Do you want to practice as a liberal? Opening your own medical practice is a great adventure that must be carefully prepared. In addition to the steps required to create a “classic” business, you must also comply with a certain number of regulations specific to the practice of medicine: follow our experts guide to successfully start a GP Clinic in Singapore!
Doing market research: an imperative
As with any business, you need to make sure that your medical practice project is viable. Above all, try to determine:
- whether there are enough potential patients in the region where you want to implant;
- the unemployment rate and the average household income in the region;
- the number of medical practices already established in the area;
- Demographic trends in the region. Is the population growing or shrinking? Is it mainly made up of working people or older people?
Choose your legal structure
Simplified Joint Stock Company, sole proprietorship, Limited Liability Company, Singapore incorporation? There are many legal forms that allow you to open a medical practice. They all have their strengths and drawbacks: some are suitable for individual installation, others are more intended for opening a group practice. Learn carefully about each of them before deciding on your choice.
Find the ideal room to open your medical practice
Another essential step in opening your GP clinic: find a room that meets all the installation and safety rules in force. It is difficult to detail them all here, but be aware that your room must have at least one consultation room per doctor, another for the waiting room and toilets. In addition, you need a sink in your consultation room, to disinfect your hands between each patient. If you open a group medical practice, be aware that there are also specific requirements for certain specialties (e.g.: dermatology, gynaecology). You will have to take them into account when making your choice. Ideally, your room should also already be accessible to people with disabilities. : Otherwise, you risk having to do expensive work.
Of course, you can also take over an existing doctor’s practice, which will give you the possibility of “buying” the patient from the previous doctor at the same time. A patient transfer contract, containing various mandatory clauses, must then be signed between you. Do not hesitate to seek the help of a lawyer if necessary.
Obtain the necessary funds to open your GP clinic
As soon as you are able to accurately assess the budget you need to set up your business (e.g. .: purchase price of the premises, cost necessary for the acquisition of medical equipment and equipment for your waiting room , works possible to plan, purchase or not of patients), it is strongly recommended to write your business plan . This document can help you obtain a bank loan if your personal contribution turns out to be insufficient to cover all the costs. In practice, the business plan is made up of two main parts: the financial plan and a “drafted” part aimed at convincing your interlocutors of the viability of your project. The easiest way is to use one of the many models available on the Web or specialized software.
You can seek help from business incorporation services to open your GP clinic legally. These professionals will guide you throughout the process!
