As a medical practitioner, you may be dreaming of having your private clinic. Of course, it doesn’t happen overnight, but it is also not impossible. Having a private medical practice gives you the freedom to set the rules and work on your preferred schedule. You can also reach more people who may not have convenient access to medical services due to their proximity to hospitals and clinics. So if you think that now is the time to make that dream a reality, here’s a guide on how to open a private medical clinic.
Create a business plan
A business plan will serve as your guide in starting your private clinic and have it up and running. Plus, you will also need this when applying for a loan or financing. It’s one of the requirements of the lenders. They will use it in assessing your application and determining how much they can approve you for. The business plan will include the expenses you expect to have, like the lease, equipment, and everything involved in the clinic’s operation. It also includes the forecast of your revenue. It covers the projected income and expenses for the first three years of the business.
Apply for financing
There are several types of financing available offered by banks and various loan providers. However, it’s best to opt for medical practice financing. This type of loan specializes in the medical field, so you will get excellent options that perfectly fit your needs. Moreover, they also come with lower interest rates than other loan types that are not specific to this niche. As mentioned, the lenders will require a business plan and other documents for processing your loan. If approved, be sure to read the contract thoroughly to know the repayments and terms. Then, compare your options to get the best deal.
Look for a space to lease
The location of the clinic is another thing to consider. It should be within reach of your target clients. For example, if you want to provide service to those far from hospitals or clinics, look for available space around that area. Also, think about your travel time and its accessibility to the people. Even if it’s around the area, it may not be a good option if it is secluded or inconvenient to reach. Plus, if it’s too far from your home, it may also not be convenient for you, unless you decide to move there too.
Buy your equipment
Determine what types of equipment you will need for your clinic. For instance, if you are a dentist, and you plan to provide an X-Ray service, you will need an X-Ray machine for that. Besides the things you will need for your medical practice, consider the items you need for the clinic, such as chairs, tables, and office supplies.
Hire your staff
Since you are still starting, you may hire staff to serve as the receptionist and assistant. You may also employ a nurse to assist you with the procedures that you need to do.
Starting a private clinic may not be easy, but you can make it happen with careful planning, plus your hard work and dedication.