Listed below are a few reasons for owning your own healthcare practice or clinic.
- Sense of self worth
- Freedom to do things your way
- Job Security
- Financial Independence
- Controlling your own Destiny
- Personal Growth
You can start your own practice and slowly build it up. Putting processes in place as you learn better ways of doing things, building up your patient database and creating loyalty. But you need to be patient, Rome wasn’t built in a day. Or you can buy an established healthcare practice.
Some reasons for purchasing an established practice are:
- Existing cashflow
- Proven location
- Established patient database
- Referral networks in place
- Established processes
- Experienced staff
However, it’s worth remember that just because all of these things are in place when you purchase the practice does not necessarily mean they will stay that way. You may not get all of these points with your practice or clinic purchase either. Just because a practice is in a good location, if it’s not marketed well, it won’t necessarily have a good size patient database. The same goes if patient follow up processes aren’t in place. This is where risk versus price comes into play. You need to make sure you are getting what you are paying for. Do your due diligence.
The biggest factor to success is you. Therefore, you need to ensure you find a business that suits your needs. It’s not just all about the money. If you’re even considering going down this path, then you have dreams and goals which will affect your future. It is worthwhile then also considering then why healthcare practices and clinics fail.
Why do they fail?
- Poor management skills
- Poor patient service, no processes in place to follow up, not enough explanation
- Unsuitable location, this could mean not enough parking, difficult to find, not accessible by public transport
- Under capitalisation
- Inability to market and grow patient database
By considering all of the points above and waying up the pro’s and cons, you should be able to come to a conclusion ~ Whether buying a healthcare practice is right for your not