What You Should Ponder Before Opening a Private Medical Practice

As we near the end of 2017, we here at KASPAR Practice Management want to discuss all the opportunities for private practice doctors and entrepreneurs who want to open or convert medical clinics of their own.

Conceiving and Implementing a Profitable Business Plan

Your average doctor may not be a salesman or woman at heart, but like any business, a medical clinic must maintain a margin of profitability. Without conceiving a proper business plan, doctors find themselves muddled in the minutiae of staffing, billing, insurance, equipment upgrades and repairs, and even marketing.

Being realistic about your business, and the costs involved in running it should be a priority from the start. Once you have an inkling of your operational expenses, you gain more leverage with a bank or investor.

Obtaining an Investment in Your Private Medical Clinic

Cumulatively, the cost of opening, staff, training, and marketing your private medical clinic could range from $100,000 to $500,000, depending on the location of your practice, the demographics, and medical market itself.

In order to succeed as a private clinic, you’ll need to convince yourself, your staff, and investors that there is a viability, and an opportunity for your practice to flourish. Ultimately, once you have a lump sum loan from an investor or bank, your monthly revenue as a practice must exceed that monthly repayment.

Securing Insurance and Coherent Policies for Your Clinic

Regardless of your vision for your medical clinic, securing insurance for your practice cannot go overlooked. By having indemnity insurance and coherent compliance policies, you minimize risk to your staff and patients.

To minimize risk, and prevent against foreseeable accidents and emergencies, you need to train your doctors and staff in best practices. Without an official means of training and educating your clinical staff, you can be affected directly by faulty medical equipment and human error. Prior to opening your private practice, your policies need to be clearly established and conveyed.

Strengthening Your Clinic with Latest Medical Research & IT

After you’ve calculated for all of your operational, marketing, and insurance costs, you’ll want to remind yourself that a private practice is only as effective as the technology and tools it has in its grasp. Today in 2017, medical technology extends far beyond machinery, encompassing apps & IT.

KASPAR Practice Management allows private practice doctors and entrepreneurs to avoid the headache and the struggle of opening and maintaining their private practices. By offering its administrative support, and high-tech equipment, KASPAR Practice Management designs medical franchises for doctors who want to excel in their field.