Opening a new medical practice comes with all the challenges that any entrepreneur would experience when starting a business. It also comes with a number of hurdles that are unique to the medical profession. Glenmed Professional Healthcare Solutions discusses the key matters you need to consider when opening a medical practice.
7 Steps to Opening A South African Medical Practice
Before you get moving on your new medical practice, take note of the seven most important things you need to know in order to start and run your new practice. Peruse our blog for more information on the medical industry and medical technology.
1. Develop A Business Plan
A medical practice is business like any other, and you need to establish what is going to set your practice apart from anyone else’s, while planning for its success. That means drawing up a detailed business plan, complete with you vision and mission statement, your financial plan, the structure of the business and your marketing strategy. Don’t forget to think about your specific value proposition: why will patients want to choose your practice over another?
2. Get Your Finances in Order
How are you going to finance your practice and how do you plan to make it profitable? You could obtain a loan from a bank or draw funding from private investors. Either way, you need to factor repayments into your cash flow and formulate a plan for making sufficient income to cover costs and start generating profits.
3. Know the Legal Requirements
Medical practitioners need to comply with several governmental requirements as they start and run their practices. Firstly, you must register with the Health Professions Council in South Africa (HPCSA), and with the Board of Healthcare Funders of South Africa (BHFSA). The latter will provide you with a PCNS number, which you will need to provide on all your communications going forward.
4. Decide Whether to Buy or Rent Your Facility
This is a dilemma that all businesses face at one time or another: to rent or to buy? Both have their pros and cons, and you will need to work out which one is most amenable to your financial and business plans in both the short and long term.
5. Get Insurance
Being a medical practitioner comes with several risks, particularly the possibility of malpractice claims being brought against you. Aside from insuring your business against risks such as theft and damage, you must obtain malpractice insurance to protect you against any possible damage to your reputation.
6. Create A Brand
In line with your vision, mission statement and value proposition, devise a brand for your practice. There are plenty of medical practices around – what makes your special? How can you make it stand out? Develop a logo, letterhead, business card, website, and other marketing materials. Then hire a team to create advertising and digital marketing strategies that will boost and promote your brand.
7. Create Positions and Delegate Responsibilities
As your practice grows, you will need to expand your team and fill certain key roles to maintain and build your business. These roles could include:
- Practitioners (GPs and/or specialists)
- Practice manager
- Financial manager
- Support team: receptionist, credit controllers, cashiers, stock controllers, etc.
Trust Glenmed To Equip Your Practice with Quality Medical Equipment
As you plan your practice, be sure to form a relationship with a leading medical equipment supplier. Glenmed Professional Healthcare Solutions can be your partner in medical equipment both when you start up and going forward. Contact us for more information on medical solutions.