There are over one million physicians in the United States. While that figure includes retired and unclassified professionals, the volume of those with the ability to practice medicine is staggering.
Even with that volume, the needs for medical services have hardly dropped. As a matter of fact, with America’s ballooning population, physicians are likely to do well into the foreseeable future which is why you may be considering becoming a private physician and opening your own practice.
If you’re not sure how to take steps towards achieving that end, keep reading. Below, our term shares tips that can nudge you towards your office’s ribbon-cutting ceremony!
1. Create a Business Plan
Just because you know a thing or two about medicine doesn’t mean you know a thing or two about running a medical practice. To prove to financiers that your vision is viable, you may need to come up with a business plan or at very least, a pro forma income statement.
Business plans are in-depth and outline everything from marketing to projected profitability. Pro forma income statements are more basic and mostly focus on income and expenses.
As a general rule, the more information on your vision you can put down on paper, the more likely you’ll be able to gain funding.
2. Take Out a Loan
If you have enough cash on hand to get your medical practice off the ground, that’s great! For most of you though, we’re willing to bet that you’ll need help with money which is when getting a loan can come in handy.
Use your business plan or pro forma statement to start shopping around for small loans at banks and credit unions. You might also consider crowdfunding your startup cash through websites like Funding Circle or Prosper.
3. Buy the Necessities
We don’t need to tell you that a medical practice requires a lot of “things” to operate. “Things” might include a building to work out which healthcare real estate advisors can help you locate heart rate monitors, syringes and more.
With your loan money in hand, you can find quality discount medical equipment through popular wholesalers like McKesson and Henry Schein, among others.
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4. Staff Up
Your success as a private physician will hinge on the expertise of your team. Therefore, staffing up may be the most critical step you take towards the opening.
Drafting good labor from online directories or directly out of college are great ways to shop for affordable talent. You can also try to lure practicing professionals away from competing for medical practices by hunting for prospects on LinkedIn.
5. Market and Mind the Details
With your funding, equipment, and team in place, you’re just about ready to open your doors! As a last step, consider any final details you may need to put into places like acquiring insurance policy and a business license.
Once everything is up and running, consider marketing to your community to get your first few patients through the door. If you do a great job with them, you’ll find that word of mouth will keep you busy!
Read More: Business Loan That Can Help Your Company Grow
Becoming a Private Physician Can Be Incredibly Rewarding
Being a private physician allows you to help humanity by improving its health while also being creative as a business owner. That mash-up of opportunities can be exceptionally rewarding!
We hope our tips have helped you move closer to your fulfilling healthcare aspirations. Our team welcomes you to dive into more of our blog content for additional tips!
