For those with a medical degree, setting a private healthcare business can be the best way to go. Along with potentially making more money in the long run, you’ll have more control over your workload, which patients you take on and how you run your services. That said, initial setup costs will be expensive. For those already in debt from their medical studies, the idea of taking on more debt can seem daunting. Fortunately, there are ways to make the business venture less costly, many of which are overlooked by medical entrepreneurs. Here are some tips and tricks for making your medical business succeed without spending too much.
Find a business partner
Setting up a medical practice with a business partner could allow both of you to share startup costs. This business partner could be someone with medical experience or qualifications like yourself. Alternatively, they could be someone purely business oriented. Such a person may be able to take care of and organise much of the business side (accounting, marketing, HR), whilst you can focus on the medical side. Whilst you will both be sharing the income, the pressure will be alleviated on initial costs.
Get aid from investors
Business loans have to be paid back at a faster rate and often have interest on top. Seeking investors may be a more cost-efficient option for getting those extra funds. Sites such as http://appositecapital.com are great place for finding medical investors. You may of course of be able to find your own investors. Make a solid business plan and organise a strong pitch to help convince investors – by working with a business-oriented partner, they may be able to take this pressure off your shoulders.
Don’t skimp out on equipment
Patients go private for many reasons, one being better quality service. This means offering good quality equipment that they won’t get in their average practice. What most people often don’t realise is that such equipment last longer, meaning that you won’t be paying for regular repairs. You should read reviews online and visit comparison sites such as http://beststethoscopeguide.com in order to get the best quality equipment. You may be able to save money on other items such as prescription drugs (the big brands aren’t always the best) and general furniture.
Get legally protected
Lawsuit cases are sadly high in the private medical world. Have a decent solicitor on call who can guide you through the legal implications of setting up a medical practice. Having tight contracts and all the right insurance schemes can also protect you from lawsuits. Use the likes of http://comparethemarket.com to compare business insurance packages and get the best deal.
Share or rent out space
Your medical practise may not have to take up a whole building. By sharing space with another business you may be able to save costs. For those that have bought a commercial building or have permission to sub-let, you may be able to alternatively rent out space to another business. This will give you an extra source of income.
The more general your practice is, the more equipment and resources you’ll need. It could be worth specialising in one area or outsourcing certain work to other practices. Finding a niche could even make it easier to market yourself in the private healthcare industry, providing your niche isn’t too specific.