Opening a new medical practice is often challenging. This is especially true if you are relatively unknown as a physician. For that to happen, patients need to know they can trust you, and they have to get to know you. Getting them through the door is the biggest hurdle.
Much depends on the market and the competition. Some areas are suffering from lack of healthcare at the moment, so opening a physician’s office could be a great move. Here is what you need to know.
You Might Want a Partner
A partner is a great thing in a medical practice. They can help you shoulder the financing and the liability, not to mention the patient load. It should be someone you know, someone you trust, and someone you can work with on a professional level at least. Most people do not choose business partners they do not like, but in this case your partner could hold your life in his or her hands.
Government Assistance May be Available
If you are in a rural area with too few healthcare providers to go around, not only might you have plenty of business, but you also may be able to get government financing. Physician financing is available in rural areas through the Small Business Administration. The SBA operates these programs by guaranteeing loans offered by traditional lenders. You may also be eligible for government loans if you or a partner is a woman, a minority, or a veteran.
If you are in an area where there is too little healthcare to go around, this will not be an issue. If you have plenty of competition, you may need to work on building a patient base. The best way is via word of mouth, so do what you do and do it well.
When it is time to tackle financing, Biz2Credit is a great tool for your box. Our network of lenders is full of those that offer financing of various kinds to all types of business. Visit Biz2Credit.com or call (800) 200-5678 to for a free financial Rx and advice.