Muswellbrook Chronicle

What goes into starting your own private practice as a medical professional?

What goes into starting your own private practice as a medical professional?
What goes into starting your own private practice as a medical professional?

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After completing your medical training, most medical professionals will immediately begin planning for the future.

While working in a hospital, clinic or another medical facility might be appealing, opening a medical practice of your own can allow you to take full control of your career moving forward.

There are a lot of benefits to having an independent practice, however, it's important that you take the right approach from the very beginning.

In the process of starting your own medical business, you'll need to make sure you leave no stone unturned in getting your new practice up and running.

From considering your business requirements to sourcing financing, choosing the right location for your new practice, deciding on healthcare uniforms and preparing your business documentation and registrations, there's a lot that you need to consider to ensure your new venture is a success.

Let's take a look at just some of the things that you will need to consider when you are starting your own private medical practice.

Prepare your business requirements

Medical practices are seen as businesses by the government, so they must follow the same legal and regulatory rules as any other new business. First of all, you will need to register for an Australian Business Number (ABN) for your new businesses.

Next, you will need to log in to ASIC Connect to register your business name. Make sure your preferred name is not already registered with ASIC when you are coming up with the name for your new practice.

You must also register with Medicare if you are a medical provider. To be eligible, you must have a Medicare provider number, a Medicare prescriber number, and any other registrations or licences needed in your state and territory.

Finally, if you intend to have multiple locations, you will need a provider number for each location that you will be operating from.

Invest in insurance

Risks are inherent to all businesses, but when your own livelihood and reputation are at stake, it is important that you cover yourself.

Setting up a medical practice requires you to consider two general types of insurance. These will include policies such as business expense insurance, practice indemnity insurance, life insurance for a partnership, or network security and privacy policies.

There is a range of other types of insurance, such as income protection insurance and life insurance, which can help to give you more peace of mind moving forward.

Choosing the right location

When you're setting up your new medical practice, it's important that you consider the local demographics, cost, and competition when choosing the best location for your new practice.

Be sure to consider where potential patients live, as well as what health conditions are most common due to their age, environment, or occupation. The location of your premises is critical to your success so be sure to find a suitable site for your new venture.

Designing your practice

Be sure to consider not only the perfect consultation space but also the design and layout of your practice's interior.

You will need to ensure that you have adequate standing space for you, your team and your patients as well as having room for equipment, such as X-rays, a facility to conduct blood tests and any other additions that you might require.

Your practice location should be accessible and approachable to make it as easy as possible for patients and visiting clinicians to find your facility.

A patient waiting area should always be included in your fit-out and don't forget to include facilities like toilets, drinking water, a reception area and a comfortable space for patients to relax before their appointment.

A skilled and caring workforce

The team you hire will set the tone for your new business and your success will be dependent on finding the right mix of experience, qualifications, and attitude.

Medical practices often require a broad range of skill sets, from receptionists and cleaners to GPs and nurses.

When hiring, pay attention to skills and qualifications that might be useful, the personalities of prospective employees and be sure to consider how they will interact with others in the office.

Get your new medical practice off to the right start

With so much to organise, starting your own medical practice can often be an overwhelming experience.

However, with a clear plan in place from the start and following the tips outlined above, you can ensure that you start your new business on the right foot, setting you up for a successful future at your new practice.