Starting your Private Practice

For many medical practitioners, starting a private practice is an important step in their careers. A private practice offers the flexibility of more regular office hours and greater control over how what sort of treatments they administer to their patients.

As for any individual who is self-employed, starting your own private practice means you’ll need to have a handle over the business matters of your operations in addition to the medical procedures. You’ll need to understand the implications of hiring staff and accounting for expenses and revenue – and of course, as a private practitioner you’ll be solely responsible for any legal responsibilities that result from your practice.

For doctors breaking out on their own

- Premises – most medical practitioners will need to lease office space to practice from, although some may choose to operate out of their home.

- Staff – most doctors will require a receptionist to book appointments and take care of administrative duties – an experienced medical receptionist can be an invaluable investment as they’ll be able to keep your practice running smoothly. You may also require medically trained staff such as a registered nurse or technician.

- Accounting – new private practitioners may find that the most challenging part of running their new operations is getting a handle on the business side of things. A good bookkeeper and accountant will help you keep track of your financials, but you’ll have to keep careful records of your day to day activities and have a clear understanding of your incomings and outgoings.

- Equipment – what sort of medical equipment will your practice need and how will you acquire these assets? Many private practitioners will choose to lease medical equipment as opposed to purchasing it outright to avoid the larger upfront costs. Meanwhile, some suppliers offer business vendor finance through a third party financier.

Once your practice is set up, and your practicing certificate has been framed proudly on the wall, you’ll need to rely heavily on your network of contacts to get referrals in the door. Let others know of your new practice and stay abreast of communities and networks that can help you get the word out.

For many small businesses, including private medical and veterinary practices, commercial equipment finance can help them grow their business and upgrade to the newest technology – visit our website to learn more.