Starting your own practice? You need our medical practice setup check
Are you planning to set up your own medical practice? Congratulations! Your decision marks a significant turning point in your professional medical career that will impact the quality and scope of patient-centric care you can deliver for a healthier community.
Before you start looking around for premises or hiring staff, you need to get the foundations in place, and this means creating a solid plan.
Introducing our new guide to get you started
MedicalDirector’s ebook, ‘The Smart Guide to Starting a Medical Practice,’ offers a handy medical practice setup checklist to help kickstart your practice journey.
The checklist in the guide outlines key considerations for starting your practice such as:
- Practice type
- Business structure
- Fit-out and design
- SWOT analysis
- Fees and billing structure
- Operational plan requirements
- IT infrastructure and IT plan
- Licensing, certification and agreements
- Finance, tax & accounting
- Set up costs
- Risk management
- Legal policies and processes
Also included in ‘The Smart Guide to Starting a Medical Practice’
The guide also includes easy-to-digest information and infographics to help create your business plan, calculate the cost of setting up your practice, obtain finance, mitigate risk, hire staff – and more.
“A future-thinking, smart business plan for any medical practice needs to start with the premise that every dollar spent in healthcare needs to contribute to the most efficient and effective way of providing ideal levels of patient care and outcomes,” says CEO of MedicalDirector, Matt Bardsley. “Leveraging the smartest, most innovative practice management methods from the start will help empower your practice to boost efficiency, streamline and grow.”
Your preview of the medical practice setup checklist
To get your thinking underway, and give your new business the best chance of success, here are some prompts from the full checklist to get you started.
Consider what type of practice are you looking to set up
- Will your company structure be:
- Something else (if so, what?)
- How will you operate?
- Traditional practice
- Virtual practice
- What are the demographics in your area?
- What services will you provide?
- Who are your main competitors?
- What are you going to offer that’s different to them?
- What, if any, gaps or weaknesses are there in your services?
Consider fees and billing
- What type of billing will you offer?
- Bulk billing
- How much will you charge per consult?
- What is your projected weekly income?
Assess the risks
- What are the main risks and hazards?
- How will you mitigate these?
- What is your ongoing risk management strategy?
It’s our hope that our medical practice setup checklist will help you formulate your ideas by getting them down on paper. Once you have a basic idea of the type of practice you’d like to set up, you can dive into the more practical aspects, including the financial costs and licencing, certification and insurance requirements.
To grab your complete version of the medical practice setup checklist, download our free ebook: ‘The Smart Guide to Starting a Medical Practice’.
Chat to an expert
Ready to start a practice? Chat to an expert practice consultant about your needs today.