Welcome to the third article in our ongoing blog series, The Pillars of Private Practice Success. To date, we have covered the importance of a successful business plan and the value of a well-vetted revenue cycle management team. Today we will address pillar three of private practice success – establishing a strategic location and medical equipment sourcing.
Finding a Strategic Location
A critical aspect of all successful businesses is their physical proximity to their target demographic. In healthcare, the demographic of patients seen – and the needs of those patients – will vary between specialties. It is critical the location you choose for your practice is conducive to the information outlined in the business plan, the practice’s specialty, and the target patient population’s needs. Consider a location that will meet the needs of your patients in terms of visibility and accessibility.
Equipment Needs at Your New Location
As a medical professional and healthcare provider, you will need to obtain basic medical equipment and supplies for operations. While this list will vary with specialty, a few common items may include:
- Clocks
- Centrifuge
- An autoclave
- A phone system
- Procedure tables
- Office furniture and décor
- Cabinetry and cold storage
- An automated external defibrillator (AED)
- Biohazard / medical waste containers and sharps disposal
- Computers, printers, and printing consumables (ink, toner, and paper)
Financial Commitments of Starting Your Own Practice
Establishing your location and purchasing equipment is a financial investment. To set yourself up for a successful return on investment, it is essential that you make intentional, informed decisions with initial purchases. You must view it as a front-loaded investment that will attract patients to your practice and keep people coming back for their medical services. If your practice requires expensive equipment, consider financing options that allow you to secure the equipment rather than sacrificing quality for a lesser product.
Of course, not every beginning practice has the capital to make these purchases. There are a variety of different options for securing financial assistance. There may be a variety of grants or government assistance depending on the specific population or geographic area you serve. There are a variety of different Federal, State, and private organizations that offer grants. If grants are not an option, you can also consider financing your practice through a lender. There are several different banks and investors that may be the best fit for you. Shop around to determine which institution offers you the best rates and terms.
Complex Demands of Starting Your Own Practice
Starting your own practice is a labored process. The needs of your patients will determine every decision you make regarding location, equipment, and other details included in creating your practice. You must consider how you can best serve your patients without purchasing unnecessary products. At the same time, be prepared to adequately address your patient’s medical needs. Bridging this gap can be a wearying process.
Rely on the experts who have helped set up a multitude of private practices.
You’re a busy medical professional whose time is limited. Allow a team of professionals to help streamline the process of setting up your own practice. On Demand provides the assistance you need to make setting up your practice as simple as possible. We aid the process of informed decision-making to ensure that a particular location meets your strategic needs. Transparency is important, and we’ll be upfront about your current situation and where you could improve to better meet the needs of your patient.
On Demand has a longstanding connection with the medical professional landscape, making us an excellent resource for starting your new practice. We’re committed to being an imperative part of each of your Pillars of Private Practice Success. Contact us today to learn more about establishing a strategic location and medical equipment sourcing. We look forward to working with you to get your practice functioning at its best.
View All Blogs In Our 7 Part Series