The complete guide to launching your medical, dental or veterinary practice

Starting your own practice is an exhilarating venture filled with crucial decisions and challenges. Whether you're in the medical, dental, or veterinary field, the journey demands more than just your professional expertise; it requires strategic business management, financial planning, and operational efficiency.

With our decades long experience in guiding clients through this process, we’ve compiled key insights and a comprehensive checklist to help you navigate your journey to successful practice ownership.

To Acquire or start from scratch?

One of your first significant decisions is whether to buy an existing practice or start from scratch. Acquiring an existing practice provides immediate operational capabilities, an established patient base, and proven workflows. Conversely, starting anew gives you full control over the design, ethos, and patient experience, aligning perfectly with your vision. While this path requires a larger initial investment of time and money, it offers the best opportunity to create your ideal practice environment.

Financing your dream

Understanding your financial capacity and smartly allocating funds is crucial when opening a practice. You don't have to exhaust your hard-earned savings; tailored financial solutions can fund multiple components of your startup. Engaging with a specialist medical lender gives you access to their market knowledge and understanding of unique financial structures, ensuring informed financial decisions from the outset that benefits you, not the lender.

Transitioning from practitioner to practice owner

Moving from practitioner to practice owner involves adopting a new skill and mindset. Ownership introduces managerial responsibilities such as staff attraction and retention, leadership, cash flow management, business growth, patient experience, and marketing—areas often outside traditional healthcare education. Industry-specific training, coaching, and consulting services can equip you with the skills needed for success.

Getting started checklist

To ensure you're on the right track, consider these critical questions. If you answer "no" to any of the below, we recommend you seek assistance from industry specialists:

• Do you have a financial business plan outlining objectives, goals, strategies, and potential costs
• Does your plan allow for scalability in your initial layout?
• Do you have flexible financing that offers growth potential and financial security, with features like flexible repayment terms?
• Do you have a team retention strategy?
• Do you know your break-even point and expected profit margins?
• Are you proficient in clinical economics and able to analyse production figures?
• Do you know how to conduct effective one-on-one meetings with each team member?
• Do you have a clear, trackable marketing strategy?
• Have you allocated a budget for your team's personal and professional development?
• Do you know when it will be appropriate to hire a second practitioner and practice manager?

Opening your own practice is a significant milestone, and this guide is designed to help you navigate the journey. Regardless of your practice type, these insights may help you achieve your goals and set up for successful ownership.

With our specialised understanding of the unique needs of doctors, dentists, and veterinarians, we’re here to support you every step of the way. Reach out to our team today, or call us at 1300 27 33 22 to take the next step and navigate your practice journey with confidence.