Whether you have recently qualified as a doctor or you have been practising medicine for a decade or more, you may feel the pull towards opening your own medical practice. Working in the public healthcare system has its benefits. You get to help people from all walks of life, you work with fantastic colleagues, and you have had to implement treatment plans to a tight budget. But it’s time for a change. Take a look at these tips to help you in your mission to setting up your own medical practice.
- Business Plan
Like any other new start-up, a sound business plan is essential. There is more to running a successful medical practice than exceptional medical knowledge and a kind bedside manner. You need to consider the vision for your practice and your long term goals. Do you want to be the market leader in your local vicinity or are you striving for the best patient satisfaction scores? Whatever you aim is, ensure that you have a strategy within your business plan to achieve it. Make sure that you’ve considered how you will fund your business and generate accurate financial forecasts for your first year. Although you want to be at the forefront of the most caring profession in the world, you still need to turn a profit to pay your overheads.
It’s vital that before you open your doors to your first patients, that you ensure you have the appropriate insurances for your medical practice. Medical malpractice insurance brokers can help to find the best cover for your requirements to ensure that you are only paying for the cover you actually need. As well as medical indemnity insurance, you’ll need to get cover for all of your medical equipment. If an expensive bit of kit breaks down, you’ll want to get it replaced quickly to ensure the continued smooth running of your practice.
- Creating A Positive Ethos
It is your responsibility to source your staff team. Make sure that you communicate the business vision to them and that they share this vision. You will want your staff to gel effectively so consider a team away day every so often to allow your receptionist, nurses, practice manager and doctors to get to know one another on more personal level. If your team is happy and content in the workplace, the general ethos will remain positive.
- Location, Location, Location.
It’s vital that you are based in a convenient location for your potential patients. Make sure that there are good transport links to your premises and that there are accessible car parks nearby. The building itself should be large enough to hold a viable medical practice. Staff don’t like feeling cramped in their work environment, and people won’t select your practice if they don’t feel comfortable inside your treatment rooms. Check the simple things like ensuring that there are enough bathrooms and that the building doesn’t have any covenants preventing its use as a medical practice.
If you have the determination and commitment to succeed, you will be able to create a thriving medical practice that will give you immense job satisfaction.
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