Stage 3 for Experienced Practitioners
Stage Three is where you aim to 'lead your list' and maximise equity.
When your career is up and running and you feel you have developed a strong level of clinical excellence and a vibrant, regular list of patients, you will experience satisfaction knowing that people seek your services and advocate for your practice. If this resonates with you, take pride in your achievements.
If you're someone who seeks new challenges and feels ready to embark on a new journey, establishing your own business may be the path for you. However, this new and exciting path can be daunting.
One way to ensure you take the first steps towards success, where you begin to maximise equity (simply put, developing an asset that doesn't solely rely on your billings), is by dedicating time creating a comprehensive plan. This plan should outline your vision for the future business, its operational aspects, and considerations such as name, location, fit-out, and personnel requirements.
from Stephen Coveys 7 Habits of highly effective people
Spending time in quadrant two (non-urgent but important) of the time management matrix, where planning takes precedence. Whether you're considering buying into an existing business or starting from scratch, thorough due diligence is essential.
Consider how you will market your business to increase billings. Determine whom you will employ or contract to assist you and contribute to the business's growth. In my book, "The Health Practitioners Journey," I've included MK Laws of Growth, some strategies to increase referrals and patient flow, aiding in the growth of your team's lists.
Implement robust induction, training, and mentoring processes for your team. Introduce meaningful performance measures or Key Performance Indicators (KPIs) to guide progress and performance.
Additionally, you'll need to consider
Understanding the financial aspects, including fair pricing for acquisitions or greenfield startup capital requirements
Comprehending the operational processes and systems
Identifying your competitors and ensuring compliance with regulations and permits
Defining your business's vision and the patient demographics you aim to serve
Planning for necessary equipment and creating an ambience in your premises that reflects your business's values and professionalism. I suggest creating a checklist as a valuable exercise to ensure no crucial matters are overlooked.
Utilise the example checklist provided in my book to guide you through the various considerations.
This step is a big one and it is challenging but very rewarding and undoubtedly worth considering, so ensure you are prepared to embark upon it confidently!
