29 Apr Preparing a Strategic Plan for a Private Practice
It’s common for medical professionals, interested in starting their own practice, not to have had the time to put together a robust strategic plan setting out how they will service their patients and grow their wealth.
As with any business, if you are going to open a private practice; you must have a detailed business strategy.
Without one, your practice is prone to business risks that could have been avoided. The impact of those risks could curtail your deserved growth or lead to the closure of the practice.
Here’s how to prepare a strategic business plan.
WORK ON A SUMMARY
Before you get into the complicated details of your medical practice, you should know a few things that can help you plan its development.
Start by writing down your practice’s mission statement, i.e., whom do you intend to help now and in the future and how will your practice will operate.
The strategy can detail your unique skills, qualifications and the success you’ve experienced ever since you joined the medical profession.
Lastly, your summary should include any goals you intend to achieve with your private practice.
A BUSINESS DESCRIPTION FOR YOUR PRIVATE PRACTICE
You need to go into depth as to what business culture and organisation your practice will have. Even though you’re building a private practice, it’s a business and must have the same preparation to be successful.
For example, your lender will want to know how you will be successful now and into the future.
HOW ARE YOU DIFFERENT?
You’ll have to sit down and actively think about how your practice will be better than your competitors.
What are you looking to do to differentiate yourself in your catchment area?
If there was a choice between three other practices why would new patients choose yours and why would existing clients return?
As you know, In the medical field, existing patients find it hard to switch from a proven, trusted professional to another. For this reason, you need an edge above your competitors; it’s just not enough to be better than they are. And if you are better how are you better, and how do you demonstrate that and what are the benefits?
WHAT KIND OF CULTURE DOES YOUR PRACTICE HAVE?
This is a tough one, considering that you haven’t started your practice yet, so you’re not sure as to what culture it will have. But of course, you will know what type of culture you will want.
Nonetheless, it’s still essential that you have a set of expectations that allow you to manage and organise your practice in a way that it reflects a consistent culture.
You can answer these questions based on a few factors like how you would want people to feel when they approach your practice.
How would you expect your employees to conduct their work, how would they interact with each other? Will they believe they are accountable for getting work done?
If they did believe they were accountable, how are they demonstrating that accountability, and displaying excellence in their work product and client services?
WHAT ORGANISATIONAL STRUCTURE WILL YOU SET IN PLACE?
You’ll need to think about whether you want to have more than one doctor, an office manager as well as other full-time employees. What is the right number, when will you bring on another doctor?
You must establish a suitable, profitable client base, opening hours, fees and how you want to divide time between the practice and other activities.
While these aspects do comprise just the beginning of a strategic business plan for a private practice, you should know that this is just the tip of the iceberg, and there’s much more to learn.
The process of setting up a private practice involves various tasks and logistics, so it’s necessary that you be ready for anything.