The vision and dreams that clients bring to us to bring their new medical practice to life are usually oozing with excitement and passion, and we love working with clients to make these dreams a reality. However, a common pitfall is not writing down these ambitions! Putting your business plan into writing and then furthermore, into action, may involve a level of detail and a number of factors to consider, that haven’t necessarily made their way into the dream! At Credabl we support our clients through the process, asking questions which helps prompt them with their business plan and encourages them to articulate their practice strategy with both short-term and long-term goals.
Whilst not compulsory, a business plan is a great way to map out your intentions. It’s also very helpful when it comes to applying for a loan. These five considerations included in a business plan will help a lender with your loan application:
1. Practice Vision
- Include a biography about yourself, your skill sets, how long you have been practicing as a medical practitioner.
- What services you are looking to provide at your practice?
- What makes your practice different to everyone else’s that will make your patients choose you?
- What is your competitive advantage and why are you different?2. Practice Location
- Will you be a sole practitioner at working in/on your business? Or will you look to have associates working with you? – if so, does your current space allow for future growth? Easy access to parking for your patients? What is the size of your space?
- What are your lease terms if you are looking to rent? Is there an opportunity to also secure the premise to ensure the longevity of your practice if it makes sense?
3. People and Processes
It’s important to create a positive experience for patients at every touch point you have with them. From an efficient booking system
and reminders to a smooth check-in and check-out process, as well as a reliable medical record system you need to invest in the right people and processes to achieve this.
4. Demographic Intel
Understanding your patient and geographic demographics are important as this level of insight will influence what services are in demand. This may include the spending habits of the population in the area. Are they young families, singles or elderly? What exactly are they looking for in a medical practice and what is it that will keep this demographic coming back? This can also help you gauge your operating hours, your patient fees and charges that will keep your practice suitable for the demographic.
They say you can have the best product in the market however unless you actively let people know about it, how will they ever know? As a medical practitioner running a business, you need to make patients aware of what your specialities are and how your skill sets can help them. You may also need to build a referral network. In the new digital age, most patients would look up their doctor, dentist or vet online before they book in their first appointment – so your virtual presence via a website or social media pages can greatly influence your patient volumes.
In contemporary medical practice operation, strategic thinking and planning is as essential as the financial budgeting and reporting. Not only are these vital elements of creating a plan for your medical practice but recognising how to develop processes and measures to assess outcomes of your planned initiatives can’t be looked past.
So, the tip is to grow organically when you are first starting out as there are many uncertainties around putting your dream practice into a reality.
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