5 Tips to Build a Successful Medical Startup
Establishing your own medical start up can be both exciting and challenging. From fining clinic financing to putting together a team, opening up your own medical practice is no little feat. So to help you ensure that everything goes smoothly from day one, below is a list of tips you can follow.
Create a Pro Forma
Having a pro forma alongside your business plan would help keep your debt and revenue projections grounded in reality. Through it, you can account for all your start-up’s expenses and incomes. Pro formas can also come in handy in case you applied for a traditional bank loan, since it somewhat reassures the banks that your clinic would thrive and you can return the borrowed money.
Get Electronic Health Record System
Adding an electronic health record (EHR) system to your newly established clinic would allow you to digitize records and streamline communication. In other words, it would improve the flow of information in your medical start up. Plus, EHRs are fast becoming a standard tool for medical practitioners worldwide. If you don’t want to be left behind, then you need to have it in your clinic, too!
Get Credit Card Processors
Most of your potential clients would probably be insurance and HMO holders, so better partner with those organizations. Still, it would be well if you have a credit card processor in your clinic in case your services couldn’t be covered by those financial instruments. Credit card processors also allow potential patients to have an alternative means of payment should they have trouble with their insurance policies or health cards.
Incorporate as a Legal Entity
Even if you’re planning to go solo in your planned clinic, it’s best if you register as a corporation. For one thing, it limits your liability, meaning that only the clinic’s assets would be at risk in case you get into legal scruples. Additionally, corporations enjoy tax privileges individuals can’t; considering that you’re still just starting out the medical venture, you would do well to take advantage of these allowances.
Evaluate Clinic Performance
Accountability is essential if you want your medical start up to thrive. So better make sure there’s a mechanism in your clinic that would let you monitor your company’s and your team’s performance. Don’t just rely on your office manager. Even if they’ll most likely be trustworthy, they might not have the necessary experience to properly gauge your clinic’s success.
Wrapping Up
To ensure your clinic’s success, you need to have a clear and detailed gameplan. By incorporating the bits of advice listed above, you can be sure that you have just that!
