Starting Your Healthcare Practice: Essential Tips for New Doctors

If you're a new or seasoned doctor preparing to start your own practice—whether it's a chiropractic business, occupational therapy (OT), or physical therapy (PT) clinic—this post is for you. Drawing from my own experiences and insights, I want to guide you through some crucial steps to help you avoid common pitfalls and set yourself up for success.

1. Plan Ahead

One of the most important things to remember when starting your practice is to plan ahead. Here are a few key considerations:

• Build-Out Time: Expect a three to four-month build-out period once you find a location. This is crucial for getting your space ready for patients.

• Financing: Many new doctors opt for an SBA (Small Business Administration) loan, which typically requires a 25% down payment. If you're looking at a $100,000 or $200,000 loan, ensure you have the capital available. Remember, this down payment cannot come from another loan; it must be a gift or your own funds.

• Marketing: Start your marketing efforts well in advance. Building a social media presence takes time, and it’s essential to create content that resonates with your target audience. For instance, if you want to attract families, focus on topics related to children’s health.

2. Know Your Demographic

Understanding the demographic you want to serve is vital. For example, if you aim to work with children, look for areas with a high population of families with young kids. Research the local demographics to find neighborhoods that are growing and have the income levels you need to sustain your practice.

3. Analyze the Competition

Before settling on a location, assess the competition in your area. If there are already many providers offering similar services, it may be challenging to establish your practice. Conversely, if you have a unique niche—like specialized care for children with developmental delays—you may find a more favorable environment for growth.

4. Create a Solid Business Plan

A well-structured business plan is essential for securing financing. Your plan should include:

• Detailed market analysis

• Clear marketing strategies

• Financial projections

• A timeline for opening and growth

Having a comprehensive business plan can significantly increase your chances of obtaining a loan.

5. Choose the Right Space

When it comes to finding a location, consider the lease terms carefully. Instead of signing a long-term lease (like five years), look for options that allow for one to three-year leases. This flexibility can be crucial as your practice grows. Additionally, ensure you have clauses that allow you to exit the lease if necessary.

6. Hire Professionals

Don’t try to do everything yourself. Hire a good accountant and a lawyer to help you set up your LLC properly. While it may seem like an added expense, having professionals on your side can save you time and money in the long run.

7. Build Your Network

Once your practice is up and running, focus on building relationships with other healthcare providers in your area. Networking can lead to valuable referrals. Approach these connections with the mindset of collaboration rather than just seeking business.

8. Start Small with Equipment

When starting out, avoid overspending on equipment. Invest in what you need to serve your patients effectively, but don’t buy unnecessary tools that will sit unused. Consider financing options for larger purchases to maintain cash flow.

9. Prepare for Growth

As your practice grows, you may experience periods of rapid growth followed by slower times. Having a financial cushion can help you navigate these fluctuations. Always keep an eye on your cash flow and be prepared for seasonal changes in patient volume.

10. Establish Standard Operating Procedures

One of the most significant oversights I made was not creating standard operating procedures (SOPs) from the beginning. Documenting processes for patient intake, scheduling, and treatment protocols can save you time and stress as your practice expands. This will also make training new staff much easier.

Conclusion

Starting your own healthcare practice can be a rewarding yet challenging journey. By planning ahead, understanding your market, and building a solid foundation, you can set yourself up for long-term success. If you have any questions or need further guidance, feel free to reach out.

For more resources and tips on building your practice, check out my course at limitlessfoundation.co. Together, we can help you navigate the complexities of starting and growing your healthcare business.