Business Entrepreneurship Money

Entrepreneurship: Good For Your Wealth? Setting Up A Business In Medical Care


More and more people within the medical sphere are setting up their own private clinics and businesses.

Long waiting times in national hospitals mean that more people are looking elsewhere for faster treatment. Being able to provide quicker and more personable service is what lures many doctors into setting up their own clinic, as well as the ability to specialize (and of course the ability to set your own rates!).

However, what does it really take to make it in this industry? Here are just a few of the steps you may want to consider.


Gaining credibility

Having a successful track record behind you is important before setting up your own clinics. It will allow you to better convince investors when starting up your business, as well as attracting patients through testimonials and reviews online.

Getting insured

No place is more prone to lawsuits than the medical world. A-rated insurance against malpractice claims is recommended – you can read more info on what this insurance covers here: Tower Gate Insurance. On top of this, you may have to consider schemes such as property insurance to protect your premises, and compulsory insurance schemes such as Employer Liability insurance if you’re hiring staff.

Buying equipment

You’ll need all the necessary equipment and technology to carry out top class medical service. Sites such as Foremost Equipment offer a great selection of medical supplies. Make sure you’ve also got adequate software for medical coding and billing. All this can be very expensive initially – you’ll need a loan or help from investors. The private medical industry is lucrative, but it will take a while to make a return.

Marketing your business

National hospitals don’t need to market themselves. Independent practices do. Save some money aside for online advertising, website building, leafleting, signage and any other forms of promotion you can think of.

Staying legal

Starting up a business requires you to abide by all kinds of laws. The medical industry comes with all kinds of complex legislation on top of this. Hiring a good attorney is worthwhile. They can help advise you on legal requirements of your business, help you advice when dealing with complaints and write contracts for you that are legally tight.

Meanwhile, when it comes to your book-keeping, having an accountant handy is worthwhile to avoid any miscalculations and ensure you’re paying the right amount of tax.

Staying safe and secure

Hospitals have to be sterile and this requires having regular cleaning staff and strict protocols. Health and safety and fire safety laws also have to be carried out. On top of this, the clinic has to be secure against crime. Small businesses are big target for hackers and, as the recent global attacks on medical practices show, hackers have no moral qualms attacking the healthcare industry.

Top notch digital security including data recovery software is vital. As for physical crime, having anti-burglary devices such as a burglar alarm, CCTV and safes for cash is also a must.


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Robert D. Cobb
Founder, Publisher and CEO of INSCMagazine. Works have appeared and featured in places such as Forbes, Huffington Post, ESPN and NBC Sports to name a few. Follow me on Twitter at @RobCobb_INSC, email me at [email protected]

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