A few healthy tips if you’re setting up a medical practice

In the interests of serving the medical profession as a whole, we at MFI, believe it is not only important to diligently ensure the financial ‘wellness’ of practicing practioners and hospitals, but to also advise and encourage those who have dreams and ambitions to enter private practice. In this article we give some advice on a few of the thoughts you should consider before taking the plunge, so we hope these few healthy tips if you’re setting up a medical practice will be helpful to you.

Act on your passion
The medical profession is not a business – it is a calling – a commitment to healing at the expense of many hardships you may need to endure. More than in any other career, ensure that you find an area of the healthcare sector that aligns with your passion and personal interests. This is essential to carry you through the inevitable tough times and long hours you will be faced with. Remember that setting up a medical practice is the same as starting a business in any other sector. Once you have established that you are able to do it, focus on what you do best and don’t hesitate to take action to get started as soon as possible!

Seek partners and collaborations
If you do not have the healthcare experience to go into the practice that you desire, then don’t be put off by this, but rather seek a strategic partnership with someone who does. Exercise the power of collaboration and co-operation – attend functions, forums and networking events. Follow up with the people you meet. Keep a record of every encounter, so that you hopefully find the right person and use your networking to help other business people or entrepreneurs too. Remember ‘what goes around, comes around.’ Share your knowledge and resources. Through collaboration, synergy and efficiency is created, which improves services to patients, lowers costs and increases business opportunities and profits for your new business. Just be cautious once you find the ideal partner – ensure you have a trial period with a clearly defined separation agreement in case things don’t go right.

Define your practice
To attract clients, what you’re offering must be clearly defined and you must be able to follow up on and take accountability for what you offer. Understand your client’s wants and needs and decide how your business model fits into that. If you have trouble finding a specific niche, then once again seek advice from people in the industry. Ask healthcare executives what service or product they need and if they are prepared to pay for it! Also get advice and guidance from those who are already successful. There are many role models out there – why re-invent the wheel?

Manage your finances astutely
In this area too there are accomplished professional medical practice financial management companies like MFI, who can alleviate the headaches of ensuring your finances are expertly handled. Once you are initially funded, you should be spending all your time and resources on finding clients and delivering a phenomenal service or product to them. A word of advice – To begin with, forget fancy premises and accessories – ensure you income is greater than your expenses from day one!

Finances for medical practitioners can be complicated and detailed as there are all the aspects of incorporating the medical aids into the picture. Check out our website or contact us for everything you will need to know about how medical financing practitioners can make your practice operate like a well-oiled machine from day one!