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When you started medical school, you probably dreamed of owning your private medical clinic one day. Years later, as you have established yourself in the industry by working tirelessly in a hospital or other medical facility, that vision may seem like itâ€™s getting closer and closer every day. Opening your private medical clinic is an exciting way to take medicine into your own hands since itâ€™s one of the most rewarding achievements in the medical industry. The process can be massively complicated and challenging, so you better be equipped with a broad knowledge of the matter. Have in mind that from now on, besides being an extraordinary medical practitioner, you will have to be a savvy business owner as well. You will need a clear and detailed plan at the outset to keep you moving on schedule and for your medical business to succeed. In the following paragraphs, we will offer you a comprehensive step-by-step guide on how to kickstart your private medical clinic in 2020.
1. Set Up A Bulletproof Business Plan
Considering that you have already obtained your medical license and chosen the perfect location for the clinic, the next step is to come up with a bulletproof business plan for the whole project. Your business plan will be your guide when setting up the clinicâ€™s infrastructure, and you will also need one to get financing. Make sure to include projections of all expenses, altogether with the revenue you anticipate for the first three full years. Speaking of costs, make sure to provide an account of everything from medical equipment to the lease on the building you will occupy. Think about what type of customers you plan on drawing to your clinic, and define your target market. Think about how you intend to brand your private clinic and what channels you will use to do business and layout your marketing expenses as well. If the process of coming up with a professional business plan seems overwhelming, seek the assistance of a business consultant or even an attorney.
2. Get The Financing In Order
As many medical practitioners have large debts due to medical school funding, obtaining the proper financing for your private practice is not always easy. Yet, the majority of financial institutions have medical divisions that work exclusively in providing loans to healthcare professionals. You will probably need to submit your extensive business plan together with your loan request. Just a little pro tip here, try to stay conservative with the expenses that you will enlist in the business plan, as banks and other financiers want to support professionals that are rational money spenders. Submit financing requests to several different banks and financial institutions. This way, you get to see several various offers with different terms. Patiently wait for responses, find and offer ones that suit your needs and style, and go with it.
Once youâ€™ve secured a loan and opened a line of credit, now you are ready to start assembling the other pieces of your medical clinic. Hiring a team of professionals and purchasing the medical equipment are tasks that are easier said and done. With masterful planning and the right information, setting up your private practice for success is just a matter of time and effort.
3. IT Software And Support
One of the cornerstones of every successful private medical clinic is its up-to-date IT infrastructure. With the appropriate practice management software, your healthcare clinic will securely manage patient information, efficiently organize appointments and follow-ups, provide convenient communication between staff and patients, monitor the financial aspects of the practice, manage billing and finances, and more. Choose a proven IT support service that offers cloud computing and 24-hour support, keeping the data backed up, secure, and accessible.
4. Get The Proper Clinical And Medical Equipment
There is a long list of clinical and medical equipment you will need to buy to start your medical clinic. These necessary items include clinic equipment like exam tables, stethoscopes, blood pressure monitors, etc.; medical supplies as general medicine, disinfectant, anesthetics, scalpels, gloves, syringes, gauze; and clothing like uniforms, lab coats, and a name tag for every employee in the clinic with a retractable badge holder. Part of these items can be obtained for cheaper by reaching out to overstocked hospitals and retiring doctors.
5. Staff And Team Members
Getting the right staff for your clinic is crucial to running a cohesive and profitable medical practice. You need to find the right people to have the right mix of medical skills, knowledge, and competency, as your staff will have a tremendous influence on the quality of your service, as well as overall performance and costs. While mulling over the initial employees' possibilities, think about the primary services you will offer and every task that is performed to deliver the services. Using this technique, map out and write down the people you will need to hire to get the clinic going. You will probably need general practitioners, nurses, an account manager, payroll officer, receptionists, bookkeeper, IT consultant, and any specialized staff.
6. Market Your Medical Clinic
When you finish every other task and closing in on an opening date, itâ€™s for the best to start actively marketing your clinic. Since we live in an era of heavy technology and digital devices, a robust online presence is necessary. Consider investing in a professionally composed website, and make sure itâ€™s mobile-friendly so potential clients can find about you on their smartphones and tablets. You can also launch a strong email campaign for specifically targeted potential clients in your area. This way, they will be aware of your presence and well informed of the services you provide. Paid advertising is another option to consider, depending on how much you want to stretch your budget to invest in marketing your new medical clinic.
Even though setting up your private medical clinic can feel intimidating, by taking things one step at a time and making smart decisions left and right, you can set a respectable business up for future growth. We hope that this mini checklist will help you in opening a thriving medical practice that you will love working in.