Leading Doctors: How to Start Your Own Medical Practice

You’ll need financial funding, qualifications, a well-planned structure, and a license before launching a medical practice.

This is a usual answer to someone who asks how the leading doctors shall start their own medical practice.

Yes, as we all know it takes years of training to become a doctor, but that might not fully qualify medical practitioners for the career pathway some choose: starting their own practice.

It’s a complex process, requiring a large number of professional consultations like— health care lawyers, medical practice advisers, and accountants.

Additionally, it will take striking investments.

So, let’s first discuss the financial aspect of it.

HOW MUCH INVESTMENT DO YOU NEED

We all know that the existing healthcare is not able to bridge the gap between patient care and bed availability. If you target to fill this gap your healthcare practice will be already good to go.

Considering your location, the cost of setting up your practice varies.

We here at The Doctorpreneur Academy deals with providing a complete guide to our family of doctors for setting up a successful clinical practice.

Dr.Pranav Sharma, himself is a pioneer when it comes to establishing successful medical practice.

Our aim is to provide you with the different requirements and the approximate budget for the same.

  1. REGISTRATION WITH NMC (NATIONAL MEDICAL COMMISSION)

This is the first official document a medical graduate would need before he/she can start treating patients. Earlier it was known by the name of Medical Council of India. This registration provides a legal status in healthcare.

  1. OTHER LEGAL REQUIREMENT
  • Professional Tax Registration
  • Local authority registration
  • Bio-Medical waste registration
  • Shop-act license
  • Income tax records
  1. HOSPITAL INFRASTRUCTURE
  • Adequate land for building a clinic or hospital
  • Furniture and beds depending on the capacity
  • Water supply availability
  • Waste disposal area
  • Drug store
  • Parking lot
  1. CLINICAL PIECES OF EQUIPMENT-

This depends on the specialty of doctors. If they are physicians, surgeons, or gynecologists, they have their own specific set of instruments and medical equipment.

  • Oxygen cylinders
  • Pulse oximeters
  • ECG monitors
  • Nebulizers
  • X-ray diagnostic unit

             Additional instruments depend on the services provided by the hospital.

  1. STAFF MEMBERS-

Supporting staff forms the backbone of any healthcare facility. The most important staff except doctors includes-

  • Receptionist
  • Nurses
  • Pharmacist
  • Ward boys
  • Cleaning staff

On the basis of the requirements for establishing a medical practice, you need to put all these elements together. Along with that the recent technology-drivendigitally smart types of equipment are a must to run an efficient clinical practice.

  COMPONENTS  REQUIRED                COST RANGE
NMC registration       1000-10,000
Premises40,000- 3,00,000 per month (on rent,, depending on the area/locality, size of practice)
Infrastructure and legal needs 3,00,000 – 6,00,000
Basic equipments2,00,000- 3,00,000
Advanced equipments13,00,000 and above
Support staff and recurring expenditure2,00,000 – 4,00,000 per month
Continuing Medical EducationUpto 2,00,000 per annum
TotalOne time- Rs 22- 30 lakhsPer month Rs 2,00,000- 6,00,000

 

MANAGING FINANCES-

Opening a medical practice must include a business plan and some amount of investment. Medical professionals have an option of funding their own clinical setup with the help of a Business Loan for doctors- providing financial freedom to doctors.

In case you are a rehearsing specialist and are intending to stretch out all alone by setting up a center, we suggest our personal loan for specialists which can be availed without any security, with sums up to INR 30 lakhs at loan fees beginning from 11.99%.

IMPORTANCE OF PLANNING IN CLINICAL SETUP

“Failing to plan is planning to fail”

The most important parameter in the success of any business is planning ahead. It is advised to plan and document each step in an organized way. For instance, during the Covid pandemic period when numerous business foundations worked at a reduced limit, organizations without an appropriate business coherence plan suffered the most.

SETTING UP A BILLING PROCESS

The sort of charging process you execute impacts the patient fulfillment and trust and the work process of the clinical office

You can likewise reevaluate the billing system and lift the weight off your shoulders and single-mindedly focus on offering some value to the clients.

Notwithstanding, if you need to have full control over the clinical office, which incorporates the billing, you should choose the billing software that fulfills your requirements and is fast, simple, and smooth for the client.

You may also need to hire a staff who has expertise in software handling.

MARKET YOUR HOSPITAL/CLINIC

What sells is what you communicate. Advertising is needed to acquire a real-time presence and brand awareness. You can offer some value only by what you can convey to your potential customers. Promoting your practice is important to transform target customers into reality. As without a sound advertising plan, it becomes really difficult to get visible among the crowd.

Presently an online presence is unavoidable to prevail in business. In this way, you can spend on an expertly run website that gives a preview of your brand and the services you offer. You can tell how your clinic and its departments can be instrumental in satisfying the objectives of the forthcoming customer.

You can likewise begin a direct mail campaign for targeted patients. You can likewise give offers and free medical checkups to draw in the clients.

You can talk to different publications to write about your services/facilities in the upcoming magazines and newspapers as well.

THE LAST NOTE-

This blog must have initiated your thought process for acquiring more in-depth knowledge for setting up your own practice successfully.

Join our team of doctors to excel in your business. Feel free to contact us for any help. The Doctorpreneur Academy has it all.

For more insights into these managerial skills, we invite you to attend our free webinar workshop.

To Register for our upcoming FREE workshop, please register here- https://bit.ly/3xXE5jd

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