Setting up private practce

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Hi everyone,
I have been offered a treatment room in a pharmacy to set up my own podiatry business..however I'm not too sure where to start. I know I will need to insure myself but not sure where to get this or how much it should cost.... Also would I need to register a business name? And where could I do this? are there any other legal aspects or business paper work I need to sort out before I start treating clients? Payment process is I keep certain percent would I need to track this or would that be the pharmacy responsibility? Also what percentage would be reasonable for the pharmacits to take?
Thanks for your help fellow pods

 

Hi jspiel,
This is a very big topic to cover in just a few sentences on this forum.
If you are an SCP member you will find that their Private Practice Handbook covers all these aspects of private practice in depth.

Hope that helps

CF

 

Hi,
SCP membership includes insurance! I get 60% in one practice and the other I get 70%. I hear 50/50 is quite common.
SCP also help with paperwork.. so yeah, speak to society!!
Good luck - I started in August and it's quite scary but also, brilliant!! Any other questions, don't be afraid to ask on here - everyone is so good!!

Lucy

 

Be careful not to involve yourself out of your depth too quickly, do you have a clinical mentor or perhaps one of your lectures to talk to. Are you a new grad or NHS? Where are you based? Either way you need to speak to someone in private practice on a one to one basis, ring another HPC reg podiatrist in your area and go and meet them. As long as your not direct competition they will be happy to talk.

 

Yes, i agree.. I had some great observations before I started in practice.. and it gives you great ideas for what you want to do on your own.

 

To the OP.

Your post makes you sound like you have recently qualified (nothing wrong with that). If this is the case your first step, as others have said, is to find yourself a mentor who will let you sit in on clinics. In an ideal world you really want to work for an established Practice for a while. Find out about the ups and downs of PP (Private Practice) - holidays/costs/prospective income for a Pod in your area etc.

Once you have more idea about PP you can start to think about your own Practice.
The availability of a room/premises is not a catalyst to starting a successful PP.

The SCP, the Institute, and the BCPA all provide indemnity insurance automatically when you join, along with varying degrees of advice and support for those wishing to set up a PP.

 

HI Guys,

This is a common way to start in private health practice and not a bad option.

Be aware that as a sub tenant you are at the mercy of the pharmacy owner as to the length and condition of your tenure - you are also vulnerable if the pharmacy closes, is sold or wants more space for other retail ventures.

I once had a successful physio clinic inside a fitness centre - the gym failed to pay rent for a few months - and was then closed down - I lost a great business through no fault of my own.

I would only do your current venture as a starting point to develop a database, build some referral links and get your foot in the door - I would then be looking to lease or even better - buy - your own office so you have some control over your business future - it will also be easier to sell a business with a more secure tenancy agreement.

Good luck

Paul Wright

www.healthbusinessprofits.com

 

I wholeheartedly recommend that anyone who is considering starting a practice clicks on the link in Paul's signature above. I was shown this website some months back by a Physiotherapy friend of mine and have read a lot of the information and watched some free webinars etc. The man talks a ridiculous amount of sense and I doubt there are many clinicians (even those already in practice) who wouldn't benefit from his wisdom.

On a personal note - thanks for changing my attitudes towards my practice Paul. Great to see you on our Arena.

Ian

 

Hi Jspiel,

Chamber of Commerce is a good source of advice/information on business start ups and the advice is free and the support offered ongoing. I had a lot of help from them with regards to my lease agreement which proved invaluable.

Also go along to your local branch meetings to meet other Pods in Private practice and working in NHS who can share with you their experiences and best practice and also these meetings are a great source of CPD oportunities.

Good Luck with your new venture.

 

(Not sure if this has already been mentioned?)

The Federation of Small Businesses is worth a look, as membership offers a variety of benefits that SCP membership doesn't cover.

 

It also doesn't hurt to go and talk to private practitioners from other disciplines Physios, Chiropractors and Dentists in private practice can teach you lots about running a business.

 

Just had a look at Paul Wrights page and free download, and as commented on above, it is all good common sense. Thanks for an excellent heads up

 

I am looking for someone to join my established practice in Christchurch NZ if you want a flying start and all the info. email me on hjwoods@gmail.com

 

jspiel

To answer your original question- I started out renting in 2 pharmacies, very successfully as you have a good footfall thro the door and recommendations from the pharmacists. The GPs also get to know where you are and the location is professional.
The rent I paid was 20% of the takings up to a maximum of £50 per day, as I only had one session at each.The percentage method is great while you are building up the business. This was however 16 years ago and although rents and fees have gone up I would not expect to pay the pharmacy more than 30%, and possibly a maximum of £70 . If you are considering doing more than one day per week , a lesser amount could be negotiated as weekly rates would be cheaper.
I have since changed both my clinics to GP practises which is even better of course and for very good rates.

As a lone practitioner I personally would not buy/lease long term premises in the current climate as times are hard and you would be working 2 weeks out of 4 to pay the overheads if you are not careful. If you had a partner/associate it could be a better prospect but learn to walk before you an run just to be on the safe side.

Regards

CM