6 Things To Consider Before Entering Private Practice

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6 Things To Consider Before Entering Private Practice

Health Career

6 Things To Consider Before Entering Private Practice

chibueze uchegbu | December 27th, 2023

So, you’ve obtained the requisite formal qualifications. You’ve acquired all the relevant skills. You’ve even completed a dual MSN MBA to ensure you’re across all things medicine and business combined. What follows, then? The logical next step is to start your very own medical practice.

Entering private practice is not for the faint of heart, though. It comes with a lot of financial and emotional pressure, but ultimately, being a private practice owner or manager can be considerably rewarding.

Although admittedly, you’ll only get out as much as you put in, many would argue that the benefits of being your own boss, and with it, the mark you can make on the medical landscape, far outweigh the cons.

Keen to learn more? Before you embark on your private practice journey, here are some things to consider.

Financial Factors: Securing the Funding to Support Your Business

The first step to establishing a new business is to obtain sufficient funding. You may consider taking out a business loan from a bank, or another type of financial lender.

To be able to do this, often, you will need to submit what is known as a ‘proforma’ to the lender in question. A proforma outlines your plans for your business, as well as how you intend to make it financially viable. It highlights the benefits of launching your business concept, as well as demonstrating your financial projections and revenue estimations. These details will enable the bank or lender to assess and determine your ability to make repayments on your loan.

Practical Practice Fit Out: Consider Your Clinic’s Physical Setting

As you may know, starting a medical practice also involves fitting out your clinic so you can deliver effective patient treatment and care.

Consider the physical setting of your practice. Planning your space will be contingent on how many patients you expect to treat at one time. Mapping this out will also help to determine how many private consultation rooms you need to fit out.

Further, you’ll need to set up a clean, comfortable waiting area for your patients. A popular choice is to decorate the waiting room in subtle, neutral tones, and to avoid too much clutter. You should also furnish the area with comfortable chairs, as your patients could spend a considerable amount of time waiting for their appointments to begin.

In addition to being able to treat patients effectively, it is also important to ensure that your clinic is compliant with medical standards. This involves adhering to laws and regulations enforcing the use of medical-grade materials and equipment.

Acquiring Equipment: The Medical Tools and Accessories Your Practice Will Need

As you will be delivering medical treatments to your patients, you’ll need to fit out your clinic with surgical-grade tools, accessories, and equipment.

Having the appropriate processes in place to ensure the cleanliness and hygienic use of these tools is also essential. You’ll also need to comply with industry regulations around hygiene standards and the use of medical equipment.

Business Partnerships: Who Do You Want to Work With?

You know what they say – never enter into business with friends or family. This can have disastrous impacts on your relationship, as well as your professional dealings. It’s hard to have awkward, confrontational, or serious business conversations with your loved ones. As such, it’s best not to mix business with pleasure.

For this reason, it is critical to give some deep consideration to who you want your business associate to be. Are they a professional contact, or someone you respect in the industry? Consider someone close enough to you that you can trust, but distant enough that you can have those difficult conversations with.

Identifying Your Clientele: Who Will Be Your Target Demographic?

Next, is there a niche customer market you want to target? Perhaps your patients will be predominantly elderly. Or if you come from a specific cultural background, you may wish to focus your services on the needs of your community. Either way, identifying your clientele will assist with the marketing and promotion of your practice.

Marketing Matters: Promoting Your Practice

The final element to consider is how you plan to promote your practice to the public. You may like to think about establishing an active social media presence.

At the very least, you should be creating a professional website for your business. Engaging in some SEO to drive traffic to your website is also an excellent idea. This will help get your business name out there, once you’re ready to start accepting clients.