Starting Your Own Medical Practice: Challenges

Starting Your Own Medical PracticeThe medical profession is seen by many as a noble and prestigious profession. What most people don’t know is how challenging it is to start in the industry. Many young doctors decide to practice by becoming employees of other doctors, hospitals or clinics right after graduation. This is because starting out in a solo practice, or at least one where you’re the boss, is easier said than done.

Location

The location of your practice is every bit as important as your talent in the technical aspects of your work. Many practitioners find this to be the most challenging part of their solo practice: looking for a place to set it up. You have a choice between renting a place and buying/building it, but what’s important is it’s located in a place that’s convenient enough for your patients, some of whom may have medical emergencies.

Loan

When you’ve settled on a place to set up your practice, it’s time to shop around for loan providers. Your savings may not be enough to cover the entire enterprise and you don’t want to run out of funds just when you’re so close to being able to open. Try your bank first. If that’s a no-go, look for specialized loan providers that lend to medical professionals like yourself. Many of them will lend you capital for the clinic building or renovation and rent, plus the equipment you’ll need.

Insurance

Of course, you cannot practice without insurance. Find a good company offering medical malpractice insurance as well as Florida workers comp insurance, suggests by graceybacker.com. This will cover you in case something goes wrong, and also your employees.

Marketing

The medical profession is a business too, but it’s different in terms of marketing. In many states, you are not allowed to advertise openly. You can, however, use word of mouth. Print some business cards and be sure to give your patients one every time. Don’t forget to use social media and your website to your advantage, as well.