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Starting a medical practice can be incredibly lucrative, but it’s not without its challenges. Private practices especially have a hard time finding patients who are willing to pay more to receive a better service. In most cases, a patient will only visit their family doctor for small things such as a cough and will be satisfied to receive some prescription medication. However, if someone wants the best in care, advice and to not be left waiting to be seen, private medical practices are the only option.
In some ways, a private practice meets a niche need. It’s designed for people that are after quality healthcare and aren’t afraid to pay extra money. After all, your health is perhaps the most important thing in life and paying money for better healthcare makes sense. But what kind of challenges do private practices face, and is it still worth starting your own as a business opportunity?
Getting Paid on Time
Doctors often find it difficult to get paid on time due to administrative issues and paperwork. Luckily, technology has advanced to a point where this is no longer a factor for new practices that build foundations that utilize digital solutions.
Be it the Health Insurance Portability and Accountability Act or following regulations regarding the distribution and use of medication, it’s important to follow regulations in order to avoid huge fines to your business. Below, we’ve included an infographic regarding the HIPAA.
Competition is Fierce
The demand for private practice has slowly diminished, and it’s become even more important to think of your practice as a business in a traditional sense. This means promoting your services, advertising with new marketing strategies and actively trying to draw in new patients.
Graphic: HIPAA checklist