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Nov

28

Starting A Medical Practice – Helpful Tips

As you are getting closer to finishing the residency at the hospital you are currently employed in, you will naturally start to question your next step in life – if you have not yet started thinking about it, that is (and probably, everyone else around you will also start bothering you about it). There are two basic path choices for a young doctor just about to finish their residency, either to continue being employed at the hospital (of course, you also have the option of transferring elsewhere), or to start a personal practice. Certain people prefer to remain employed at a hospital, where work is stable and less worrisome; other people prefer to move to the suburbs and smaller villages and set up their practices because they prefer working alone or are simply big on welfare.

In the event that you are also planning to start a practice once you finish your residency, it is very important that you probably research on what you will need to get ready in order to start up the establishment. First of all, know that starting a medical practice is no easy job, and it is not something that can be done within two to three months. You will need to start planning whilst doing your residency – at least half a year before it ends. There will the land and buildings to think about, and you will find yourself busy meeting real estate agents, lawyers, contractors, construction workers, etc.; similarly, there will be the issue of capital, equipment and staff to think about too.

The Capital

Capital is of utmost important to start just about any business, but medical practices especially need to be well capitalized or you will face many problems in the road ahead. Beyond acquiring the land and buildings, you will be needing capital to buy wire shelving systems and every little other necessity for the clinic, and the most plausible conclusion is simply that you will not be able to fund this all alone. Consider having a number of investors pitching in to help you with funds.

Equipment and Products

Equipment and medicinal products are vital to clinics – you do not need anyone to remind you of this. If you are starting a gynaecological practice, for example, you will need to find the related equipment, as well as gynecology products for sale. A good idea would be to find a reliable and trustworthy supplier with whom you can strike a partnership in order to lower your supply costs.

All Staff

And of course, there is also the matter of staff to worry about. However, since you will be starting small, it is best to ease up on the recruitment applications – a nurse and a receptionist are good enough for your team for starters. However, you might want to consider hiring an economic advisor to get a hang of the business side of the deal – a clinic is also a business, after all!

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