Guide to Opening a multidisciplinary medical clinic

For more than twenty years, the number of Medical clinics in Singapore has been on the rise.

Multidisciplinary clinics with more than 10 employees are slightly more numerous each year. In short, the sector is evolving and those wishing to set up their own medical practice must, as with any entrepreneurial approach, go through the 4 steps that we decipher below.

1. Conducting medical practice market research

As with the opening of any company, market research is an indispensable step towards the realization of your project. The objective here is to ensure that, before setting up your multidisciplinary clinic and incurring costs, there is sufficient demand on the proposed location.

As a first step, it is essential to take an interest in the demographic characteristics of the population living near the proposed location for your medical clinic.

A few questions should guide your study, for example:

- How many potential patients are available in the area?

- Is the population stable, increasing or decreasing?

- How does the age pyramid look?

- Is the population aging?

- What is the average income, the unemployment rate ?

Once this step is completed, you need to survey the medical environment of the area by identifying all the competing healthcare structures (hospitals, medical centres, etc.). It goes without saying that it is not advisable to set up a clinic in an over-medicated environment. It is therefore a matter of examining the environmentand analysing the available opportunities.

2. Legal status to adopt for a multidisciplinary clinic

The second step in setting up your medical centre is to choose a legal status adapted to your project. This step is primordial to setting up your clinic as the legal status in no way exempts the health professional from the responsibilities (legal or other) specific to his or her profession.

Micro-enterprises and start-ups are a very adequate legal form when setting up a medical centre. Each of these two options has its advantages and disadvantages.

The choice is personal and depends on your project, including the number of doctors attached to the practice and their specializations, as well as your development prospects.

3. Designing a business plan

The next step in setting up a medical practice is to carry out your business plan. The business plan of a medical centre carries out several objectives:

- Allows you to assess the project’s funding need and potential for profitability;

- Serves as a reference document, allowing you to present your project to your funding partners during the funding search phase;

- Allows you to get an overview of your project, which will then be used as a roadmap for the first months of activity.

In a simplified way, the business plan of a medical clinic consists of two parts: a written part used to present the project and convince of its assets, and a financial plan to evaluate the financial viability of the latter.

The business plan is an essential tool to model your project, clarify it or even obtain financing. Thus, its realization should not be taken lightly. If you do find such task burdensome, or if you want to save time, a good solution is to use an online business plan software. Using specialized software has several major advantages:

- You will be guided step by step in writing instructions and examples for each part of the plan;

- You can easily carry out your financial forecast, letting the software take care of the calculations and the accounting aspects;

- You will have access to already written business plan templates;

- Eventually, You will get a professional document, formatted, and ready to be sent to your bank.

4. Securing Funds

The final step in setting up a multidisciplinary medical clinic: acquiring the funds needed to set up the project. The amount you need to raise in order to create your structure will heavily depend on your project:

- Setting up a medical clinic from scratch (the least expensive solution), or buying from an already established structure (more expensive but also a less risky solution since you won’t have to acquire your patients from scratch)

- Cost of investment in medical equipment. Of course, a general practitioner will face minimal expenses compared to a medical centre made up of many doctors.

- Number of rooms to be fitted and size of the rooms, etc…

Regarding the funding itself, in addition to the essential personal contribution (that is, the money being contributed by you and your partners), several options are at your disposal:

- Leasing: for medical equipment and vehicles necessary to emergency patient transportation ;

- Bank credit: Most banks offer financing plans specifically dedicated to healthcare professionals.

It is also possible to receive help from health insurance.

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