A Guide for Healthcare Entrepreneurs: How to Run a Successful Medical Practice of Your Own

Have you recently come face-to-face with the proverbial glass ceiling in your healthcare career? For as long as you can remember, have you always had an entrepreneurial itch that you’ve been desperate to scratch? If so, it sounds like now is the perfect time for you to start your own medical practice. Taking this huge leap forward in your career will grant you more control over the type of care that you provide, which in turn will help you lead a far more fulfilling professional life.

Want to discover four top tips on what it takes to start and run a successful medical practice of your own? If so, be sure to read on.

Draw up a Robust Business Plan

You aren’t going to get very far with this venture if you don’t take some time to draw up a robust business plan. Once you have this type of strategy in place, you will find it easier to set yourself goals that push your boundaries, you’ll have the capacity to measure your progress going forward, and you’ll make your practice look much more appealing to potential investors.

Here are seven reasons why you must draw up a robust business plan for your medical practice:

• Make potential investors believe in your ability to save people’s lives
• Showcase all the important reasons why your work is a necessity
• Go into detail about the exact type of care you plan to provide (emergency care, complementary therapy, nutritional advice, home-based care, pharmaceutical, etc.)
• Illustrate the strengths and weaknesses of other medical practices in your local area — point out how you plan to do things a bit differently
• Summarize your management structure and state what healthcare-related qualifications your staff members have already obtained
• Detail your marketing plan (if you are planning to cater to an elderly patient base, for instance, this would entail advertising your practice via local papers and radio stations)
• Explain your financial projections/requirements — include a balance sheet and a cash flow statement in this specific section

Develop Strong Business Acumen

Your experience and expertise as a healthcare professional will only get you so far with this entrepreneurial endeavor. If you truly want to maximize your practice’s full potential, you’re going to need to develop a strong sense of business acumen. Once you understand the many facets and intricacies that make up the world of business, among a great deal many other things, you’ll find it easier to stay on top of your financial obligations and you’ll know how to get the best out of your employees.

If you’re serious about taking you practice to the pinnacle of its niche sector, it’s imperative that you develop strong business acumen. To perform this all-important task in a highly effective and efficient fashion, you must:

• Commit time and effort to developing your acumen on a daily basis
• Find yourself a mentor that’s been there and done it
• Get to grips with your own thought process
• Study other leaders (both in the healthcare industry and beyond) in order to gain a better understanding of different management styles
• Get involved with all the different aspects of your business (accounting, HR, patient care, admin, etc.)
• Keep your finger on the pulse of the latest business trends
• Remember, you aren’t going to become a business expert overnight — it’s essential that you exercise a bit of patience

Find the Perfect Location

Where you choose to operate will have a profound impact on the success of your business venture going forward. With your ideal patients in mind, it’s imperative that you find a location that is going to prove easily accessible for this target audience. If, for example, you plan on targeting the elderly patient generation, you’re not going to want to operate out of a building that is situated at the top of a steep incline. Should this be the case, the vast majority of your patients won’t be able to reach you. In turn, this will result in them looking elsewhere in the local area for a medical practice that is much more hospitable.

After taking some time to consider patient accessibility, here are four other questions you must ask yourself before you commit yourself to a specific location:

• How much parking is available?
• Do you want a standalone space or a multi-use space?
• Are there convenient medical facilities nearby (pharmacies, drug stores, emergency care centers, etc.)?
• Will you be buying or leasing?

Invest in Quality Equipment

The level of healthcare that your practice will be capable of providing will be impacted massively by the equipment that you use on a daily basis. The better your tools are, the more likely you will be to provide your patients with the level of care that they want and, more importantly, deserve.

Make no mistake about it, obtaining all of the equipment you need to provide an optimized healthcare service will make or break your chances of success going forward. And no, this doesn’t just mean investing in cutting-edge diagnostic tools and top-of-the-line medical imaging machines. It also means tending to the basics, such as face coverings and surgical gloves. In today’s COVID climate, especially, it’s important that you provide both your patients and your staff members with effective personal protective equipment. When you enter the market for this type of PPE, look no further than LumaClean. This leading expert of photocatalytic coating equipment understands the intricacies of keeping people safe. Their tools are proven to reduce microbes on surfaces by more than 99.96%, making them the perfect external force to align yourself with in your attempt to reduce safety risks in your workspace.

If you’re determined to the take the next step in your career as a professional healthcare provider, you should seriously consider starting your own medical practice. To ensure that this business venture enjoys an unrivalled amount of success going forward into the future, be sure to put all of the advice laid out above into practice.