Gareth Harvey is back; the National Banking Segment Head: Medical at Investec joins us to share best practice tips about starting a healthcare practice.
Starting a healthcare practice can be complex, but following these steps will help make your life easier and keep you on the right track.
Step one - Research
Services - what will you provide
Your advantage - what is going to set you apart from your competitors
Location - have calculations done to determine if it's better to rent or buy
Patient profiles - demographics, needs in the area, medical aid or private patients
Billing - it's complex, get training, hire an experienced billing person or bureau
Systems - what Practice Management Administration system are you going to use
Legal structure - personal or Inc to start with, for basic tax planning. More is needed for asset protection and estate planning
Equipment - cost, do you need finance, do you need forex
Patient experience - look and feel, the comfort of the practice
Step two - Registration
Step three - Other things to get in place
Open a bank account in the Inc's name
Budget with your advisor
Marketing - website & SEO
Insurance - long-term, short-term, professional indemnity, cyber
