I’M THINKING ABOUT STARTING MY OWN PRACTISE 10 STEP GUIDE TO ACCOMPLISHING YOUR GOAL
Written by Justin Kearny – Management Consultant & Clinic Builder
416.460.2900
If you are looking to start your own practise this year there are 10 key steps you should consider before taking the plunge.
PART 1
What is the “Business Practise Model?”
The first step is to determine your business practise model, and who your clinic will service. Whether you plane to operate an Urgent Care, Walk In, Family Practise/Walk In Mix, FHG, FHO, Solo, or a combination of the practise styles its important you understand your place in your market. Are you going to be a full service office with other health professionals, or a specialized office. The model you choose will require a different space plan and features to facilitate your model. The model you choose will also have different financial upside or limitations.
SWOT
SWOT stands for Strengths, Weaknesses, Opportunities & Threats. Knowing your strengths and weaknesses makes you stronger. Its okay not to be great at something, but knowing limitations allows you to put someone else in the drivers seat to fill that gap on your team. Be honest with yourself so you can bring the right people to your team. Opportunities means understanding your community and their needs. Knowing their needs will help drive the opportunities and uniqueness to your clinic. Do you need to find a colleague who speaks a different language, or do you practise in an area that would benefit from a certain specialist. Knowing the opportunities will help maximize your clinic operation. Threats are things that will inhibit your ability to be successful. Most threats are things that you don’t think of in advance which causes poor decision making. Thinking through your model and business strategy is highly important.
Create your business plan
SWOT is step one to your business plan, but the financials are also key to being successful. How your office is structured is highly important. You structure your office based on your clinic financials and financial strategy. In a way, your office is your business model. If you don’t construct it properly you wont be able to execute your business plan properly. Its difficult to construct a space plan for your office without knowing the financial goals and where the revenue is coming from. Most importantly, will your business plan work? Knowing your numbers is highly important to creating a successful clinic, and arguably the most important part of managing a successful clinic.
If you feel as though you need help with constructing your business plan you can request a business plan by following this link.
Sharpen your skills as a practise manager & Clinical Lead
Now that you are entering into this new role its good to stay on top of best management practises and surround yourself with people of similar values and office culture. Take the time to read leadership and management books.
Construct you team
Think about colleagues who would like to take the journey with you. Think about what a great manager will do. Are you looking to add adjacent services like Pharmacy, Physiotherapy, or MD Specialists? Its time to think about what you would look for in these people.
NOW THAT YOU HAVE LAID THE FOUNDATION
PART 2
Location & Size
Where will you be practising and how much space do you need? Once you know your practise model you will know how much space you require to satisfy the business requirements. You can then determine “how retail” of a location you are looking for. Do you need to be on a very busy street or can you work with something that is a little more office. The more retail of a location you choose the more the rent will be. Knowing all the factors and variables in your model help determine the best location.
Not sure how to determine the size of space you are looking for? Email justin.kearney@carespace.ca to give you an idea of how much real estate you will be looking for.
Lease Negotiations
Negotiating a lease is not just about the price. There are dozens of other factors that need to be considered in a lease. Soliciting a realtor or management firm that knows the market and how to negotiate a lease or property acquisition will be highly important. Get someone who can best represent you with this transaction who understanding Medical Commercial Real Estate.
Space Planning
Designing your space might be the most important aspect of building your business. The flow of your office, what goes where and why, and meeting all code requirements is essential to putting together a successful office. Its best to consult with a firm that understands the needs of a medical office from a construction standpoint and clinic management standpoint. This will ensure you get a property finish and design
Flow and office efficiency is highly important. Its also important to construct a space that colleagues and still will want to work in. Keep in mind that you will be competing for human assets who have mobility. You will be competing to capture them through your space, clinic efficiency, and overall atmosphere.
Construction
Once you have your space plan completed and permits procured you are ready to build. A good contractor will have your space built quickly and efficiently, to code, great quality, and within suggested timelines. Always choose someone who has experience in medical and a proven track record with references.
Clinic Set up
Last but not least, its time to fixture your office. Printers, workstations, IT equipment, etc all need to be fixtures and set up. Along with your fixtures you will also need to get all of your administrative needs in place. Don’t forget the most important tool in the office, your EMR!
This blog was written by Justin Kearney who has been in the Medical Clinic Start Up Business for 15 years. His Firm, Medical Management Consulting LTD is a full Turnkey Solution to setting up Medical Practices from constructing a business plan to managing the office. Get a free 30 minute consult by following this link https://calendly.com/justin-kearney/
Alternatively you can text/call 416.460.2900 or email Justin.Kearney@CareSpace.ca
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