Clinician to Business Leader: Building a Thriving Practice
Starting a new private practice is an exciting, but demanding endeavor. It’s easy to get caught up in day-to-day responsibilities, making it difficult to step back and focus on the bigger picture. However, taking the time to lay a strong foundation is essential for long-term success.
To deliver the high quality care and environment your prospective patients expect, and that you aspire to offer, you need a clear vision and a well-thought-out strategy. From defining your goals and setting up efficient systems, to creating a welcoming patient experience and building your brand, every decision plays a role in shaping your practice.
Thoughtful planning now ensures you’re not just opening a practice – you’re building a thriving, sustainable business that aligns with your values and meets the needs of your community.
At Designated Medical, our expert team is on-hand to guide you through the essentials of running a private practice, providing a clear roadmap of the key steps involved.
Here are our top tips for building a successful business strategy:
Defining Your Vision
The journey begins with vision-setting. What do you want your clinic to look like in 3 to 5 years? Whether your goal is to operate a single bespoke clinic or a multi-location practice, it’s crucial to identify your drivers, ideal work-life balance, team structure, and the patient demographic you aim to serve. The clarity of this vision serves as your north star, guiding business decisions along the way.
Value Proposition and Unique Selling Points (USPs)
A strong value proposition is central to attracting and retaining patients. Define what services your clinic will offer, who your patients will be, and how your approach addresses their specific needs. Articulating this clearly helps set your clinic apart from competitors and forms the foundation of your brand identity.
Unique Selling Points (USPs) further reinforce your clinic’s appeal in a crowded marketplace. Factors such as the reputation of clinicians, specialist services, pricing structure, and patient experience all play a role in why a patient would choose your clinic over another.
Planning for Success: ACTOMS Framework
The ACTOMS framework helps structure your planning:
- Ambition: What are you aiming to achieve?
- Challenges: What hurdles must you overcome?
- Target Audience: Who are your ideal patients?
- One Key Message: What is the core idea you want to communicate?
- Media: What channels will you use to reach your audience?
- Success: How will you define and measure success?
Competitive Positioning and Pricing
Understanding your competitors and their market positioning allows you to differentiate your own offerings effectively. Mapping out where your clinic sits; premium vs. affordable, generalist vs. specialist, will help determine your brand’s tone, pricing strategy, and marketing efforts.
When pricing your services, consider direct costs, market demand, specialisation, and competitor pricing. Avoid aggressive discounting and instead focus on delivering value through high-quality services and patient care.
Business Planning and Financial Management
A robust business plan and detailed budget are key to sustainability. This should cover:
- Revenue streams (consultations, tests, procedures, product sales)
- Cost of sales
- Overheads (staff, rent, IT, legal, marketing)
- Key resources and partners (e.g. management systems, recruitment, insurance)
A Business Model Canvas is a useful tool to map out your operations, value proposition, customer segments, and more.
Operational Structure and Daily Management
Defining roles and responsibilities is critical for seamless day-to-day operations. A typical clinic team may include a Founder/Clinical Director, Practice Manager, Medical Secretary, clinicians, and administrative support staff. Clarify how each role contributes to the patient journey; from first contact to post-treatment follow-up.
Tracking Success with KPIs
To ensure you’re on the right track, set clear metrics:
- New patient acquisitions
- Website and phone enquiries
- Patient retention and referrals
- Consultation numbers
- Revenue and 5-star reviews
Monitoring these indicators will provide insights into what’s working and where to improve.
Patient Experience and Marketing
Patients evaluate clinics based on several touchpoints: first impressions, clinician reputation, referral sources, pricing clarity, and overall care. Craft your patient journey to ensure it is smooth, supportive, and engaging.
Invest in your brand identity, digital presence, and referral networks. A well-communicated and consistent message about your USPs and values will help you reach and retain your target audience effectively.
Next Steps …
- Take advantage of our free 45-min consultation with our experts, who have a proven track record in private practice management, and will be able to provide you with practical help and guidance on building a successful private practice quickly and effectively, to book your session please email info@designatedmedical.com
- Join our Private Practice Success WhatsApp group, a space where you can easily keep in touch, share information and ask questions with colleagues.
- Register for our ‘Building a Successful Private Practice’ series of free webinars.