How to start a private medical practice
There is no universal blueprint for starting a private medical practice, there are basic steps to follow.
Step 1. Start with a business plan
A medical practice is still a business and needs to be treated as one. Be prepared and organised when writing this. This will provide the direction and clarity needed to deal with any problems that may arise.
Start by creating a detailed framework. It can contain your practice’s value proposition, how it will raise awareness in the community, where you will establish your clinic, and how it will give clients and patients a worthwhile experience.
A comprehensive plan will include
Your practice’s objectives and goals indicate what you want to accomplish monthly, quarterly, annually, for the next three years, and more.
Critical performance shows what success looks like for your practice.
Details that can help you plan and keep track of your clinic’s progress.
Step 2. Future-proof your medical practice
Developments and advances continue to emerge in healthcare technology.
Better client management systems, more intelligent IT programs, and faster networks are a necessity. To future-proof your private medical practice, start by comprehensively planning your IT systems to become intelligent and scalable. With the launching of Australia’s National Digital Health Strategy, having exceptional technology is essential in managing your practice.
Step 3. Determine your clinic's funding
Starting a private medical practice in Australia may cost $50,000 to $500,000.
Better client management systems, more intelligent IT programs, and faster networks are a necessity. To future-proof your private medical practice, start by comprehensively planning your IT systems to become intelligent and scalable. With the launching of Australia’s National Digital Health Strategy, having exceptional technology is essential in managing your practice.
Step 4. Understand Australian Healthcare laws and insurance
All Australian medical practices are expected to adhere to state and national laws.
These laws are there to protect you, your patients, and your medical practice Before starting, you should check that…
- Your Medicare provider number and information are all updated.
- Your building is authorised for a medical operation.
- Your medical practice is registered with the ATO, and your ABN is updated.
- Your clinic fulfils all requirements for accreditation of general practice.
You need to have an insurance plan tailored for your practice including medical indemnity insurance, business insurance, medical-legal expenses insurance, cyber liability insurance, management liability insurance, and accident and protection insurance.
Step 5. Hire staff that understand your practice
You should collaborate with people who understand the value of your medical practice.
To have a smooth clinic operation, working with an efficient practice manager and experienced nursing staff is necessary.
When hiring staff for your clinic ensure that your practice strictly follows the National Employment Standards in Australia.
Step 6. Choose the clinic location
When choosing a location consider the demand for a medical practice in that area.
Consider the demographic, location visibility, proximity to nearby healthcare facilities, and economic infrastructure.
It is also better to start your practice near pathologists, allied health professionals, hospitals, and pharmacies to build connections and attract more clients and patients. You might also need to consider a shop-front practice to improve visibility.
Step 7. Purchasing equipment
After securing financing and deciding on your clinic’s location, purchase the equipment you will need to start your practice.
Thorough research is needed to make this possible. Below are some of the equipment you need to consider when opening a private clinic:
- Electronic Health Record System
- Practice Management System
- Medical Billing Service
- Medical Transcription Software
- Credit Card Processor
- Business Phone System
- Computers, Printers
- Data Analytics
These are the necessary steps needed in starting a medical practice. To ensure you have a smooth opening day, there are some other considerations to think and prepare about.
