What you need to know when you want to start out on your own as a physician
Building a medical practice from scratch can be a daunting task. Where do you start? Here are some tips you should always keep in the back of your mind when making major decisions regarding your practice:
Research, Research, Research
Know the market and don’t overpay for anything. Many clinic owners who are selling their practice will price their roster and space well above its market value. You need to be extremely diligent in knowing about what you are buying into. This doesn’t just go for buying your clinic, but also renovating and operating costs.
When you are further along in the journey of your own medical practice, you’ll definitely want to reach out to us, because we can recruit additional doctors and personnel to work in your clinic. To learn about how we do this, look here!
Location is King
The location of where you build your medical practice will be the foundation that the practice is built on – both figuratively and literally. The location chosen will influence your patient demographic, your patient foot traffic, and the types of services you are able to offer. Having other healthcare services nearby can also help you draw in patients you may not have typically rostered otherwise.
Budget it Out and Be Conservative
Don’t buy the best of the best to start out. You can always upgrade your clinic at a later point. Start with the essentials. There is no need for a contemporary accent armchair in the practice’s waiting room just yet!
Market your Clinic
In this day and age, there are so many different platforms for advertising – all different and useful tools in your arsenal. Combine both the “new-school” electronic methods with the “old-school” posters/signs. When you finally open, have your patients help find you patients as well! Use referral bonuses and giveaway draws for anyone who sends a new patient your way. This is a great way to establish yourself in a community.
Hire Consultant to Help
It is always good to get a second opinion. Seek help from experts who have sold or bought clinics in the past. This is a major investment for you, and may be a ‘one time’ affair. Seek help from someone who has done it in the past – and multiple times. RPI Consulting Group specializes in buying and selling clinics, as well as finding doctors for you to run it!
Written by Mitch Cawley (mitchell@rpigroup.ca)
RPI Consulting Group Inc.
416-850-9809 (ext. 324)
1-866-505-3383 (ext. 324)
