Do you have to be a doctor to open a medical practice? In the Philippines, you do not have to be a doctor to be a corporate owner, partner, or principal in a clinic, as long as the clinic is effectively controlled by accredited physicians. If you are planning on starting up a clinic, here are effective strategies you should incorporate before opening up a clinic in the Philippines:
1. Build a business plan
By taking the time to build a strong and considered business plan for the short, medium, and long term, you can ensure you know exactly what the vision is for your practice, and how to reach it.
2. Get your finances right
Starting a business is costly and medical practice can be costly, depending on where you want to establish yourself. When starting a practice, you’ll have a few key decisions to make around your finances. Will I be starting a practice from the ground up, or taking over an existing practice? Buying an existing medical practice may seem like the more affordable option, however, often it’s actually less costly to build your own medical practice from scratch than to take over one that already exists.
3. Invest in the right insurance policies and procedures
Due to the high stakes nature of the medical profession, it’s critical to invest in the right accident and protection insurance, and, most importantly, the right medical indemnity insurance, to safeguard your practice and your practitioners. In day-to-day operations, building clear procedures and guidelines for your team from the start such as a code of conduct, fee management, and equipment maintenance can help minimize risk.
4. Choose your location wisely
Location matters for any business, but in particular, this is a prime factor for a medical practice. Whether you’re taking over an existing medical practice or finding a new site, there are two key considerations to keep in mind:
Maximize foot traffic: choose a location within easy access to public transport, as well as schools and businesses. Maximize referral network: choose a location within your referrals catchment or where you want to build your brand.
5. Build up your digital presence
One of the main challenges many new practice owners will face is acquiring new patients, and a strong digital presence ensures your practice can be found and many patients will find you and learn about you that way.
Your practice’s digital reputation also impacts your patient acquisition strategy: patients cite reviews and recommendations as one of the top two influencing factors for choosing a medical practice. Encourage patients to share feedback and reviews online, and include a testimonial section on your website to build trust with potential patients.
6. Focus on patient experience
As more players enter the healthcare space, patient experience is one of the main competitive advantages your practice can offer.
Patient-centric care should be at the heart of your practice and getting this right will pay off in all aspects of your business, as well as help you grow in the long term.