a professional to advise you on these decisions is best.
Another factor to consider when establishing your medical practice business entity is to set up a business bank account. Once you set up a bank account with your medical practice name, proceed to obtain all necessary medical licenses.
Below are the steps to follow when setting up a business entity:
- Find a business consultant.
- Find an accounting firm.
- Decide on your medical practice name.
- Determine your medical practice structure.
- Obtain a license and tax identification number.
- Setup your medical practice bank account.
Office Setup & Location
Office setting and space are important factors when setting up your medical practice location. You need to understand the amount of space you need and consider the location that will be accessible for your patients. We’ll discuss some of the factors to consider to determine your office setup and location.
Knowing the Customer
Knowing your customer is essential because this will help you know the location to start your medical practice. Based on your specialty, it is also necessary to know your target patient population and where they are situated.
Knowing your customers is also beneficial because it will help you find out if your target patient population is increasing or decreasing in your area.
Get to Know your Competition
Knowing your competitors is another factor that will determine your medical practice location. But today, it is essential you position your medical practice in such a way that patients can find you amidst the numerous options available. It is easier to get into a location where your customers are located without any competition around you.
Your location should be cited in a way that customers can find you when they seek doctors around them. To find a suitable location with less competition, you need to check the population-to-professional ratio of the location of your choice. The fewer the primary care office near you, the lesser the competition.
Traffic, Visibility, and Parking
Traffic, visibility, and parking are other factors that will determine the location of your medical office. The fact is that everyone hates traffic, so it is important to get a location that will be convenient for your patients, especially during emergencies. In this case, you also need to consider how and when your patients will visit your medical practice to help control the parking.
In addition, you also need to think about your location for visibility purposes. Making your location visible to anyone who enters the area will attract customers and elevate marketing. If customers can find your medical office easily, they will choose your clinic over your local competitors.
Equipment and Technology
The last and one of the most important things you need to consider when starting a medical practice is to get the necessary equipment and technology. No patient will stay in a medical practice where there is no equipment and latest technology. So, if you are just starting, here are some equipment and technology you’d need:
- Diagnostic instruments,
- Monitoring systems,
- Clinic furniture,
- Medical clothing,
- Examination and OT Lights,
- Wound care,
- Surgical Instruments,
- Braces, splints, and supports
You also need to carefully analyze the medical equipment vendor to ensure they are delivering quality equipment. Ensure that all the equipment purchased is in line with current technological advances in the medical field. This would ensure that you stay up to date and relevant to handling different patient conditions.
With every challenge comes an opportunity for success. During your medical practice, there are particular and unique challenges you’d face. Following all the instructions in this guide will help you open a thriving medical practice that will make your competitors irrelevant.