The number of clinics in the US is rising. Currently, there are more than 2 800 clinics in the U.S., all of which provide necessary healthcare in rural towns all over the country. They offer the best kind of outpatient and preventive care. Various improvement in clinical care has also improved throughout the years. They are no longer places you visit just for a check-up. Some clinics can handle complex and chronic diseases. They also offer it at a lower price when compared to hospitals.
Because of this, the retail clinic sector has grown. The industry’s estimated value is $1.4 billion and is estimated to grow by 20% in the next few years. If you are a newly licensed physician, this can certainly look attractive to you. However, it can be tough to run a clinic without knowing what you are getting yourself into first. Here are some things you should know when opening your very first clinic.
Run it Like a Business
Many physicians make the mistake of thinking that their medical expertise is going to run their clinic. However, running a clinic is very different from what you have learned in medical school. If you want your clinic to survive and flourish for years to come, you’ll have to learn how to run it like a business.
Before opening your first clinic, make sure to attend seminars that will teach you the fundamentals of running a business. During the first few years of your clinic, you’ll have to handle most of these fundamentals, such as finance and marketing. So make sure you get as must exposure to these elements of business as much as you can. You’ll also be taking a more managerial role in your clinic. You’ll still see patients once in a while, but your primary concern should be running your clinic.
Average Cost of Opening a Clinic
Many consultants claim that opening a clinic can cost between $70,000 and $100,000. That’s the cost of a primary care clinic, and it’ll cost you a lot more if you want additional specialties in your clinic. But generally, this cost is the same if you’re planning to start a small business. Additionally, there is a chance that you might not have a decent income during the first few years of running your clinic. This is because aside from the initial cost of running a clinic, you’ll have various expenses that you’ll have to pay for annually.
But eventually, in the end, it’ll be worth it because you will be growing your clinic to reach local areas and serve them better than big hospital conglomerates. This means that you will eventually have enough revenue to sustain and grow your clinic.
Non-medical Equipment You’ll Need for Your Clinic.
Not everything in your clinic is going to be meant for patient care. You’re going to need other non-medical equipment to run your clinic. Here is some essential non-medical equipment you’ll be using:
- Medical Billing Service
- Transcription Software
- Background Check Software or Services
- Credit Card Processor
- Office Managing Software
These are just some non-medical equipment you’ll need in your clinic for daily operations. Having this equipment in your clinic can make it run more smoothly. Just a quick note, you don’t necessarily have to buy a credit card processor. Your local bank can help you apply for this piece of equipment before you open your clinic.
Offer Insurance to Employees
If you want to hire more physicians and medical professionals into your clinic, you must give them the best benefits possible. One of these benefits comes in the form of insurance.
There are many insurance companies out there that offer insurance policies tailor-made for physicians and dentists, one of which is Insurance MD. These businesses offer insurance policies that look attractive to physicians looking to work in your clinic, such as specialty disability insurance. Once they know that this particular policy covers them, they don’t have to worry about the future that much. They can concentrate more on their work, knowing that their income is safe no matter what. There are many other insurance companies out there that offer all kinds of insurance policies. Have a look at what they offer and see what fits well for your clinic.
Renting Space Vs. Building Your Own
This is one of the most common questions that we get when it comes to starting a clinic. Renting space can be quite costly when you’re a couple of years into business operations. One can argue that buying your own land and building a clinic can be a lot cheaper. It all comes to your business goals. Are you planning to be in business for more than ten years? If that’s the case, then it’s better to build a physical clinic. But if you’re not planning to be in business for that long, it’s better to rent a space. Both have their own advantages and disadvantages, and that’s a discussion meant for a real estate expert, so make sure to consult with them.
Here are a few essential things you need to know before starting a clinic. It can certainly be challenging to start a clinic, especially when you’re against big hospitals out there. But remember that one of the greatest advantages against big hospital conglomerates is that you have the autonomy to run your business. Sure, you might not earn the billions they do, but you can certainly serve the common folk a lot better. Because of this, it can be one of the most rewarding professions you’ll ever start.