Starting a medical practice is an exciting and rewarding endeavour. This blog is designed to help you navigate the ever-changing Australian medical landscape whilst setting up your own business. In order for you to be the best clinician you can be, it is important to have the business aspects under control; we call this “practice fitness”.
Your medical team is integral to the success of your practice. Admin teams at the coalface and patient satisfaction really starts with them. Patient engagement should be part of their KPIs and how you define that sets the tone for patient loyalty. An empowered team is one of the key drivers of growth in your clinic, so how can you help them reach their potential – and grow your business at the same time?
As the number of patients and employees increases in your medical practice, so does the amount of time that needs to be spent on medical management. As your practice grows, you also need to invest in more resources on the operational side.
Choosing the right medical indemnity insurance is a key decision every practitioner makes during their career. Due to the high stakes nature of the medical profession, having adequate insurance is crucial – especially when you’re starting your own medical practice. With greater responsibilities comes heightened risk, so it’s essential that you have the right level of cover to safeguard yourself, your employees and your practice.
Tax time seems to creep up every year and if you’re not prepared it can add a time consuming process to your already busy days. For medical practices and other businesses alike, the earlier you prepare, the better. Whether you’re in the planning stages of opening your own medical practice or already running an established practice, now is the time to review and simplify your tax time processes.
For ambitious medical practitioners, opening your own practice can be a fulfilling endeavour. It gives you the freedom to define the quality of patient care, assemble your team and be in full control of your clinic’s financial success.
Improving efficiency is a core part of how to run a successful medical practice, and putting the right processes in place to enable it is especially important in the early years, when your practice is getting off the ground.
An effective healthcare system must be flexible enough to adapt to the needs of a changing population. In Australia, life expectancy is 81.5 years – among the highest in the world. In order to secure the sustainability of Australia’s healthcare, we need to address what the implications of an ageing population are, and consider next steps in order to move confidently into the future.
It's a simple truth that no business can thrive without the people in it. Therefore, employee empowerment and retention should form a vital component of your business plan. You’ve likely seen it before: the hallmarks of high employee turnover in healthcare and beyond encompass high recruiting costs, less-than-ideal productivity and so much lost time. But what makes employees go and what compels them to stay?
Opening your own medical practice is a rewarding endeavour. As a new business owner, you'll need to establish efficient processes and smart finances. This practical guide aims to streamline your operations and simplify your finances, from day one.