Now more than ever, urgent care centers are flourishing. With treatment costs of $168 and wait times of 30 minutes or less, these facilities are the preferred option for quick, economical, and accessible emergency care. Based on the Urgent Care Association of America’s data, about 300 to 600 new centers are being opened annually, totaling more than 9,600 urgent care facilities country-wide.
The industry boom doesn’t show signs of slowing anytime soon, so opening an urgent care practice can be a smart business move. If you’re unsure where to start, check the top five things to consider.
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Write a Business Plan
A business plan serves as a roadmap for building your practice successfully and minimizing risk as you go. Your urgent care business plan should cover every facet of your facility, including a general description of the company, a list of the services offered, your marketing plan, the management structure, and—possibly the essential component of any business plan—your financial predictions.
When establishing a new company, financial history is typically not available. As a result, to calculate your profit and loss estimates, you must use the information from your industry research and market analysis. This data will enable others to comprehend your business idea. The goal is to demonstrate that your urgent care facility can generate enough profit to cover operating expenses and repay the loans down the road.
Pick a Great Location
When choosing an appropriate location, you must consider numerous factors. Ease of access and visibility are crucial. Your practice should be visible to passing traffic. Furthermore, you should also provide parking for at least a dozen vehicles. Remember that the number of parking you can offer will frequently determine the client flow. So, aim for parking that can take in the anticipated number of patients your facility can accommodate.
Last but not least, find out if the elements that make the location ideal right now will still exist in 5 or 10 years. You may want to search elsewhere if there is a chance that those conditions will alter soon.
Purchase the Needed Equipment
Once your budget is approved and you’ve selected a location, you must acquire all the equipment necessary to run a private clinic. Depending on the practice you’re opening, you’ll require different medical equipment, so make sure to do your due diligence.
In addition, you’ll need to purchase computers and a communications system, furniture for your waiting area, and office supplies your front office workers will require to function. Finally, investigate leasing possibilities for your medical equipment when setting up your clinic. This may help you reduce some of the initial costs.
Set up the Billing Process Early
Billing is also one of the top considerations when opening any medical facility. The type of billing system you use dramatically affects patient satisfaction and clinic workflow. If you have the resources, you might want to outsource your billing.
However, it’s perfectly feasible to carry out the billing and claims procedures internally. You just have to choose a reliable medical billing system and recruit a person with knowledge of the process who can assist other front desk employees in becoming comfortable with it.
Hire the Staff Before the Opening
Don’t postpone the process of hiring staff for your practice. In fact, if you want to ensure that everyone is prepared for when your doors open, you should begin this process early. Be specific during the hiring process regarding the opening date.
You’ll probably employ front office staff and licensed nurses. Create detailed job descriptions and submit online job postings. Additionally, decide on the benefits you’ll offer for each position. Try to choose employees who share your beliefs and support the overarching objective of your clinic. In addition, ensure they have excellent communication skills and a positive attitude.
Tip: Consider Franchising
Considering the density of medical practitioners opening their own practice, it’s also feasible to do franchising. In the context of the medical field, the franchise meaning pertains to enabling healthcare professionals to establish their clinics or diagnostic centres under an established medical franchise brand.
It’ll offer you benefits like brand recognition, operational support, and access to advanced medical technology. However, challenges include navigating complex regulations, substantial initial investments, and maintaining consistent quality of care. Overall, medical franchising presents opportunities for practitioners like you to own healthcare businesses while leveraging the reputation and resources of a recognized franchise.
Final Thoughts
Opening your own practice can feel intimidating. However, by taking things one step at a time and making wise decisions, you’ll set yourself up for success and future growth. Any successful business venture starts with a solid business plan. Once you create one, sort your financing, pick a location, and set up a billing system. Finally, purchase the needed equipment and hire the team and you’ll be all set for the opening day.
The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.
