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5 tips for launching a medical practice

November 23, 2022

5 tips for launching a medical practice

If you’re looking to establish a medical practice, no doubt you may be feeling overwhelmed by everything that needs to get done. After all, it is a complex undertaking. The good news is that with the right preparation you can create the conditions to successfully launch a thriving medical practice. 

Here are five key steps you can take to get started. 

Plan, plan, plan 

Failing to plan is as good as planning to fail. A successful medical practice starts like any other business - with a business plan. Your business plan may include your business goals, purpose and mission, a SWOT analysis, a competitor analysis, unique selling proposition and KPIs. 

Your business plan should be revisited regularly to ensure you are adapting to any changes. The key thing is to keep it flexible and dynamic, without losing focus. 

One of the first things to consider within your business plan is your location. Various factors will influence where you opt to establish your practice including client demand, foot traffic, costs and proximity to other health services. 

Seek funding 

Opening a medical practice will require a significant outlay of money upfront. Depending on whether you’re purchasing an existing practice or starting from scratch, you could be committing several hundred thousand dollars. 

There are various options when it comes to sourcing funding including small business lending through your bank, self-funding or angel investment. The key thing is to work on securing funding early in the process so you don’t get caught out. 

Establish robust IT systems

Modern medical practices rely on the very best IT systems to capture and maintain client data, manage day-to-day operations, and manage clients relationships. 

Working with an experienced IT partner like IT&T, which has decades of experience working specifically with medical practices, will ensure that you have a tailored technology strategy which best suits your clients and your practice. This encompasses everything from how you communicate with clients, to how you reduce manual handling in your practice, through to protecting against cyber security threats. We can support you by ensuring you have access to the latest technology, and introducing scalable solutions that grow with you. 

Once your IT is established, we partner with you for the long-term to maintain your systems and upgrade when required, ensuring you never fall behind. 

Ensure you’re compliant

Compliance is key in the medical field to avoid risks. This relates to regulation, accreditation and insurance. Speak to your lawyer, insurance broker and accountant about what may be required to ensure your practice is fully compliant. 

Build your team 

Your practice is only as good as your people, so it's critical you onboard the right people. In addition to practitioners, your practice manager will play a vital role, as will your support staff. To attract the right people, make sure you invest enough time into recruitment, and consider what might draw people to work in your practice. 

Looking for IT support when establishing your medical practice? IT&T can help. We have decades of experience supporting medical practices with all of their IT and telecommunications needs. Contact us today to get started. 

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