Many doctors find that opening a private medical practice is a rewarding experience since they can have more control and freedom over their own professional lives. But while it is a great way to set yourself up for a successful career, it is also a big undertaking.Â
What Type Of License Do You Need
According to the British Medical Association, any doctor currently registered with the General Medical Council (GMC) is allowed by law to set up their private practice. It is not a requirement that you must inform the GMC about opening a private clinic, but you must remain as a registered doctor throughout the time you have your practice.
Job Titles
The only regulations regarding the title that you may give yourself are those within the GMC guidelines. Essentially anything misleading is wholly forbidden. Nonetheless, you can include business-type titles such as “Medical Director” or “Healthcare Director.”
Insurance
This is not optional when setting up your practice, and you will need quite comprehensive insurance to cover any eventualities. There are two facets to insurance, personal cover and industry acknowledgment.
Personal Insurance
You will need to get Indemnity insurance that covers private practice businesses. This will protect you against any issues arising from patient care and a range of other things.
Industry Recognition
As a result of practicing in the private healthcare sector, most of your customers will be using private health insurance to cover their medical expenses. These private health insurers will be paying the bills and will only do so if they are granted specialist recognition. You will have to bear in mind this because while the process is relatively straightforward, you will need to be granted acceptance by most of the larger insurance companies and have their own set of criteria.
Financial and Legal Considerations
As a result of being a very specialist occupation and dealing with people’s lives, you will be required to obtain the advice of lawyers and accountants that specialize in this kind of business.
Financial
The finances of your private practice relate to everything from taxation to staff salaries.
Taxation
All of the relevant documents must prove you are opening a private practice and will be self-employed. This means filing your tax receipts, checking expenses, paying staff tax via PAYE, and all other pertinent taxes that come with opening a business.
Bookkeeping
You will need to either hire an in-house accountant or use the services of an outside company. Whoever option you choose, fastidious bookkeeping is vital. This is critical for staying within the law, but it is also essential to know your profits and losses. Many small costs can add up to significant amounts over time which often undermines many private practices. Regardless of how good a doctor you may be, running a business is an entirely different game, so it’s usually best to leave it up to professional accountants.
Legal
This type of business often has many regulations to navigate as certain specific laws relate primarily to healthcare.
Data Protection
According to the Data Protection Act 1998, doctors who practice privately must be registered with the Information Commission. This is as a result of handling the sensitive private data of your customers. Moreover, the medical data you will be holding is extremely sensitive, and any breach could result in criminal and civil lawsuits against you.
Disclosure
Because you will be working with all kinds of people of differing ages, you will need to have a criminal record check done by the Disclosure and Barring Service (DBS). The good news is that since the introduction of the “Update Service,” you will only need to apply for this check once rather than having to update every year continually.
IT
When people think of a doctor’s surgery, they think only of medical equipment and trained medical staff. However, these places are also exceptionally complex technologically and require IT specialists to keep everything running in order. This can range from connecting the high-tech devices up to a network to set up an appointment scheduling software. There is also worth noting that you will need servers to store data and very sophisticated security software, backup services, and more.
Location
Location, location, location. This is as important in real estate as it is with finding the premises for your practice. Outside of significant populations means more affordable prices and puts you far away from most of your potential customers. Inside towns and cities keep you nearer but also costs far more. You will also need to consider the correct fittings. As the medical furniture suppliers UK Healthcare Chairs states, waiting rooms are high-risk areas, and all furnishings must adhere to strict guidelines regarding safety. Moreover, they should be easy to clean and hard-wearing so that you don’t need to reinvest over time. The type of clientele is also a factor to consider. They will be paying high premiums and, as such, may demand a certain level of quality when they are waiting to be served.
When it comes to private practices, there are three main options to choose from:
Private Or Public Hospital Consulting Rooms
There are several benefits to choosing this option: being in a location already known as a place where health is practiced. It is also beneficial because there are other medical staff nearby in the hopefully rare event of an emergency that you cannot handle. The rent may also include other staff such as cleaners but will also allow you to save some expense on IT costs.
Dedicated Office Space
This is often the most expensive option and requires you to set it up from scratch. This is not the most attractive option, but the main advantage is that you can set your practice apart from others, and the type of person using private healthcare may expect this kind of service.
Your Own Home
The most affordable and popular option among most private practitioners is to work from home. There is also the added benefit of saving money on tax, but you should first clear this with your account.
Setting up a private practice is a highly stressful and time-consuming procedure. Nevertheless, it can be rewarding and could even lead to more incredible things if your business acumen is up to standard.
