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Medical Business

Must Know Before Starting a Medical Clinic Business

Must know before starting your medical clinic business

Embarking on the journey of setting up your medical clinic business involves critical decisions that can significantly influence your ultimate success. Getting foresight into how to navigate these decisions is important in sidestepping common pitfalls that might hinder your progress. Here is a compilation of essential insights to consider before initiating your medical clinic business.

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1. Start planning early enough

Many people make the mistake of thinking that starting a practice can be a simple decision. And that they will start making money right away.

Well, pause and think again if you are among them!

Anything successful takes time to build. Often, it takes more time than anticipated. This is especially true when you have to involve other people such as real estate agents, lenders, contractors, lawyers, technology firms, third-party payers etc. in building the business.

2. Shop around for a banker or a loan program

Starting a practice requires heavy financing. Whether setting out as a sole proprietor or in partnership, chances are high that you may need financial assistance to get the practice going.

Shop around for a good banker or loan program that best suits your needs. Put into consideration the pros and cons of at least three different options in terms of loan amounts, eligibility requirements, interest rates, fees, and other terms and conditions that are necessary to secure the funds you need.

3. Do the math before making investments

At the beginning of starting your business, everything you do may seem to be an investment. However, be keen on which investments to undertake since any investment made at an early stage of your business may have a huge impact on your business as it grows.

Before you install top-notch software or equipment, conduct a cost-benefit analysis. Technology is great for efficiency and productivity, but you must quantify your benefits. This will help you in cost savings and/or drive additional revenue.

4. Research on location for your practice

The success of your practice to a greater extent relies on your choice of location.

Below are questions that can guide you in choosing a location;

  • Would you opt to be in a stand-alone building?
  • Would you want to share a building and a parking lot with other businesses but still be visible from the street?
  • Would you want to occupy a suite in a larger office building?
  • How much floor space would you need for your practice?
  • Do you intend to expand the floor space in future?
  • Would you want to own or rent?
  • What can your budget allow?

Answers to these questions will guide you to the type of location and office suit that fits within your budget. Regardless of where the questions lead you, your focus should be on high visibility and heavily trafficked areas.

You may find a perfect space for what you need. But if the space is not easily accessible for your patients, you risk losing them. At the same time, do not stretch yourself to paying for a particular space if it’s not necessary, or if your skillset is in high demand in that area.

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5. Hire the right staff

Having staff that are as motivated as you is key to the success of your business. Hiring the right staff will be a step ahead towards success for your business.

Do not make the mistake of hiring staff with the hope that their work ethic and attitude will get better with time. Chances are, they won’t. If you happen to have doubts in the interviewing process, trust your instinct and just don’t hire.

Also, if you have someone promising but they don’t end up meeting the expectations, be comfortable with firing and rehiring right away. It is burdensome to invest much time and money in training stuff and at the same time struggle with people who do not share your vision.

Starting your medical clinic business is an exciting journey. While it’s definite that you will hit bumps in the road, with a little knowledge and preparation, you can bypass some of these costly mistakes. This will boost your confidence in the future of your medical clinic business.

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Prof. K.Thairu: A Super Trailblazer - The Medical Hub February 19, 2020 at 5:10 am

[…] Must Know Before Starting a Medical Clinic Business […]

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