6 Things to Consider When Starting
Your Own Medical Practice
Owning a medical practice is a very convenient way of earning your living while chasing
your passion for helping others through practicing medicine. Here is how you can start your
own medical practice.
1. General or a Specialist
Once you are done with your medical degree, you will need to choose whether you want to
pursue and become a specialist or you would prefer being a general practitioner. The latter
is the answer most of the time because it takes some time to specialize in a particular field
and get a license for the job. It is up to you what you want to practice.
2. Solo or Group Practice
Once you are done deciding what kind of practitioner you want to be, you will have to face
another decision of whether you want to practice alone or in a group of other physicians.
Including a partner in your business may seem very unattractive as you will have less income
and freedom but it will lift up some of the burdens, like finances, that you may have to face
while going solo so make sure that you choose the right partner. Solo has some advantages
too as it gives you more freedom of practicing your medicine alone without the internal
rules and regulations. However, with group practice, you can practice different fields at
Funding is essential for any business to run. There are a lot of things that will require
finances to set up your business of medical practice. This is often the most daunting task of
all. Often times, asking the bank for a loan to open up the business is the best way to go
about starting up your business. Consider all of the startup costs like machinery, energy
bills, architectural renovations, real estate, staff and all the cost that you will require to be
included in the proposal.
4. Legal Paperwork
All the legal paperwork should be filled and kept up to date. You don’t want government
organization to come knocking on your clinic asking questions. So make sure that all the
legal work is s