Tips for a Successful Medical Practice

People assume that a medical degree guarantees a big income for doctors. In reality though, doctors—like everyone who earns a living—must work hard to earn money.

This is especially true for those who open their own practices. While they enjoy perks like being their own boss and deciding how many patients to see each day, they also don’t have the fixed salary that doctors working in hospitals have.

If you’re planning to open your own practice, you’re probably aware of the challenges mentioned above. To help your business thrive, below are a few tips to consider:

Start as a “Micropractice”
If you open a practice, chances are you’ll be hiring a support staff too. Before doing so, however, ask yourself how many people you really need. Remember, the more employees you have, the more salaries and benefits you have to pay—and the less income you get to take home. Consider starting a Micropractice instead, which operates with a bare-minimum staff to reduce overhead costs.

Brand Yourself
It’s unlikely that you’re the only medical practice in your town or city. Therefore, decide what’s different about your practice and market your unique selling point to prospective clients.

Keep Your Books in Order
Keeping your financial records tight is vital to tracking how profitable your practice is—though you may not have the time or experience to do the number crunching yourself. Fortunately, many firms offer medical accounting services to doctors.  

This entry was posted on Thursday, 27 March 2014 and is filed under ,,. You can follow any responses to this entry through the RSS 2.0. You can leave a response.

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