Starting your own practice can be a rewarding but complex endeavour that involves careful planning and execution. It allows you to have greater control over your career and patients, however, it can become overwhelming when trying to understand all the legal and financial considerations. Below we set out some key steps when starting your own medical practice.
Business Plan
Define your vision and mission, clearly articulating the purpose and goals of your business. It is important to understand the local healthcare market, competition, and target patient demographics. Your plan should also include financial projections including detailed financial forecasts, cash flow projections, startup costs and operational revenue and expense projections.
Legal and Regulatory Compliance
Decide on the legal structure for your practice, such as:
- Sole Trader
- Partnership
- Company
- Trust
Each structure has its own pros and cons, however, choosing the right structure will be dependent on your business plan, and goals for your business that provide you with the flexibility for growth and asset protection.
You will also need to familiarise yourself with the necessary licenses, registrations and permits required by the Australian Medical Board and other relevant government authorities. Archer Gowland Redshaw can assist with the required registrations with ASIC and the ATO.
Location and Facility
Finding a suitable location is important, such as proximity to target patients, visibility, and accessibility. It may also be relevant to consider potential growth areas and opportunities, as well as renting space compared to purchasing rooms/property. Consider the fit-out costs and equipment required in your plan.
Finances
Determine how you will finance your business, whether through personal savings, loans, or investors. Develop a detailed budget, covering startup costs and monthly operational expenses and familiarise yourself with medical billing and coding processes or consider outsourcing these services.
Technology
Implement an Electronic Health Record system for efficient patient record-keeping and explore opportunities for incorporating telehealth services. Consider software for appointment scheduling, billing, and communication. Consideration should also be given to accounting and bookkeeping software, and if possible, integration with your practice software.
Staffing
It’s important to recruit skilled healthcare professionals, administrative staff, and support personnel. Your practice can only thrive with the right team behind it, so it is essential to find the right staff and provide ongoing training.
Marketing and Branding
Create a professional and recognisable brand for your practice. This can be achieved through an online presence, including a website, local advertising/social media pages, community engagement and a strong professional network. Collaborating with other healthcare professionals, hospitals and clinics can lead to referrals and valuable partnerships.
Patient Experience
In an era of patient-centred care, businesses in the medical and allied health sector must prioritise the patient experience. Getting this right will pay off in all aspects of your business, as well as help you grow in the long term. This could involve leveraging communication tools, implementing feedback mechanisms, and creating personalised care plans that empower patients to take an active role in their health journey.
Adaptability
While it is important to focus on delivering excellent patient care, it is also important to keep abreast of industry trends, new technologies and regulatory changes for your business. The medical and allied health industry is subject to complex and ever-changing regulations. Be prepared to adapt your practice in response to changing healthcare dynamics as it can safeguard your business from legal repercussions and reputational damage.
Financial Management
Effective financial management is fundamental to the success of any healthcare business. Business advisors can assist medical and allied health professionals in optimising business strategy and avenues for growth. This may include routine and regular KPI analysis, budgeting, benchmarking, cash flow management, forecasting, business coaching and tax planning.
There are various areas you need to consider when starting your own practice, however, Archer Gowland Redshaw offers experience and expertise to support you through the legal and financial aspects of setting up your own business. Find out more information about how Archer Gowland Redshaw can help your Medical and Allied Health practice here - agredshaw.com.au/industries/medical-allied-health
For More Information
For more information on starting your own practice or an initial consultation, please contact please contact Aisha Thomas (Manager) or Ian Walker (Executive Chairman) on (07) 3002 2699 | info@agredshaw.com.au.
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