White Coat Investor Podcast

WCI #227: Starting a Medical Practice

Sep 9, 2021
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ADVICE

Write A Realistic Business Plan

  • Build a detailed business plan before committing to start a practice.
  • Include location, overhead, staffing, referral patterns and competitor analysis.
ADVICE

Prepare Banks With A Clear Pitch

  • Approach multiple banks with a clear business plan and simple presentation to get a line of credit.
  • Keep savings as a fallback and expect many banks to steer you toward SBA loans first.
ADVICE

Start Credentialing And Online Marketing Early

  • Start credentialing and insurer applications months ahead because processing lags are long.
  • Build a website early and learn SEO and Google Ads to drive leads for cosmetic practices.
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