Financing a medical business: Choosing the right lender for medical practices
When you decide to set up a medical practice, you’re not just a healthcare professional anymore; you’re becoming an entrepreneur, wearing multiple hats and navigating both medical and business landscapes.
Optimise your online strategy: Become the referral influencer
Your Google ranking for specific terms defines the volume of patients who will make an enquiry, ask for a referral to your practice or change the referral destination. It’s a data-driven approach to becoming a ‘referral-influencer’ someone who can influence the flow of GP referrals and direct enquiries.
Kris Borgraeve stresses the importance of optimising your online presence: You can guide potential patients through their journey, from inquiry to consultation.
That’s why it’s pivotal to understand what patients search for. Once you have defined what keywords people type in to learn about your services, you create high-quality content to attract these visitors through search.
Master the rules when it comes to advertising your medical practice
In a bid to market your private practice, it’s crucial to remain compliant. It’s not just about attracting patients, but doing it right. Gae Nuttall underscores the necessity to remain within legal and ethical boundaries when advertising. Falling foul of advertising regulations can have dire consequences.
From understanding what qualifies as a misleading advertisement to being cautious about testimonials, knowledge in this field can save practices from potential pitfalls.
- AHPRA’s Guidelines for advertising regulated health services
- AHPRA’s Social media guide
- TGA advertising hub
Strategise your medical indemnity
By considering factors like practice specialty, location, and future plans, practitioners can find an insurance policy tailored to their unique needs.
Propel your financial journey: Choose prosperity over regret
James McLeod explains four possible financial pathways and the key to choosing the right one. Spoiler alert: Pathway 4 is the ideal!
- Pathway 1: You are ignoring symptoms until it becomes a crisis.
- Pathway 2: You’re managing your finances day to day, but without a long-term plan or goal.
- Pathway 3: You’re making decent decisions and have a comfortable life, but you may not be maximising your financial potential.
- Pathway 4: You’re making proactive decisions that secure financial health and enable you to thrive and achieve your financial goals.
Medical practice setup
Build your perfect medical practice
“A successful clinic is more than just medical expertise. It’s about envisioning, planning, and executing a comprehensive strategy.”
Starting a clinic goes beyond medical expertise. Kim Struthers offers a checklist for those looking to set up their practice, emphasising the importance of foresight. From selecting a location to deciding on the design, every decision counts. Here are a few examples of what you should think about:
- Look for a clinic location with on-site parking
- Think about your future growth and make sure your workflow is right. You can’t change that once it’s finished, without a significant cost
- Don’t go for price over quality and make sure materials comply with health standards
- Don’t choose overused brand colours: Stand out from the crowd!