Setting up a Medical Practice: A comprehensive checklist
Considering starting your own medical practice? Already intimidated by everything you need to have put in place? It can be daunting and you may ask yourself ‘Why did I decide to do this?
Fear not! We here at CRT Network Solutions understand your dilemma and so we have put together this checklist to help remind you of things that are crucial to opening your own practice but may have slipped your mind in all of the hustle.
There is a lot more to consider from the business perspective when setting up a new practice. However, following these steps may help you overcome core issues you encounter as you become a new practice owner.
1. Consider a location
- Deciding on a sufficient location for your new practice is imperative as it is important to set up a patient base.
- Doing in depth research on local competitors, accessibility and availability should be the first step in looking in to starting your new practice.
- If you are buying or leasing a building, you will need to consider space requirements and a design for the layout of your office.
- It is a good to search with an open mind but to also make a list of what your deal-breakers are when looking for property to set up your practice.
- Another thing many people don’t consider is future expansion and growth of your practice. Whilst a decision to expand concerns financial aspects, it is important to remember that space is also involve in a move like that.
2. Create a business plan
- Before establishing your practice, you need to decide the vision of your practice, your angle for providing a unique service, and your strategy around structure, service range, staffing, premises and processes. All of these are key components in setting up a new practice, and having a business plan helps you keep on track to achieving your goals.
- Another key feature of a business plan is having a strong financial structure and considering all legal angles that owning a small business would entail.
- Your practice should be profitable and adhering to all the laws regarding small businesses, so that it may be successful.
- You will need to obtain various licenses and memberships to practice within an area as provided by the government and other medical governing bodies.
3. Financing and insurance
- It is good to note that starting a practice from scratch is said to be far more affordable than buying in on an existing one.
- With a thorough business plan, you then need to look at potential investors and banks for financing the initial cost of premises, technology, equipment and staffing, and potentially advertising to establish a client base.
- Keeping in mind the continuance of your practice, it is good to investigate tax planning, cash flow, loan structure, staffing, IT and management as long term costs in the upkeep of your new office.
- After the preliminary stage financing comes investing in insurance.
- Attaining medical indemnity insurance in whatever field your practice chooses to specialise in, along with other policies that cover malpractice, group benefits, worker’s comp and such, are pertinent in setting up your practice.
4. Practice policies
- Prevention is always better than cure, and so in setting up your practice, implementing clear policies and best practices is key in preventing any sort of liabilities.
- These policies range from appropriate staff behaviour to proper equipment handling and effective management.
- Establishing procedures beforehand is what can make or break your practice, and so being clear and concise is imperative.
5. Building a team
Once you’ve set up the previous components, you need to look at staffing your practice.
- Hiring competent staff whose values align with that of the practice if very important for the practice to run smoothly and efficiently.
- This includes hiring a reliable practice manager along with support staff and providing ongoing training to ensure optimum patient experience.
- Your staff sets the standard for your practice in the way they interact with themselves and the patients.
One area often overlooked when trying to set up a new business practice is IT infrastructure.
- With the right technological infrastructure, your practice can securely manage patient information, efficiently organise appointments and follow ups, provide convenient communication between staff and patients, monitor the financial accounting in the practice and the billing and coding aspect of your practice.
- In today’s society, technology is a booming industry and without the correct infrastructure, no business can last in the competition.
- A major concern exists however in choosing the right IT infrastructure for your practice; not all technologies work the same for all practices.
- To analyse the changes needed to implement the right infrastructure, Leavitt Diamond can be used. Leavitt Diamond consists of four components that assess the four cornerstones of a business and how they interact with each other for efficiency. If done correctly, it can determine the best way to implement IT infrastructure in accordance with the practice’s tasks, structure and employees/patients.
Our company is skilled in providing our customers with the perfect IT solutions for all their medical practice needs. We specialise in medical software and are the preferred contractors for the bigger medical software companies such as Best Practice, Medical Director, Pracsoft, Blue Chip, Zedmed, Genie Medical, Practix, RX & many other softwares. We can cover all your IT infrastructure needs to set up your medical practice. We cater specially for New Medical Practice IT Setup & Support. For more information, please visit https://www.crtnetworksolutions.com.au/new-medical-practice-setup/
7. Marketing strategy
In the beginning years of your practice, it is crucial to plan and execute a thorough marketing strategy.
- You will need to build a strong referral network and an impressive online presence.
- To establish yourself as a trustworthy practice, you need to consider your accessibility and local competition to decide on a marketing strategy.
- Today, marketing has a strong focus on websites and social channels, and so to reach potential clients, you will need to solidify your digital presence.
You’re on your way! A few final tips…
- Remember that it is always good to observe, and research previously establish practices to begin understanding how running your own will work.
- Keep in mind the medical code of conduct you are required to follow to provide patients with the best care as a practitioner and your business should run effectively and efficiently.
- Having an exit strategy in place is a good idea so that if any future circumstances arise, you are prepared to deal with them.
- Motivation is more important than you think in being successful. There is no point in starting a new practice on a whim; whilst it is a wonderful opportunity, there is also much risk involved as with any small business.
After all of these considerations, you should be fit to begin your new medical practice. It is not easy to start a new business today, but with dedication, determination and our checklist for success, you are all set!
If you would like to discuss setting up your new medical practice, please give our office a call on 1300 760 339. We are here to help.