The reasons a physician might decide to start their own practice are many. Some are drawn by the allure of greater earnings or control over their own work, whilst others are simply interested in the opportunity to serve communities that are underserved. Whatever the driving force behind the decision might have been, it takes a great deal of courage to take the plunge into building something of your own in this modern age of mergers and hospital buyouts.

However, it is not impossible for independent practice to thrive in a corporate world. Quite to the contrary, if done correctly, it is a very achievable task. It all depends on planning, as much of the work required to make a new practice successful will be done before doors are even open. Knowing what to do and what not to do beforehand will make many tough decisions much easier.

Keep these five tips in mind to ensure your practice is successful:

Know your Mission

The first thing to do is to understand why exactly you wish to open an independent practice. As discussed earlier, the reasons for wanting to do so are many, from greater control over your work and increased financial reward, to simply a desire to provide patients with better healthcare services.

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An understanding of the motivation, whatever that may be, will help create a plan specifically to achieve that goal. In the longer term, it will also serve as a yardstick against which to measure in order to gauge whether or not the practice has been a success.

Set Goals

Upon achieving a clear understanding of the reasons behind opening the practice, the next step is to set long-term goals. With the aforementioned mission in mind, set achievable goals that move you closer and closer to becoming the kind of practice you want to be.

Define your Branding

Now that we have a mission and a few goals in mind, the proper planning can begin. The first two steps will help determine what needs to be done when actually going about setting up a new practice, defining the vision you have for what type of practice you want to be. Combining this vision with the previously mentioned mission will provide you with your brand. This brand will be reflected within the very atmosphere and culture of the practice and will play an important role in how the practice is marketed.

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The importance of branding when it comes to marketing and attracting new patients cannot be overstated. While these may seem unnecessary expenses in the short run, investing in a memorable name, an attractive log and a well-written mission statement that communicates to patients exactly what type of practice this is will be invaluable tools in any future marketing endeavors.

Project Planning

This tip encompasses all of the ones discussed above. Developing a project plan as you work your way towards opening the practice will help ensure you don’t miss anything important. This plan should include a checklist of all the important decisions that need to be made, serving as something of a blueprint as you build up your practice. it can also be useful for tracking ongoing tasks, such as credentialing and federal/state registration. While these may seem unnecessary expenses in the short run, investing in a memorable name, a professional medical logo, and a well-written mission statement that communicates to patients exactly what type of practice this is will be invaluable tools in any future marketing endeavors.

Pick Your Location Wisely

What they say is true, location truly is everything, especially when it comes to opening your own business. A variety of different factors come together to decide whether or not a specific location is suitable for your practice, all of which will need careful consideration in order to ensure the best location is ultimately chosen.

Population trends, community growth, construction permits, and proximity to other existing or planned practices will play key roles in deciding whether or not a location is suitable. Proper research into all of these, while time-consuming, will ultimately prove beneficial. It would also be wise to consider what kind of space, exactly, your new practice will need. If constricting a brand new space exactly to your specifications is too expensive, the best choice might be to purchase a pre-existing space that comes close. Making this decision means you have a suitable space to operate in which, hopefully, can be made perfect with just a few upgrades later on when money is less of an issue.