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Make business, financial, hiring and marketing plans at the onset
Analyse the market location, competition and scope for development
List out the infrastructural and equipment needs
Opening a medical practice is akin to undertaking a mammoth project. In-detail plans and research is required at every phase. Give your practice a strong foundation and ensure its long run success by following these 6 steps.
• A good business plan should highlight all the details of the practice and its targets. First, it should establish the mission of your clinic, including the goals it wants to achieve. It should also have a vision about the quality of patient care that you want to be known for.
• An expansion plan to factor in basic requirements such as a larger clinic with more employees. Once you take care of these fundamentals, turn your attention to niche areas that will help you achieve sustained growth.
• Include a financial plan that covers cash flow projections, a detailed cost analysis and tax planning. It is also important to research, analyse and rank in order of feasibility, the sources of finance that you can lean on as and when your business needs it.
• Incorporate ahuman resource framework of how many employees you need and how you will hire them. Employing doctors armed with a diverse range of skill and expertise lets you widen the reach of your clinic, build relevance and mete out better patient treatment.With medicine continually evolving, you must update your skills as well.
• With the number of medical cases against doctors and clinics rising, it is important to develop an emergency plan with regards to how you will deal with such a situation. An insurance and risk management plan must be a part of your larger business plan. In fact, it is ideal if you consult with a lawyer as well as a financial expert to establish protocol for such situations. You could take professional indemnity insurance to safeguard your practice from legal costs arising from legal cases filed by patients for compensation.
• Sketch out a marketing strategy to drive engagement with your customers and ensure they know about your offering. For example, factor in newsletters and brochures, and building a presence on online platforms such as Practo.
• The location of the practice determines how successful it will be in the long run. For example, when situated in a residential area with good connectivity to local transport, your clinic is likely to do better business. This way, you can ensure footfall as compared to if you were located in a business district.
• Check your competition in the chosen location and how many patients you could receive. For example, if yours is the only clinic in a 5km radius, you’re likely to have more patients walking through your doors.
• Pay attention to the potential of development in the area to understand how relevant your clinic will be to the community in the long run. For example, if there is a multi-speciality hospital that is going to be completed in the next 5 years, your clinic may lose a few customers to it once it is up and running. So, picking the right location is of essence. • Opt for a spacious property that can accommodate your growth plans.
Depending on whether you’re going into swing or day trading, the cost you pay your brokers will vary. Since day trading involves continuous trading throughout the day, the commission for day trading brokers is typically higher. You can get a business loanto help offset this cost. With swing trading, you only need to pay for the stocks that are traded, making this type of trading a bit more affordable.
Moreover, you may need extra tools to supplement those offered by a broker, for example, additional charting or scanning capabilities. Additionally, you’ll need to get advice from a licensed tax expert on the tax benefits you’ll get when you set up a trading company.
• The backbone of your medical practice is its infrastructure. You must have a well-designed building with a layout that is conducive for your employees.
• Then,you need interiors that are functional, but also put patients at ease. You’ll need the right furniture for examination rooms and waiting areas and medical fittings that are installed correctly.
• Your skills combined with the right equipment, help give your patients the best treatment. You can use a Medical Loan to lease, buy, install and maintain all the equipment in your clinic. With funds from the loan, you can buy or upgrade existing EKG/ECG machines, electrosurgical unit(s), stress systems, diagnostic ultrasounds, surgical lights, patient beds and surgical tables, sterilisers, anaesthesia machines, defibrillators and patient monitors. To ensure that backend processes happen swiftly, invest in computers, printers, high-speed internet and clinic management software.
Additional Read: Being a Digital Doctor Today
• When combined, these facilities will reduce waiting time for patients and increase the number of people that you can treat. Adding other facilities such as a café or a waiting room will make your clinic even more comfortable for patients.
• Plan for a working capital management fundthat ensures that medical supplies like syringes, tubes and saline containers, are always in stock. A Flexi Loan for Doctors is the smart way of managing cash- as here you get to borrow as and when arises and prepay when you have extra or idle funds.
• Your business plan should also consist of how much money would be needed for spending on advertising and promotions.
• Budget for skilled doctors whom you want to bring on board and outline your utility payments such as air-conditioning and electricity, hiring support staff, paying business taxes, etc.
• Comply to the regulatory requirements and permits by registering with municipal authorities, recognition for usage of narcotics, authorisation for generation of biomedical waste, permits for procurement and usage of spirit and so on. This will help you serve your patients better and protect your practice from any kind of legal trouble.
• Ensure that you have all the necessary premises’ permissions, licenses and paperwork authorised by municipal authorities. Have your medicare provider number and tax identification number before you start.
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