How To Set Up a Private Practice in Medicine

Picture of medical team

Since the business aspect is not discussed in medical schools, it is a major challenge for doctors to set up their own private practice. Working as an employee has its benefits, but, financially speaking, it is a whole lot better to be your own boss. Moreover, you’ll have plenty of time in your hands.

There are many matters to be considered before you can set up your own private medical practice. To make it easier for you, here are the steps to guide you on your career as both doctor and entrepreneur:

  1. Search for a location. Finding a strategic location for your private clinic is not that easy. Accessibility, competition and foot traffic are the major concerns in choosing a location. It is better to scout the area first before settling on a location.
  2. Find financing. You need the money to pay for the clinic rental, purchase of tangible materials and other legalities. Well, if you are rich, then funding the private practice is not much of a problem. However, if you are not so lucky, then you can apply for loans in both local and commercial banks. Loan applications in banks have many requirements, and if you have no background in this field, then this is a major disadvantage. Fortunately, there are lending companies that can offer their services to new practitioners. Some can give you financial assistance in just a week or less.
  3. Secure business permits, tax and other government forms before starting your practice. Legal concerns are part of the capital in every business, legal business, that is. Keep everything legalized to avoid problems in the future.
  4. Gather supplies, computers and equipment. Computers these days are more affordable than ever before. Still, there are more things needed to start the practice. Equipment like examination tables, tools and office supplies can be bought at cheaper prices if you take time to search for suppliers rather than retail stores. Use your computers to save client’s files rather than collecting too many forms and stacking them in several drawers and cabinets. Less paper saves space and allows you to have more time with your clients.
  5. Advertise your new clinic. If you have worked before as an employee in someone else’s practice, then you probably have your own number of clients. Normally, loyal clients will follow you to your new place. Arrival of new clients can be slow at first because it takes time and word of mouth before you establish your credibility. You may print leaflets advertising your services, contact number and clinic hours. Or you may start a website or blog online, promoting helpful articles on treatment and diseases. Don’t forget to include you clinic’s address and contact number.
  6. Build your team. You may start small with a receptionist and medical assistant for the meantime. A team of three is easier to manage and to pay. Hire more if you think you need more assistants.

Some people like working as private nurses and private therapists who stay at home with their clients. It is undeniable that the pay is good, but some prefer to have a private clinic of their own.

If you want to watch something that has a relation to your current profession, then watch Private Practice. Most likely, you will become a fan. There are even fan sites discussing spoilers, cast, music and recaps.


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