Do You Need To Be A Doctor To Run A Medical Business?

This contributed post is for informational purposes only. Please consult a business, financial and legal professional before making any decisions. We may earn money or products from the affiliate links in this post.

medical business

So, you want to start a medical business?

But, you’re not a doctor?

The healthcare sector is one of the largest in the world, and also one of the most “future-proof” – people, after all, are always going to require healthcare.

This ensures that any medical business has a greater-than-average chance of success, which should make such a venture incredibly attractive to prospective entrepreneurs… but there’s one thing that always holds them back: a lack of medical qualifications.

This reticence is understandable; it seems to naturally follow that the best people to start medical businesses are medical practitioners.

However, this isn’t necessarily the case, and non-doctors can start medical businesses if they so choose.

Related to starting a medical business:

How is this possible?

First, it’s important to distinguish between two skill sets:

  • Medical doctors – highly-educated and intelligent individuals who are qualified to diagnose and treat patients
  • Entrepreneurs – people who are capable of building and managing a successful business

In some cases, a single individual may possess both of these skill sets; they are a qualified medical practitioner, but they also possess the skills necessary to be an entrepreneur. For these individuals, starting a medical business makes sense.

However, doctor-entrepreneurs are also incredibly rare. The two skill sets do not necessarily go hand-in-hand; they have very different requirements, and it not unsurprising that few people are equally as skilled in both areas.

Therefore, would-be entrepreneurs can open medical businesses – in fact, it could be argued that they should.

How can this work?

In many ways, running a healthcare clinic or other medical business is similar to running any other kind of company. Think of it like this: the patients are the customers, and the doctors are the skilled individuals who provide a service to those customers.

When viewed through this lens, a medical business is no different to, for example, a digital marketing agency – the client requires a service, and experienced, qualified staff then deliver that service to the customer. The work of the team is then overseen by the actual business owner, who – in most cases – will have relatively little to do with the day-to-day clients and the services provided to them.

Given the above, it is clear that anyone – regardless of qualifications – can start a medical business. There is, however, a caveat; you will need to be willing to hire seasoned medical professionals; a medical business cannot be a solopreneur venture unless you have prior medical qualifications.

The importance of good quality staff

One of the foremost requirements of any business is the ability to hire competent staff, but this requirement is particularly important if you intend to start a medical business.

First and foremost, the success of your business will largely depend on the quality of care your staff medical professionals are able to provide. Secondly, you will need to rely on your staff for advice on niche, medical-related decisions.

In particular, you will need assistance in making the right choices regarding equipment purchases; you can find medical equipment here and on similar sites, but you’ll need advice on what you should buy and which is most suitable for the specific needs of the patients at your clinic.

It is therefore imperative you hire medical professionals who are both adept at providing care to patients, but also willing to consult with you on any specific decisions that require medical insight.

In conclusion: Running a medical business

As we have seen, you do not need to be a medical professional to start a medical business – but you do need to hire qualified staff who can offer the specialist insight you’ll need to operate the business successfully.

Financial Bin Community