Opening a private practice or starting a side business is a popular option for medical practitioners who wish to increase their income and manage their schedule and keep helping people. Although starting a business is challenging and risky, if you plan and manage everything properly, you can count on income growth and professional fulfillment. Below in this article, we have collected popular business ideas for doctors and tips for turning these ideas into reality.

If you are not ready to open a business yet and would like to find a better-paying job, you will need a strong physician medical resume. A professional medical CV writing service can improve your resume and make you more employable in a competitive labor market. An experienced physician resume writer will emphasize your clinical rotations, internships, work history, and accomplishments to increase your interview chances for well-paying positions.

6 Business Ideas for Doctors With a Medical CV Resume

Develop a mobile app

The medical app market is booming as many hospitals and clinics today use applications to manage appointments, and prescriptions, post doctors’ profiles, or even offer video consultations. To develop a mobile app and then sell it, you will need to leverage your medical knowledge and find a team of IT developers and marketers who can implement your ideas.

Produce dietary supplements

The market for dietary supplements is projected to grow by 8.9% by 2030. Supplements are not drugs exactly, yet people consume them to fulfill the daily nutrient requirements and for overall health and well-being. In addition to deciding what type of supplement you will be producing, you will need to make agreements with pharmacies or organize direct sales to distribute your product.

Open a private practice

Opening a private clinic is the most popular business option for doctors of different specialties. Yet, starting this type of business makes more sense for physicians with over a decade of experience than aspiring doctors. There are many points you need to consider, including startup and maintenance costs, staff salaries, taxes, marketing, and promotion.

Start a medical laboratory business

Lab tests are essential to get objective health data and help the doctor diagnose a patient accurately. Doctors often order blood and urine tests, throat swabs, and specific tests to identify a specific condition. To open a laboratory in your state, you might need to obtain a certification. If you locate a lab next to the hospital or clinic, this will help ensure a stable flow of customers.

Open a drug rehabilitation center

Addiction to drugs and alcohol is a sensitive topic, so people prefer to contact private medical centers with these issues. If you are interested in issues of substance abuse and want to help people return to a meaningful life, starting a rehab center is a good business idea. To make a go of your business, you need to create comfortable conditions for drug and alcohol addicts and attract the best therapists and psychologists.

Practice telemedicine

Today, people are busy, and seeing a doctor in person can be time-consuming. So, many patients prefer using telemedicine instead. Moreover, online consultations are typically cheaper than in-person visits. By using a video chat, you can offer consultations and advice online in your domain of medicine. You can set up a personal website or register at one of the telemedicine platforms.

How to start a business?

If you want to open a private practice, a laboratory, or a medical center, you will need to follow these steps:

Analyze the competition

Creating a successful business starts with a thorough competitor analysis. Answer the following questions: are there many businesses in your area similar to what you plan to open? What services do they offer and at what price? How do they attract and retain clients and if clients are satisfied with the quality of services or care they receive?

Based on the information you found, identify the strengths and weaknesses of your competitors. Think about whether you can provide adequate services and treatment of similar or better quality than your competitors, and how much you plan to charge. Chances are, you will need to obtain the additional license or take training to offer better services.

Set up an office

Find an office space that meets regulatory requirements for medical facilities. You will need to strike the balance between the affordability of the office and its convenience for staff and patients. Your office should have a bathroom, reception, laboratory, and doctor’s office.

Renting an office in the city center can be too expensive, so choose a location where little offices of your competitors are located or a district with many newly built homes. Or, open a clinic in a high-end neighborhood to offer expensive services.

Purchase the equipment

If you are not offering telemedicine services, you will need to purchase the equipment for your medical office. The exact list of equipment and its cost will depend on the type of services you will provide to clients. For example, a diagnostic lab will need an MRI scanner, X-ray machine, ultrasound, CR system, centrifuge, and others. If you are targeting middle-class customers, you can rent or purchase used devices or inexpensive equipment. Yet, when opening an elite medical center, you will need to invest in good furniture and state-of-the-art equipment.

To fully equip the office, you will need to purchase furniture, couches, desks, and more. Also, allocate the expenses for stationery, computer equipment, and fire alarm system, and don’t forget about the electronic medical system.

Create a legal entity

Choose a legal structure for your business and register it in your state. Creating a legal entity is important to avoid risking your personal assets in case your business is sued. You will also need to receive a tax ID. Find out the federal and state regulations for your business type and make sure you meet them.

Hire personnel

If you hire physicians, lab technicians or other medical professionals, make sure they have specialized education and relevant experience, as well as the necessary certifications. The success of your clinic also depends on the front office team – a receptionist, office manager or administrative assistant. Client satisfaction will depend on their communication skills, courtesy and attitude.

Make sure to offer fair compensation to all specialists in your private hospital, otherwise, good professionals won’t stay with you long.

Think about marketing and promotion

To attract your target customers, you need to offer something interesting to them. Good examples of methods to attract clients are: low prices or limited discounted offers, inviting a well-known specialist to work for you, offering services they won’t find elsewhere, convenient working hours, fast services, etc. You need to establish a positive reputation. Use a variety of methods when promoting your business, including the distribution of flyers, business cards, social media ads, publications in magazines, printed ads, etc. If your customers are satisfied with the quality of services you provide, they will attract more clients over time.
Physicians and other medical professionals have many opportunities to start a business, even if they only have a few years of experience in a clinic or hospital. Above, we have listed the fundamentals of starting a healthcare business, and hope this information will inspire you to start a business and realize your ambitions.