Things you should know before starting a medical practice

Being a healthcare professional when it comes to starting a medical practice on your own, is a relatively huge step and you have to be careful with each and every detail. There are a lot of things that need to be taken care of while starting a clinic but at the same time, it’s not humongous too. With this basic checklist, you will be ready to launch your medical practice with ease within no time.

1. Plan your business strategy
2. Obtain financing for procurement
3. Select a suitable location
4. Acquire the necessary equipment
5. Screen and recruit skilled staff
6. Determine the billing process
7. Apply for the necessary permissions
8. Market your clinic

Plan your business strategy

The first step in every business is to have a clear blueprint as to how to manage finances and fund your business. You also need to plan on the space you are either going to rent or buy, and how to divide the expenditure among various categories such as; electricity, staff, facilities, equipment, etc.

In order to stay prepared for any mishaps, getting insurance for your clinic is also recommended. One should also maintain a checklist of the standard protocols to be followed while getting a license for the clinic based on the standards, which may vary based on the state and also on your establishment type.

Obtain financing for procurement

Starting your own medical practice is definitely a big step forward in your career and it’s not something that would be easy on your pockets either. Once you are done with your initial planning you have to get your idea turned into a pitch to submit to the bankers. Most banks already have said amount limit and interest rates for clinical setup requirements.

While finalizing the amount that you quote with the bank, make sure you are taking into consideration that the loan amount covers the rent for the shop, marketing expenses, staff expenses, electricity charges, working capital, etc to run the clinic until the time you can get a steady revenue to run the business smoothly.

Select a location

It is always advisable to choose a clinic location based on the target audience. In the case of Pediatricians, the areas should be placed in and around residential areas where large families reside.

To define your target patient you should also take into mind their income status, type of disease, and their age, and eventually, you can come to a conclusion about the areas where you can find the kind of target patients.

Also one must keep in mind the aesthetics while choosing a clinic. The ambiance of the clinic should be calm and relaxing to have a better chance of retaining customers. It is equally important to conclude on the locality and include it in the pitch before appearing for loan approvals.

Obtain the necessary equipment

Once you are done with obtaining the loan, the next big task is to find a good place to rent or buy the equipment needed in the clinic. The equipment list can be as basic as pen and paper, down to the medical equipment. The next challenge is to be able to procure the goods at the cheapest price and good quality. It is very important to be mindful of the quality of all the equipment that is going to be used in the clinic, so you can provide optimum patient care.

Based on your target audience you are the best person to decide the kind of medical equipment you will need at your clinic. Also, while planning on the equipment be sure to cross-check with the regulatory guidelines and have the given list of equipment available at your clinic.

It could be things like:

• Thermometer
• B.P. Apparatus
• Weighing scale
• Stethoscope
• Pen torch
• Observation bed
• Curtains
• Height measuring scale

The list could go on, but you have to ensure you keep a proper checklist of the items needed.

Recruit Staff

In order to run an established setup one needs to have a supporting and driven set of people as a part of their team. In order to meet certain medical guidelines, each clinic should have at least one nurse. Depending on the scale of the clinic or the set up the number of staff may vary.

While hiring your staff, you should also choose the ones who share the same attitude, values and possess the suitable skill set to match your requirements. The effort you put in while recruiting the right people will reflect in the amount of satisfaction your patients or customers get when they visit your clinic.

Based on your requirements, you may also recruit administration staff for managing the bills, paper-work, marketing, etc.

Determine the billing process

Billing with a robust software makes the process seamless and builds trust with your patient. Some clinicians prefer to outsource the entire billing process while some like to handle it on their own. Finding the right kind of software, gaining expertise in handling the software, and training the staff in the same or hiring someone trained in it will help increase the value of the services you provide at your facility, and the billing process is easy to track for you to completely comprehend the income flow.

Personally, it’s suggested to have a digital bill rather than handwritten bill books, as the data from the same can be easily synced into excel sheets and stored on the cloud, making it accessible even remotely and the data cannot be destroyed or lost.

Obtain necessary permissions

After acquiring all the necessary equipment and deciding on the standard operating procedure of the clinic, the next major step is to get Government approval to run a licensed clinic.

You will also need the following approvals:

• Occupancy certificate, completion certificate, and Fire NOC — for infrastructure
• Clinical registration
• State Pollution Control Board for generation of bio-medical waste
• Medical professional licenses like Medical council registration for doctors, pharmacists, and nurses
• Drug license in case you have a pharmacy attached to your clinic
• Registration certificate under Clinical Establishments Act
• Registration Certificate of the Doctors under the Indian Medical Council

You are also required to maintain a record of the following documents:

• Record of employment of adults, letters of employment issued, and hours of work
• Records regarding the treatment of patients (IMC Regulations 2002)
• Register of medico-legal cases (MLCs)
• Register of Medical certificates issued to patients
• Copies of medical certificates issued to the patients
• Registration certificates of doctors/nurses/pharmacists with the Indian Medical Councils (IMCs)
• Professional qualification certificates (degrees/diplomas) of the staff
• Record of consumption of Morphine, Vermin other narcotic drugs (if applicable) (Narcotic Drugs Rules, 2002)
• Account of money receipts and expenses (Income Tax Act, 1961)

Market your clinic

Marketing is that which helps you turn your potential into reality and also helps you build brand value for yourself and your clinic. With an appropriate strategy you can attract your target audience but at the same time, it is equally important to provide a quality service to have good customer retention. While starting your

clinic be sure to keep in mind all the above points in the checklist and you are good to go. We wish you the best.

Learn as you grow your business

Any business owner is bound to face many challenges that come along the way. It is up to you to choose the best business practices that will work in favor of your business. Another way to ensure you are abreast of the latest practices in your field or business is by upskilling and by keeping up with the latest advances in healthcare. By doing so, you will always stay upto date with the best practices in healthcare, which helps you provide optimum care to patients. You can also go through the course provided by Medvarsity if you do choose to take a fellowship or various certification courses.