Is a doctor’s practice a service or a business? Frankly I find it very difficult to define it clearly. The costs involved are huge. Even if a doctor wants to do something ‘free’ he / she has to charge some amount to cover the costs and the effort. Forget the money involved, what are the questions that a doctor starting his practice has to answer…let us look at some:
1. Where to locate the practice? – should be in a rich locality / middle class locality / down market locality?
2. Should one practice solo or with a group of friends?
3. How many other health professionals should one employ / partner with?
4. What format to use – sole proprietor, partnership or a private limited company?
5. How will it be different from the other practices?
6. What will be the timing?
7. Will patients be seen ONLY by appointment or will there be walk ins allowed?
8. How will you attract patients?
9. What will be the ambience? Is there enough place for parking, sitting place for patients, etc?
10. Private practice vs. being employed in a big hospital – pros and cons?
11. Should I start afresh or should I buy into an existing practice?
12. Should equipment be bought, hired or leased?
13. What records should I keep?
14. How much to invest in technology? will I afford? will I understand?
15. Should I buy a house or stay in a rented house – the financial implications on practice?
16. Once I get married will my spouse be a part of my practice or will I marry a non medical person – planning perspective.
17. What licences, permissions, sanctions, insurance, do I require to start my practice?
18. Who should be my CA, lawyer, insurance consultant, – all these are required BEFORE STARTING.
19. What will be the financial implications of all these actions / desires.
20. Will I find time to read www.subramoney.com every day ?
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