Setting up your own medical practice is the dream for many healthcare professionals, doctors and dentists. Owning your own practice has so many benefits, but can be difficult to get started or you may feel a bit clueless in the beginning. Being your own boss is one of the most enticing ideas behind most practice set ups, and the opportunities can become endless for those who strive for success in their craft and their industry.
In this post we are exploring the things to consider before starting your own practice and the hiccups you may experience on the way.
WHY YOU SHOULD OPEN YOUR OWN PRACTICE?
The private healthcare industry is booming in the UK and only increasing in interest and popularity as the NHS continues to struggle through these uncertain times in Britain. The lack of healthcare professionals in the industry is increasingly worrying for the economy and for public health, but your practice could contribute to making a difference to the community you choose to work in.
Having a clear idea of what you want to offer your patients and the community you decide to set up in is important to the success of your practice. Having a focus will allow you to set out areas of achievement and areas you want to strengthen, making sure that you offer something that your patients essentially need, but also want too.
UNDERSTANDING THE LEGAL REQUIREMENTS
It is not as simple as finding a suitable premises to rent, setting up your equipment and letting the patients flock in. There are many legal implications that you must adhere to, to ensure your medical practice is in line with the law, so that your practice and patients are protected.
As a doctor you must obtain the right to work in private healthcare, admitting rights and/or practice privileges are essential. Private hospitals & healthcare establishments have a Medical Advisory Committee (MAC) that comprises consultants of all sub-specialities, one of those people will be the chairman. The senior manager of the hospital should grant practising privileges to consultants who meet the standards set by the MAC.
You will also need to register with a private medical insurer. Before a private professional can actively treat patients, they must be registered so that they can get paid by insurers for the treatment of their patients. You can find out more about private medical insurance here.
EMPLOYING STAFF FOR YOUR PRACTICE
Although you may start small, for optimum growth and strength as a practice, it is important to employ professionals to take care of the various aspects of your business. From a receptionist to other medical professionals, depending on your goals, focus and budget it is important to gain an understanding of the help you will need to make your practice a success.
OBTAINING AN ACCOUNTANT
One of the most important aspects of starting a new business, let alone a new practice, is the importance of having your finance affairs well organised and in good condition. Obtaining an accountant will take the stress out of these areas, and leave you to get on with treating your patients. Accounts Unlocked For Doctors specifically provide accountancy, financial management and general business administration services to private medical professionals and their practices all over the UK. There is no practice to small or too big for our experienced team who have been working in the healthcare industry for many years.
At the end of the day, taking the steps forward into the private healthcare industry, which is currently one of the fastest growing industries in the world, seeing around £70 billion a year made by private practices, is one of the best decisions you could ever make in your career. That’s not to say it will come easy and in this post we have merely scratched the surface on what it takes to start up a successful private practice. However, we believe that with the right support, ambition and determination, the private healthcare industry will only continue to thrive and it is only becoming easier to be successful.