Are you thinking about setting up a medical practice? Starting your own medical practice is an exciting adventure and there’s a lot to consider, from the technology you use to your location and the staff you plan to hire. Here are six things you might want to think about before you get started.
- Will you buy an established practice or start your own? Buying an established practice can have some benefits over starting your own – you don’t have to set up from scratch and you’ll already have an established patient base. There can be downsides to buying an established practice though, especially if the business you’re buying has experienced previous difficulties or there are things like staffing issues that you’ll have to sort out. Make sure you have all the information before you sign on the dotted line.
- What technology do you need? Setting up a medical practice means setting up the right technology. To make sure you’re getting the right solution for your needs, you’ll have to decide whether you want cloud or on premise clinical software. You’ll also need to work out what your infrastructure requirements are, how you’ll maintain and update your software and more. The success of your practice depends largely on your technology so this is not a decision to make lightly.
- What services will you offer? This is a big decision. Will you be a specialist practice or a general practice? What services will you provide? Before you decide, it’s a good idea to do some research and find out what other providers are in the area and whether there are any gaps you could fill. The services that will be most in demand will probably depend on where you’re located, what else is around and the demographics of your patients.
- How will you bill? There are a number of different billing structures for setting up a medical practice, including bulk billing, private and a combination of both. What you choose will depend on your area and the types of services you provide. You also need to decide how much you plan to bill your patients – which will depend on your practice running costs and how many patients you expect to have. Make sure you’re aware of the latest Medicare changes and make a plan for how you’ll stay up to date so you claim for your services correctly.
- What will your costs be? It’s a good idea to create a budget ahead of time so you have an understanding of your set up and ongoing costs. By planning your finances, you can avoid any unexpected surprises and make sure your new practice will be sustainable over the long term.
- How will you market yourself? Unless you’re buying an already established practice with a strong patient base and an excellent marketing plan, you will probably need to think about how you’ll get the word out there. You could have the best medical practice in the world, but if nobody knows about it, it won’t matter. At the very least you’ll need a website, some signage and some printed materials telling people about what you can offer.
Setting up a medical practice is exciting, but it’s important to go into it with a plan, otherwise you could potentially lose money. By answering all the questions above, you can put yourself in a strong position for future success.