Starting a medical practice is a dream for many doctors. And it may very well be a dream for you as well.
Well, that’s awesome!
There are all kinds of reasons to consider going down this road if you’re either preparing to be, or have already become, a doctor.
Starting your own medical practice will give you the freedom to be your own boss and provide world-class care to patients who need you.
However, it’s also a big job and a lot of work. It can also be expensive to start and get off the ground.
So in this article, you’re going to get a brief primer on exactly how to get started.
Here are 5 steps to help guide you in the process.
1. Do Your Research
Before you do anything else to get started, you’ll need to do some research and make sure that starting a medical practice is the right choice for you.
This may include researching the different types of medical practices that you could start, as well as the costs involved and the regulations in your area.
You’ll probably want to consider starting a practice dedicated to your specialty. However, you may also be thinking about bringing other physicians from different specialties on board as well.
In any case—research is a crucial part of the process.
2. Create A Business Plan
Once you’ve decided that starting a medical practice is the right decision for you, it’ll be time to create a detailed and thorough business plan.
Hey—we know that helping people and providing top-notch medical care are probably the elements of this process that you’re thinking the most about.
But never forget that a medical practice needs to be financially viable as well.
Creating a professionally drafted, well-rounded, in-depth business plan will help you to map out your goals, strategies, and financial projections.
This will not only provide you with a roadmap/guide for the process, but can also help you to secure funding.
Speaking of funding—let’s talk about that next.
3. Secure Financing
Unless you have a stack of money sitting in the bank (or in your backyard) to start your medical practice with outright, you’ll need to secure some kind of funding or financing to get the lights turned on, the equipment set up, and the staff hired.
There are a number of different options available, including bank loans, government loans, and private investors.
One option that can be especially helpful for starting a new practice is called a medical practice loan. You can read more about these types of loans here—but basically, they’re loan programs specifically designed to help you secure financing to start a medical practice.
You need to qualify—but you can sometimes get really good rates and better access to funding through them—so that’s a definite plus.
4. Find A Location
Once you have financing in place, you’ll need to find a location for your medical practice.
This will likely include finding a space that’s large enough to accommodate your needs, and that’s also in a convenient location.
And obviously, you’ll want it to be affordable.
You’ll also want to take into account any cosmetic or structural changes that’ll need to be made.
Some of these costs can really add up. So it’s crucial that you take this part of the process into account (both financially and from a timeline perspective) so that you won’t experience any unexpected hiccups along the way.
5. Hire Staff
Once you secure a location, you’ll need to begin the process of vetting and hiring your staff.
For this, you’ll likely need to find a range of capable and reputable doctors, nurses, administrative staff, and other support staff.
This part of the process can actually be a bit overwhelming.
If you’re not sure that you want to do all of the ‘hiring’ on your own, you may want to start by hiring a human resources manager and let them do the rest of the work.
Conclusion
Starting your own medical practice is a big undertaking. But it can also be extremely rewarding. And by following these 5 simple steps, you can increase your chances of success and really cut down on the stress of the endeavor.
Remember, starting a medical practice is a marathon, not a sprint. It takes time, hard work, and dedication to make it successful. But if you’re willing to put in the effort, it’s likely to be an extremely rewarding (and lucrative) experience.
