The Basics of Business for Healthcare Professionals
Keeping to the theme of providing healthcare professionals with basic business principles here are three fundamental things you need to do well if you are running your own practice or if you are thinking of starting one. These are my…
Analysing the Macro-environment
Following up on my earlier post about tools for strategic analysis this post looks to explain a tool for general macroenvironmental analysis. In our current climate it is always a good idea to think about how external environment factors can…
Industry Analysis – Porter’s Five Forces
Porter's Five Forces While studying your lecturers most likely told you that if you want to open a practice you need to look at the area where you want to start the practice and then they might have rattled off…
Getting Paid
How to get paid for your work: Before you start seeing patients it is a good idea to decide on how you want to be paid. The main ways practices are paid are 1) either by their patients paying cash…
Business Types
Business Types Sole Proprietorship This is a type of business that is not formally incorporated. You practice for your own account and all monies earned get taxed in your hands. You are personally liable for profits and losses. Please note…
Bank Accounts
Your bank account Your bank account Why is it important that we think about our practice bank account first? You will need a bank account number to apply for a practice number. It is not ideal to use your own…
