After many years of hard work, you’re finally reaching the culmination of your medical training and chances are you’re weighing up options for your next move. While a common choice for a young fellow is to work in an established clinic or retain a post at a hospital, you may decide take the leap set up your own private practice. It’s a challenging road for any medical professional, especially so for new graduates — but it can be done and the rewards are significant.
Microsoft Australia hosted their first annual summit in Sydney this week, which I was fortunate enough to attend. Microsoft’s mission to Empower every person and every organisation on the planet to achieve more is aspirational to say the least. Through listening to the key notes, attending the focused sessions and meeting with some of the global leaders, I’m now convinced that Microsoft may actually pull it off.
Transforming the lives of patients for the better is one of the most rewarding aspects of delivering the highest quality patient care. However, medical professionals also carry considerable levels of responsibility and risk. There are many aspects of implementing appropriate systems and processes to manage the high levels of medical and procedural responsibilities required to operate a modern medical practice.
Opening a new medical practice can be fraught with the challenges of servicing today’s dynamic healthcare industry. Despite the challenges, establishing a medical private practice can be an incredibly rewarding accomplishment for a medical professional, providing the chance to make key decisions that directly influence the standards of care delivered to patients. It is therefore crucial to strike a balance between being a leading medical practitioner and an innovative business owner.
At the heart of a patient centred care model is an empowered patient, equipped with all the information and support necessary to make informed decisions about their health. However, with the unique challenges facing today’s healthcare industry, including inefficiencies and rising costs, it is crucial that medical practices embrace technologies that facilitate patient-centred care with greater efficiency, all while reducing clinical risk.
More than ever, technology is causing sweeping changes to the healthcare industry. Less than a decade ago, obtaining key healthcare information such as drug interactions or obtaining patient medical histories took twice as long as it does today. While we have seen an uptake in Australia of new healthcare technologies, there’s still huge potential to further transform practice management solutions and patient care models.
As a society, we have become heavily reliant on technology across all facets of our daily lives. As the volume of medical information online continues to grow, this translates to patients becoming more reliant on online searches to find health information and healthcare providers. This is part of the bigger shift from healthcare being a purely provider-driven system to becoming a consumer-driven system.
When first starting a medical practice, many practitioners recognise the importance of writing a sound business plan that focuses on delivering immediate results; but in the commotion of the day to day, creating an ongoing strategic plan that can serve as a roadmap for growth often gets neglected. This roadmap can help you realise your vision for the clinic and maintain your competitive advantage.
It’s a well-known fact that physicians work long hours. Combine that with the fast-paced, high stress environment, they often find themselves burning out at much higher rates than the average working professional. Here's a deeper dive into what this looks like and the steps the healthcare industry can take to reduce burnout and ultimately improve patient care in the long term.
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.