Need a Business Plan When Starting a Medical Practice?

“Medical Practice Business Plan – Needed to start a Medical Practice?” is a great article by Jim Hook over at the Fox Group. The article digs into the “What’s” and “Whys” of needing a business plan as you start your new medical practice…

Excerpt:

“A medical practice business plan may seem like a luxury when you’re starting a medical practice. After all, you’re going to need start-up capital for lots of other things, too, like initial deposits, equipment, insurance and staff, just to name a few. So why should you consider allocating resources to a medical practice business plan?

Business plans are sometimes described as roadmaps, guiding businesses in planning for future business activities, and describing the goal(s), and the steps and resources to reach the goal(s). Business plans are often required by banks or other financial institutions that may be lending the money necessary for a business to grow. And businesses seeking loans that may be guaranteed by a government agency will certainly be required to have a realistic business plan as part obtaining guaranteed financing…”

Jim’s article goes on to outline the components of a good practice business plan, as well as the numerous ways a good plan can benefit you.

This article is the second installment as a part of the series that Fox Group is providing on Starting a Medical Practice.

Authored by: Jim Hook on The Fox Group, LLC. Blog

Read the full original article

View all Articles Mentioned by: Melissa Clark, CCS-P, RT