Medical businesses are some of the most costly to set up. The initial startup funding needs to run high, as you’ve got specialist premises to pay for, you’ll have high class tech to invest in and operate, and the starting salary of a junior doctor tends to be above the average too.
All in all, the cost of operating this business from the get go is going to be astronomical. But then, if you manage to survive your first couple of years, you’re naturally going to want to expand to meet the rising demands of your patient roster.
But how much more will that cost you? It can vary from niche to niche, but in general, these are the kind of costs you could be looking at.
Finding Space
If you’re going to expand your treatment list, and allow patients to access more quality healthcare in the same place, you’re going to need space to host, store, and use the equipment you invest in. That’s a high cost to have to fork out for.
After all, your current premises may be filled to the max already. You may need to clear out old tech you no longer use; the second hand/resale price for these tend to be much lower, but you can still make some of the money back.
The main cost, however, will be needing to find a new place to work. This is already a costly process, but it could take a long time as well.
Increasing Staff Power
No medical business can be run efficiently without a solid team behind it. While you may be a qualified medical practitioner yourself, unless you’re running your own therapy office or cosmetic salon, you’re unlikely to be able to do so alone.
You’re going to need other staff around, and the bigger you grow, the more staff you’ll need. This can add upwards of $50,000 per new hire to your yearly outgoings, which can often outpace the amount of treatments you sell in the long term.
You can cut costs here by working on an outsourcing basis. Allowing locums to operate actively in your clinic, for example, or hiring a dental virtual receptionist for your dental and hygienist practice. The costs of these working setups will be lower, with far less of a benefits package (if one at all), and you can still provide the quality care your patients are looking for.
Increased IT Support
A medical business isn’t only run by you and your staff. It also relies on the digital infrastructure you’ve put together to keep your network servers online, keep your website up, and to allow patients to book directly via your online system.
You’re going to need to pay for experts in the IT field to run these concerns for you. Now that you’re thinking of scaling upwards, you’re going to need dedicated support more than ever before.
Growing a medical business is costly. Work out the projected price ASAP.
