Innovative Tips to Start Your Own Medical Practice Healthcare is among the fastest-growing industries in India today. Confirming to this, the total valuation of this industry is expected to stand at $280 billion by the next year. Also, it is witnessing a CAGR of 16%r to 17%, which provides an immense scope for the growth in medical practice.
Also, healthcare professionals striving to serve the masses through the best treatment and diagnosis solutions seek to start their medical practice. To do so, they need to have a suitable plan for implementation. Starting from the mapping out of services to be provided to securing healthcare finance and hiring skilled staff, all of it requires a systemized approach for proper successful implementation.
Given below are a few tips you may utilize to start with your medical practice. Following them, you may build a strong foundation for your healthcare center that can help with achieving success in the long run.
Innovative Tips to Start Your Own Medical Practice
Create an extensive plan
Healthcare practice also being a business venture, needs to have a proper implementation plan. A business plan must be detailed, along with specific goals to achieve. Therefore, you need to have a mission and vision plan set for your clinic or healthcare center.
It may include the aim to increase patient footfall, expand the business, etc., and a vision to provide improved clinical services, achieving sustained growth and more.
The plan should also have an outline for financing your facility through various sources. The lending market brings various sources of business finance for the expansion of the healthcare facility.
Leading lenders bring them in the form of business loans for doctors, along with several attractive features. Additionally, NBFCs like Bajaj Finserv provide ease of repayment through features like Flexi Loan Facility.
You would also require a plan to incorporate a framework for human resources along with a plan to safeguard against medico-legal liabilities through indemnity insurance for doctors.
Select the location carefully
The choice of location forms an essential part of starting your healthcare practice because it significantly contributes to the healthcare facility’s success in the long run. A place with proper connectivity to surrounding infrastructure like transportation ensures increased patient footfall over time.
Also, you must consider the existing competition in the chosen area along with the location’s potential for development. Considering these factors will also help you arrive at the total healthcare finance you would require to start your practice.
Chart out the details regarding the infrastructure of your set up
Infrastructure of a healthcare facility provides the necessary structural support for up-to-date and advanced medical care and treatment. Along with that, it also includes having a layout for the convenience of employees.
Other infrastructural details to keep in mind include advanced equipment for improved treatment like ECG machine, defibrillators, diagnostic ultrasounds, a checklist for setting up pathology lab, etc.
You may also implement sophisticated software solutions like EHR for efficient access to patient data, reduced queues, and such other implementations. As these software solutions, equipment and machinery involve high-end financing, opt for additional sources of business finance like loans and advances for doctors.
Plan for healthcare finance and management of working capital
Running a clinic requires a consistent flow of supplies daily which may include medicines, syringes, saline containers, and such other stocks. Hence, you must have an effective plan for working capital management that will ensure you do not fall short of funds in meeting these requirements. Availing additional funds as healthcare finance can be your way out to efficient working capital management.
With these tips in mind, you can proceed to start your medical practice. Make sure to have a proper estimate of costs involved in setting up a medical practice to implement your plan successfully.