The highest grossing doctors in Australia make on average close to six hundred thousand dollars per year. It doesn’t take a genius to work out on that salary with some great saving you’ll easily become a millionaire.
But what if you wanted to take things one step further. Rather than living a life of luxury, imagine if you could join the leagues of the one percent in a career you love. The best way to do this is by opening your own medical practice. By starting your own medical practice, you’re not just a doctor, you’re a business owner.
We can’t go as far to say that you’ll be getting two paychecks for the price of one. You will, however, make millions a year if you are successful. So what do you need to make this particular business venture a reality?
Can’t Make Money Without Money
Yes, most entrepreneur doctors will find that they do need to look into financing options. Unless of course, they have raised enough money over the years to open their own medical practice. Unfortunately, for an average practice you’re looking at something close to a hundred million. Unless you’ve had a nice payout from a plane crash, most people won’t have that type of cash stored in their bank account. Luckily, there are medical financing options available for people who seek out this kind of funding.
You can also look into the possibility of recruiting a private investor. Be warned though, that if they are providing the money, they shape your practice. They will determine how it’s run, the type of patients that you take on and whether or not you’ll have a free clinic. It might be best to get the money yourself rather than jumping in bed with someone who’s purely interested in the business side of the deal.
So where does the money come from that make medical practices such a massive goldmine for doctors? Well, often the money is derived from deals made with pharmaceutical companies. Pharmaceutical companies want their drugs to be sold to as many patients as possible once they have been TGA approved. Pharmaceutical companies have so much power on the market they can lobby politicians. But it’s not all bad news. Doctors make a fortune by shaking hands with drug producers and get some of the profits when they are sold to patients. Or rather the owner of the medical practice does which in this case, would be you.
Develop Something Unique
Finally, if you want your practice to be a success, you need to develop a USP. This is a basic rule of running a business. If you’re not offering something unique on the market, there’s no reason for customers to buy from you. In this case, you should be looking at offering a unique form of treatment or surgery. Do this, and you’ll be seen as an innovative practice by patients and investors alike. You will soon be rolling in the cash you make from this particular medical business venture.