"Should I own my clinic?”
I guarantee that by the end of these 5 minutes you'll have a really good idea if you should own your clinic or continue to work for someone else. We'll be going over the pros and cons of owning your clinic and this all started from a question our clinic consultants get almost every day – “should I start my private practice?"
I have been practising in Internal Medicine for 2 years. I started working for a large Hospital chain and took the plunge into owning my clinic. I’ve done both – worked for someone else and started my successful clinic, giving me the experience of both sides of the employment spheres.
I can see the benefits and disadvantages of both but I have to say I'm really happy I decided to open my clinic. I'm excited to share my insights with all of the medical fraternity today. I have identified three personality traits that can predict whether you have the potential to be a successful clinic owner. I’ll also explain how those personality traits can be used to answer the two most important questions for opening up a clinic. These are:
1) Am I ready to be my boss?
2) Do I have a plan for my success?
Let's start with that first question -- Am I ready to be my boss?
It seems like a simple question, right? Who doesn't want to be their own boss? It's great you get to be in complete control of your business. You get to put your business ideas into practice and most importantly, you can create an environment that lets you enjoy going to every day. These positive aspects can blind anyone’s vision and often help them make decisions at the wrong time.
I think it's important for readers to remember that they become a small business owner as well as a treating clinician if they choose to open their own clinic. It can be challenging for a healthcare professional to combine their practices with their business. You really have to be honest with yourself – determine how entrepreneurial you really are and consider all aspects involved with owning a practice.
So when you ask yourself, “am I ready to be my boss?” know that you need a lot more than just your practice skills. Managing a clinic is an elephant task – it requires you to oversee the bookkeeping, the accounting, basic business finance, employee management, and so on. You should be prepared to know it all – beginning from the legal standpoint and company policies, to operational procedures and business structure.
That’s a lot, isn’t it? You don't really have to worry about all of those things when you’re working as an employee. But these responsibilities don’t mean that you should get discouraged from starting your own clinic. If you feel like you have enough experience and immediately know the answer to one of those questions, you can go for the heads up!
I think most people would agree that it takes a specific personality type to be successful, and the best bosses are persistent in their decision-making. I think as healthcare professionals, we all have it in us. We have the people's skills required to manage and lead a team. We're also trained to be methodical by evaluating a patient's injury objectively and finding a solution. Therefore, it’s ingrained in us to be result-driven, and these things can be carried over well to the business side as well.
“That's really interesting but if someone isn't naturally persistent, should they always work for someone else?” The fact that you are reading this and you are interested in becoming your boss means you're already starting to demonstrate that personality trait.
You don't necessarily have to be an expert in all subjects. Just being honest with your practice and implementing everything you learn works fine. You just need to hire impactful personnel and be humble enough to learn from their skills, while remembering to communicate what you want from them.
Speaking of the overall vision, this brings us to the next question – “Do I have a plan for my success?”
Before everything, focus on defining success. Since it varies from doctor to doctor, you can set your expectations and then add a flow of actions that can help you achieve them. Remember, your plan should be a balance between feasible and challenging, making your success possible as well as valuable.
We've mentioned a few already but, there are lots of reasons for you to own practice instead of working for someone else. There are three main reasons:
Success is what motivates you as an individual. Your primary goal should be what gets you up in the morning. It’s what you're passionate about. I’ve seen many clinicians who are passionate about giving quality patient care. On the other side, successful business people are passionate about becoming profitable. But a clinic needs to be a hybrid of both. Some clinicians see their income double when they become clinic owners, but that’s a function of their persistence matching the goals they put for themselves.
You do need to plan for your goals beforehand. Let's talk a bit about the things you need to plan before opening your clinic. You need to work on four basic things:
As a healthcare professional there should be an outreach of your skill in the community. To get that proper outreach in the community – instead of putting in investment or hassles of operations in your own clinic, you should rent out or share a clinic with healthcare professionals. Not only many of your costs are saved, but you also get to create a network in your budding-out stage.
Profrea gets you covered in all these. It's a unique plug & play platform where you can browse multiple clinic options listed as per the location. Look for a clinic you prefer either it can be near to your hospital or your home. It gets you covered with all legal rental arrangement in a jiffy. Profrea has a unique offering where you can get your virtual real coordinator in one-fourth of the price. It's real people with real offerings, who don't only attend your calls they do the follow up's with patient's, give you reminders & maintain your calendar & make your life easy & save you a lot of time. Last but not the least – Profrea offers you a professional complimentary kit of marketing tools which get you covered starting with your own Business cards, prescription pads etc. So, forget all the hassles and begin your Docpreneur journey.
Author Dr L.Chatterjee [MD (Medicine, MBBS, FID, FAM]