Ready to run your own practice?
Starting out on your own and launching a new practice can be a major personal and financial investment, and needs serious consideration before taking the leap. We take a look at questions to ask yourself to determine whether you are really ready to launch your own medical practice
What is really motivating you?
As with any new business venture, starting a medical practice needs both personal, motivational factors, and financial sense. So take the time to evaluate what the real reasons are for starting your own practice. You need to weigh in the potential benefits of higher income, asset building and a more empowered professional lifestyle, with factor such as business risk mitigation, compliance and the daily challenges of running a business. So while it’s important to be optimistic and passionate about your vision for healthcare, you also need to be realistic about the work and dedication involved.
The ‘business’ of running a practice
You’re a highly qualified doctor, but are you qualified to own and operate a business? There are some core skills you need to manage the fundamental business aspects of running your practice. Business planning, marketing your business, budgeting, cash flow management, clinical management, IT infrastructure and human resource management, are just some factors that you need to become familiar with in order to get your practice up and running.
Meanwhile, where will you locate your practice and why? You need to consider accessibility, patient base, transport links and property leasing costs.
New operational landscape
Running a practice is not just about ensuring your patients receive the best possible health outcomes, but about ensuring your practice structure is agile and can adapt to legal, regulatory and technological change. If you’re serious about starting your own practice, you need to be familiar with legislation, tax regulation, strict data privacy laws, medical compliance requirements and public administrative requirements.
You’ll also need to understand and embrace the latest in technological innovation and digital transformation, if you want to maintain a competitive edge as well as uphold your professional reputation as an innovative leader in your field of practice.
Growth and scale
Your practice may start out small, but you need to have enough foresight in your business plan to factor in growth and scaling your business over time. Importantly, you’ll need to structure your business and invest in the right clinical management systems that offer scalable solutions and are agile enough to adapt to a growing medical practice.
Conversely, you’ll also need to have an exit strategy in place in the event of your practice shutting down, or decisions to sell, have a career change – or retire.
Quick checklist of factors to consider:
- What specific medical practice do you want to start?
- Do you have a business plan for your medical practice?
- What medical service or patient experience are you offering the is unique to your region, or better than your competitors?
- Where will you source the funds to start your own practice?
- How will you mitigate the risks of running your own practice?
- Can your practice scale and grow?
- What clinical management tools and solutions will help streamline your practice from the start?
- Where is your practice located and why?
- What is your exit strategy?