Starting a private practice is a life-long dream for many physicians because it gives them a chance to provide treatment and counselling services to clients directly. By opening such an enterprise, I will get an opportunity to help people my terms as I also try out new therapeutic techniques and structures for the business. For such a venture to be successful, a clear and detailed business plan needs to be outlined to guide in setting up the practice’s infrastructure ( Seigel, 2019 ). Consequently, I have done my research well and have gained experience in the medical field and as such, understand the challenges of running such a practice.
I have developed a business plan that includes the projections of the revenues to be earned and the expenses to be incurred over the first three years of operations. The expenses provide a detailed account of everything that will be required from the equipment, lease of the building to the legal costs ( Stout & Grand, 2010 ). In addition to this, I also have a risk management plan to mitigate any potential risks that the practice may face. As a private entity, the facility will need to find a balance during the service delivery process. Some key ethical guidelines must be considered and addressed by the health care facility. These include informed consent, voluntary participation, confidentiality, anonymity, patient relationships, malpractice and negligence, and issues related to physician-assisted suicide ( Paterson, 2011 ).
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The plan also outlines the marketing strategy to be used. In the current society, the world has undergone a technological revolution, and as such, the service delivery model has changed ( Walfish et al., 2017 ). With the knowledge that many individuals spend their time on the internet, I plan to make use of internet marketing as a means of reaching out to potential clients. Through online platforms such as Facebook, Twitter, Instagram and LinkedIn, I will create an online presence that will grant me access to a significant proportion of the population. Building a website on a free platform will also allow me to advertise the practice, the services we offer and why we are the best in the industry ( Marcinko et al., 2010 ). I also plan to establish an exclusive brand for the facility so that I can create a unique identity in the market.
I plan to get financing from investors to make this dream a reality. For everything to be up and running, I will need funds to cater for leasing expenses, payroll, insurance, lab equipment and prescription medication, license fees, taxes, software and hardware, facilities and other miscellaneous expenses.
Opening a private practice will grant me the autonomy to practice medicine by making decisions on the scope of my operations and workflow. If funded well, it can be a very rewarding venture because I will be able to directly influence the quality and standards of care delivered to patients. The practice will also expand healthcare in a region that is underserved and has limited access to such facilities.
References
Marcinko, D. E., & Hetico, H. R. (Eds.). (2010). The business of medical practice: Transformational health 2.0 skills for doctors . New York: Springer Publishing Company.
Paterson, R. (2011). Private practice made simple: Everything you need to know to set up and manage a successful mental health practice . California: New Harbinger Publications.
Seigel, B. (2019). Private practice survival guide: A journey to unlock your freedom to success . Austin, TX: Rebel Press.
Stout, C. E., & Grand, L. C. (2010). Getting started in private practice: The complete guide to building your mental health practice (Vol. 1). New Jersey: John Wiley & Sons.
Walfish, S., Barnett, J. E., & Zimmerman, J. (Eds.). (2017). Handbook of private practice: Keys to success for mental health practitioners . London: Oxford University Press.
