If you’re a doctor who’s been thinking of starting your own medical practice, you’re not alone. According to the AMA, over 40% of all physicians in the United States are self-employed. But before you take the plunge, there are a few things you need to do to make sure your new business is successful.
In this article, we’ll walk you through everything you need to know about starting your own medical practice, from choosing a location and setting up your office to marketing your new business and hiring staff.
Create a Business Plan
If you are looking to start your own business, you’ll need to have a solid medical practice business plan. This document outlines your main goals, the strategies you’ll use, and how you plan to achieve them. It will also provide investors with an understanding of your business and how you intend to make money.
You need to include all details about your business and update the plan annually for the best results. This update will give you insight into how far you’ve come since the beginning, and it’ll point out any weak spots your business has so that you can improve them.
Get Necessary Permits and Licenses
Getting a permit and license for your medical practice is not an easy task. There are many steps that you need to take to make sure that you have all the necessary documentation and approvals. You will have to take care of your state and federal laws, and local ordinances. It’s better to sort these things out first so that you have no problem in the future.
The first step would be to check with your state’s Department of Health Services or equivalent agency about any licensing requirements for healthcare providers. They will let you know what licenses are needed in order to practice in the state. The next step would be getting a license from the federal government through the Centers for Medicare & Medicaid Services. You should also register your company and get the insurance type that suits your needs the best.
After you have completed your business plan, it is time to send it along with your loan request to various banks and lenders. Seek out if there is a medical section at any of the banks. Due to their unique financial circumstances, doctors might not be able to borrow regular bank loans. Many doctors are saddled with medical school debt and may be considered risky borrowers even though they have high future incomes. This unusual financial dynamic is well-known to medical loan officers.
Regardless of whether the interest rate or loan term is the lowest, choose the financing option that offers the best terms. Refinancing student loans is also an option if you have medical school debt.
Hire the Right Team
If you’re a medical professional who is looking to grow your business, it’s important to hire the right team. A good team can help you manage your practice more efficiently and provide better care for your patients. Make sure you hire people who will share the same goals and visions as you do.
Take your time to conduct interviews and always have a small talk before proceeding to the actual interview, where you ask them about their school, previous experience, and how they see themselves in your medical practice. If you choose people with mindsets similar to yours, they’ll go one step further for the success of your medical practice, increasing your chances of dominating the market in no time.
Marketing Your Medical Practice
There are a number of ways to market your medical practice. You can use traditional marketing methods, such as print and television advertising, or you can use more modern methods, such as social media and email marketing. Whichever method you choose, it’s important to make sure that your marketing is targeted and effective.
Create a website for your practice, where you’ll be sharing informative articles with lots of pictures. Use simple language, and if you include any technical terms, make sure you explain them as simply as possible. Also, consider including a price chart for potential clients, as well as any packages with promotional prices or discounts.
Starting your own medical practice seems hard and complex, but with careful planning, you can set your new business up for success. Use the tips in this article to create a solid foundation for your practice, and along with some hard work and dedication, you’ll be well on your way to building a thriving medical practice of your own.