Franchisors Should Consider These Essentials While Starting A Psychiatric Practice Business
India is accounting a lot of mental health issues in the last few years. Independent of the age factor, from children to adults could be seen going through some sort of mental health issues that need to be addressed at the earliest.
With a whopping population of around 1.3 billion followed by the scarcity of resources, it’s important to consider people that are undergoing some mental illness issues. This could be done by establishing a private psychiatric practice business that could emerge as a one-stop destination for treating this issue.
Moreover, healthcare franchisors could see this as a profitable business opportunity as India just doesn’t have enough doctors or centers that are specialized in the field of psychiatry.
Despite India’s large population, the country has fewer than 4,000 psychiatrists out of which only 900 or so are trained, clinical psychologists. The growing mental health issues have eventually increased the demand for quality and trained psychiatrists that could treat people as per the illness and one’s own knowledge.
Therefore, establishing a private psychiatric practice business could well turn you into one major player in the industry, especially when there no such competitions lying within the Indian business soil.
Thus, if you are willing to establish your own psychiatric practice business, consider these basic essentials that could help your business sustain and grow in the Indian healthcare industry.
Design an Effective Business Model
A business model is a common success factor for any business that is doing great today. It won’t be wrong to claim that a business can’t even take a step ahead without a properly designed business model.
Thus, while designing a business model, one could think through some fundamental questions like:
- What kind of care would you like to provide?
- Where do you want to practice?
- Which hours do you want to work?
- Will you accept insurance?
Dr. Bhupender Singh Arora, Psychiatrist, Rupantran Neuropsychiatric Center shares, “Opting for a commercial location for running a psychiatric business is a daunting task. Especially when you are new into the industry, consider going through deep research and analysis before finalizing a location. Remember that your location will play a vital role in your venture’s success or failure.”
Answering these questions wisely could help you plan out an effective business model that could prove lucrative once the business rises off the ground.
The Financial Aspect
Business is all about running the numbers carefully. Ask yourself about how much you are planning to earn through your psychiatric practice business. You might consider working as many hours as possible, considering the fact that every off hour could have helped you generate some revenue.
Consider shifting your viewpoint from hours lost to hours free which are the necessary approach for reducing burnout.
Build Up Your Brand
Sustaining in the Indian business sector, especially the healthcare sector is all about building up a brand. While the Indian healthcare industry is flourishing with startups and new business ideas, it’s very important to stay different along with highlighting the key offerings that could cater to the target patients carefully, eventually resulting in making great money.
So if you are new into the industry, consider getting out of the office, visiting clinicians and professional healthcare experts for the collaboration purpose. You could offer a fixed amount of income to clinicians and healthcare experts for referring clients to you.