This is a dilemma that all businesses face at one time or another: to rent or to buy? Both have their pros and cons, and you will need to work out which one is most amenable to your financial and business plans in both the short and long term. Decide Whether to Buy or Rent Your Facility The latter will provide you with a PCNS number, which you will need to provide on all your communications going forward. Firstly, you must register with the Health Professions Council in South Africa (HPCSA), and with the Board of Healthcare Funders of South Africa (BHFSA). Medical practitioners need to comply with several governmental requirements as they start and run their practices. Either way, you need to factor repayments into your cash flow and formulate a plan for making sufficient income to cover costs and start generating profits. How are you going to finance your practice and how do you plan to make it profitable? You could obtain a loan from a bank or draw funding from private investors. Read Next: Insight Into Young Doctors’ Perception Of The COVID-19 Pandemic 2. Don’t forget to think about your specific value proposition: why will patients want to choose your practice over another? That means drawing up a detailed business plan, complete with you vision and mission statement, your financial plan, the structure of the business and your marketing strategy. Develop A Business PlanĪ medical practice is business like any other, and you need to establish what is going to set your practice apart from anyone else’s, while planning for its success. Peruse our blog for more information on the medical industry and medical technology. 7 Steps to Opening A South African Medical Practiceīefore you get moving on your new medical practice, take note of the seven most important things you need to know in order to start and run your new practice. Glenmed Professional Healthcare Solutions discusses the key matters you need to consider when opening a medical practice. It also comes with a number of hurdles that are unique to the medical profession. Opening a new medical practice comes with all the challenges that any entrepreneur would experience when starting a business.
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