Working for yourself as a private medical practitioner comes with a host of benefits! You have more flexibility in structuring operations, freedom in making business decisions, a higher level of personalised care for your patients, and the opportunity to define your own work culture. Despite these advantages, global trends indicate that fewer practitioners are going private than ever before. Why would anybody forego these perks? In reality, setting up your own practice is a high-risk, high-reward endeavour. However, if you’re aware of the challenges you’ll face and prepare to combat them, you can set yourself up for success in the private sphere. Here, we’ll consider an overview of three categories of challenges you’ll need to consider when setting up your private practice: financial, administrative, and staff-related.
Inadequate start-up capital.
Spending on the wrong
things at the wrong time.
Lack of financial strategy
and business plan.
Perhaps one of the most obvious barriers to success in the private medical sector is finance. Starting a business is an expensive undertaking, particularly in the medical field. You’ll need to consider costs associated with renting or purchasing premises, medical equipment, office supplies and software, administrative expenses like insurance and registration, staffing… the list can seem never-ending! Proper planning is crucial to prepare you for any financial curve balls that may come your way.
Underestimating business and
administrative skills required
to run a private practice.
Not hiring the right people.
Trying to do everything yourself.
Even the most skilled medical practitioners with years of experience may find themselves failing in private practice. This is because running a business demands a vastly different skill set to treating patients.
Having these experts on board will help you to tackle the final set of challenges: administrative challenges.
Not meeting regulations
Lack of credentials
in technology for your
Of course, all businesses come with challenges. However, the sheer volume of administration associated with running a private medical practice elevates this level of difficulty. It’s imperative that you remain on top of administrative procedures for your private practice to succeed.
Although this may seem overwhelming, remember that knowledge is power! The best way to overcome these difficulties is to be well-researched and adequately prepared. Now that you are aware of these challenges, you can ready yourself to overcome them as you set up your private medical practice.