How to Start a Medical Clinic Business?

By Leaderonomics|29-12-2021 | 1 Min Read
Source: Photo by National Cancer Institute @ unsplash
Remember to take one step at a time.

Here’s the perfect business idea for medical professionals or doctors. You might at some point in your career thought of having your own clinic. It can be a very potent business and it will also give you job satisfaction. However, the process of establishing and starting your own clinic can be a long one. It requires careful planning, financing, and a lot of hard work. In this guide, we will show you how you can start your clinic step-by-step.

What Leadership Qualities Are Required for This

As a private clinic owner, you won’t just have to work as a medical professional. You will also have to be a leader who guides the healthcare team, mentors young professionals, provide support and direction, and inspire confidence. You must have very good planning, communication, and time management skills. Above everything, in everything you do, you must have a clear focus on patient welfare.

Read more: The 4-step Guide to Starting a Successful Business

How to Open a Clinic On Your Own: Step-By-Step Guide

Develop a Business Plan

First, you must have a clear business plan. It should be extensive and thorough, but also flexible so that you can adjust according to unforeseen developments and challenges.

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You must have an estimate of the likely cost of setting up the clinic and also the running cost each month. This will go towards acquiring the place, getting the right medical equipment, hiring the staff, and paying salaries. It is also essential to have a projection of the likely revenue you can earn each month. This will give you an idea of where you stand financially. A good plan will also help you get financing.
 
Remember, even the best business plan will take time to succeed. You must give it the time it needs.

Get Financing

It is time to present your business idea to prospective financiers. While doing this, you will also have to convince them on why you should be financed. So prepare a presentation that will contain your qualification, personal experience as a medical professional, and the business plan.
 
You will find lenders and bankers who have their own lending plans for medical professionals. Do your research to find such lending products. In the United States, for example, the Bank of America, Capital One, and Siemens all offer medical practice financing for starting a clinic.

Supplementary reading: Financial Literacy: The Essentials Of A Leader

The loan amount you seek should include the cost of purchasing or renting the space, buying the equipment, hiring staff, overheads such as electricity, and also the marketing expense.
 
Always submit the plan to many banks and lenders so you can have several options. You will also have the negotiating power after you receive the offers. Pick one that suits you the best.

Pick a Location

The location is, of course, always important, for most businesses. This is even more important for a medical clinic. For example, if you work as a pediatrician, think of opening the clinic in a residential area where there are many young families. If you are a laser hair removal specialist, the right location for your clinic could be somewhere with a lot of ladies since they are likely to be most of your customers. Determine your target audience by sex, age, disease type, and income.

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Look at the competition before selecting the location. Also, make sure that there is adequate parking space.
 
Think of renting the place when you are starting the business. You can always move to an owned place once you begin to garner loyal patients and stabilise your revenue.

Obtain the Proper Equipment

Prepare a list of the equipment you will need. This will also depend on the kind of practice you have. However, there will always be some equipment. Find a supplier who can give you the best quality equipment. You cannot ever compromise on this. You need to also examine them carefully to ensure that what has been delivered is in impeccable condition.
 
You will also need equipment to run the business, which includes computers, communications systems, credit and debit card machines, water coolers, furniture, refrigerator, close circuit cameras, attendance systems for the staff members, and an accounting software product to manage the finances.
 
Of course, equipment purchase is always one of the biggest expenses. If you have a sponsor for your clinic, then you must convince the financier that this is one expense where there cannot be any cuts.

Staff Your Clinic

As an experienced professional, you will always be there. But your clinic’s success will also greatly depend on the expertise of your staff. You will probably need both certified medical professionals and certified nurses. Check their credentials and experience before hiring. You can do this by asking for references and then checking with them. You can also call up their previous employer to find out more.
 
You will also need a team for doing the administrative work. This includes a receptionist, an accountant for doing the billing and taxes, a cleaner, and a clinic manager who will oversee and manage the business daily.

This may interest you: How to Assess Leadership Skills During the Hiring Process

Make sure that your staff is inspired. Also, ensure that they are satisfied when working at your clinic. For this, you need to plan a benefit and career growth plan for them.

Decide on Your Billing Process

Billing is very important. The kind of billing process you have will determine patient trust and satisfaction. You can always outsource this, which will take away the burden, while you can focus on running the clinic and taking care of the patients.
 
Or, you can have a team at your place, which is a good idea if you want complete control. For this, you have to select a billing software that is accurate, smooth, and easy to use. You will also need someone who has the expertise of working with this software.

Market Your Practice

Marketing is essential for all businesses. It will give you brand visibility and help your business make a name for itself. For this, you must have a good marketing plan. Clinics are usually local businesses. So, you have to spread the word within your local community, perhaps in an area of 100 miles. Use all the channels you can think of for doing this, including both online and offline.
 
Get a good website that can capture leads and inquiries efficiently. Hire a professional to get it optimised for local market presence. Communicate how you can efficiently treat patients at the clinic. You can also advertise in various medical directories and journals, and also in newspapers.
 
Implementing a good marketing plan can be costly. But this is totally worth it. So, don’t allow the cost to deter you from implementing the plan.

Conclusion

The process of starting your own clinic can be intimidating. But you can do this and make your business a success. Just take one step at a time.
 
The location, business and marketing plans, financing, equipment, staffing... they are all very important. There are so many successful medical clinics. You will also surely succeed. The process of opening a medical clinic and running it is also a wonderful opportunity of honing your leadership qualities. Eventually, the decisions you make and your leadership skills will determine how quickly you succeed.

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