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Success in Private Practice

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Even as unemployment and underemployment continue to bite hard in the medical fraternity, private practice seems to be a viable option that many are turning to. However, not all private practices will pick up and thrive. This is a reality that has to be confronted. Therefore, it is important to be aware of the following before venturing out into private practice.
1. Have Sufficient Start-Up capital
Before venturing out into private practice, be sure to gather enough resources that can keep your practice running for atleast 6-9 months. Have cash that can settle your employees’ salary and foot your rent and utility bills comfortably for a period of 6-9 months. It takes a few months for the business to pick up to a level where it can sustain itself. Sufficient start-up capital will cover you during this time.
2. Your Clients/Patients satisfaction come first
Your satisfied clients/ patients will keep your practice running. Without patients, your private practice will be as good as dead.
The best way of advertisement is through referrals from satisfied clients. On the other hand, words from dissatisfied clients can work wonders in slimming your clientele. It is enlightened self-interest to ensure that the patients receive the best of care that your practice can offer right from the time they step at your door until when they leave.
A smile on a patient’s face is sufficient advertisement that can save you some good amount of cash in getting a new client.
3. Be patient with your practice
Many get into private practice with an illusion that within the first two months they will make a great fortune to finance their holidays, dream cars and houses. Friend, yes it is possible to make great fortunes within the first two months of your private practice, but it rarely happens except in a dream. Wake up!
Great and successful private practices take time to be established. Great fortunes come as a product of great investment of time, resources, and patience. Be patient with what you have started. Take a step at a time. It will be a matter of time before you make that great fortune that you have been desiring.
4. Be a lifetime Learner
Success in private practice is tagged on many other things other than your proficiency in dispensing your medical skills. It is a function of good managerial skills, business strategic thinking, good sales strategy among many other things.
Since most of what you need to make your practice a great success was not taught in medical school, you have to invest a great deal of time and resources in getting the needed information and skills.
Get and read books on management, entrepreneurship, sales etc. Attend conferences and seminars on business development. This is the price that you will have to pay to have a successful private practice.
5. Invest in your staff
Your staff can either be your ladder to your success or a catalyst for your downfall. Treat them well.
It is important to understand that your staff are human beings and not machines. Get to know them and how they are doing in other areas of life other than what you have employed them to do. Invest in their continuous training. Let them feel they belong to a family and their loyalty to you and your private practice will be unquestionable.
Dr. Libeya Bethwel
Founder The Medical Hub, Hub Medical Supplies LTD
CEO Photizo Pharmaceuticals LTD

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