The realities of running a successful and profitable private medical practice can be incredibly challenging. It can be hard to embrace the business side of your practice if it may not come to you naturally – After all your focus is on treating patients!
Enlisting help for the financial and legal aspects is one solution, however there are other areas that also need attention in order for a business to thrive.
A Medical Business is a Business is a Business
The main purpose of your medical practice is to serve your patients – That is what you do best. It’s what you learned to do at medical school. Yet in the bigger picture, your service is one part of a business.
It is possible to operate for a short period of time without tending to all aspects of being a business owner, yet sooner or later the business of “the business” will need to be taken care of.
Being a Private Medical Practitioner Can Be Isolating
If you started practising medicine in a clinic or hospital you may not have realised the advantage of having your peers around you. The social interaction is certainly nice, but more importantly, the professional interaction can be priceless.
There is a professional support system with you all day (or night) when situations become stressful or when you could use some advice. While stepping out on your own can feel freeing, at some point it might also seem isolating.
Taxes and Accounting
Most accountants can keep a business compliant with the laws, however, they don’t see the whole picture of your business and they aren’t specialists who know the medical industry (we are)! They can’t tell you all the ways to save money and make your business run more efficiently.
In the same way an office manager can keep your office running smooth, but they probably don’t look at your business goals for the next 3, 5, or 10 years. Do you have someone who does that with you? It’s vital to the long term success of a business.
The Importance of Marketing
Marketing can easily be overlooked and misunderstood. It is easy to run some ads and have a Facebook page and network in the community. Doing this will only get your business so far. A successful and profitable business will have a marketing strategy that can build a presence in your community for you business.
Consider a Holistic Approach to Managing your Medical Practice
In a perfect world, a patient with multiple doctors would have all the doctors talking to each other to provide the best care. This is a tough situation to achieve. This analogy is also true for your business. In a perfect world, your tax consultant who would talk to your accountant would talk to your marketing strategist who would talk to your office manager.
Here at Accounting Unlocked for Doctors we provide a one stop, professional service which includes ALL the above.
By outsourcing much of the business management side to use, this will make your life easier and your business more successful – Meaning you can go back to doing what you do best, practising medicine.