I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
Deciding to launch your own physiatry practice is a very courageous choice. It can also be highly rewarding. There are many things you need to know before launching your practice, however. There is the cost of equipment to consider, the initial start-up cost and upkeep, hiring employees, marketing, and the list goes on extensively.
Here are some top questions you need to ask yourself before launching your practice:
1. Are you launching this practice for the right reasons?
Sometimes a physician will launch a business because they think it is expected of them, or it’s a family tradition. Other reasons are simply for monetary benefits. With high hopes of making tons of money, a new practitioner may sometimes lose sight of their ideal patient. Knowing your motives behind starting a new practice helps you stay committed to your goal and help others get on board too.
2. Who’s your ideal patient population?
Once you know what type of practice you want to begin, you now need to know who your target patient population is and who your ideal patient is. Focusing on a target population is something that you can delve into even deeper by creating a specific niche then going on to create a sub-niche. In this manner, you will be sure that you have focused on a particular need for an even more specific ideal patient.
3. Have you thoroughly researched your action plan?
Setting goals and measuring them is essential in launching a new practice. Put a plan into motion but allow yourself the flexibility to expand on that original plan. That leads us to the next question.
4. Is your practice plan too narrow-minded or will it achieve your desired outcome (and go beyond even that)?
Just because you’re launching a small business doesn’t mean you’re thinking should be small-minded. Instead, start small, but think bigger. One way to do so is by asking more important questions (i.e., “What if we could grow by 30% this year? What would that look like?” or “What if we became the most innovative practice in our market over the next three years. What would that look like?”).
5. Is there enough demand for the services you’re offering?
It pays to invest in market research before launching your business. For example, how many competitors are in your area? Where are patients currently going for the services you’ll offer? Without adequately researching the market, you can spend tons of time and money on an endeavor that simply doesn’t have enough demand to return your investment.
6. Can you put an innovative twist on something tried and true?
If not, you’re just another physiatrist offering the same old thing. Delivering quality healthcare to your patients should always be a practice’s primary focus. Doing so in a memorable and different way from competitors makes your brand identity and business strategy stand out. Note: Innovation might be tied to products/services, internal processes or workflows, and/or business models.
7. How much time are you willing to dedicate to this practice?
What if this practice is something that you will find success with right away? Are you willing to put the time and trouble in if it does become successful right away? If another 10 hours per week is needed for marketing alone, can you afford to do so? It’s also essential to identify if this is a part-time practice or full-time endeavor and then strategize accordingly.
8. Do you have enough funds to last six months to a year until your practice becomes steady enough to stand on its own two feet?
You need to have enough money to cover your personal expenses and your practice’s expenses. If you don’t, then consider moonlighting or locums to generate revenue while building your practice.
According to the U.S. Bureau of Labor Statistics, about 20% of U.S. small businesses fail within the first year, and half fail within the first five years. While there are numerous factors involved in a business’s longevity, answering these critical questions can position you to become well on your way to having a successful physiatry practice.
Positive affirmations are a guaranteed way to building a healthy mindset. Check out our blog here on how you can best create a more healthy mindset for success.
I am Dr. Hassan, Board-Certified Physiatry and Independent Practice Owner. I help physiatrists start and grow their own independent practice so that they can achieve financial independence and live without limits. Please go to businessofrehab.com/guide to pick up the free guide to help you determine the best business entity for your new physiatry practice.
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