Run your clinic like a business

While the general belief is that doctors earn decent money to enable them afford luxurious lifestyles, doctors themselves believe that their wealth is merely on paper.

Many doctors upon graduation open clinics that are neither registered as entities beyond the medical council certificate nor are they managed as such. The doctor becomes the business, the product, the manager and everything that there is to his clinic. This is partly why many are very anxious and uncertain about the eTIMS platform that KRA is pushing to doctors to capture more of their income into the growing tax-net.

This individual-basis clinic model never worked for the most sought-after medics who then opted to open hospitals instead of relying on a clinic. But not all doctors can open hospitals due to the heavy capital requirement. Hospital are also too tedious to manage and given the current healthcare situation, majority are cash-trapped and closing.

The only challenge that many doctors face is revenue cycle management. They are owed money that they can neither trace, remember or even be paid. And for patients paying cash, the accountant and cashiers make away with the doctors' sweat. And it dates back to many years and many hospitals and many insurance companies. The debts are also owed in complex layers that makes nearly all doctors slaves of hospitals and insurance companies or workers for some of their employees.

The point here is that medical practices or clinics can be streamlined to be profitable and to run with the owner-model business. This will solve the tax issues many clinics face with KRA as well as supply chain, asset management, pension, payroll, employer-compliance, audit, partnership management and transitions or exits.

Several solutions abound this menace and one that cuts across anchor transitioning of these medical clinics and practices to be businesses.

Would you want to know more about how your can turn your medical clinic into a business? Before doing the registration paperwork, start with a specifically tailored medical clinic business plan. Email [email protected] to start today.