No need to worry as a confused, medical practitioner. Our brief yet comprehensive guide will walk you through the most crucial things you need to take note of, as you establish your own medical practice. To find out how, keep reading.
What are some important things to note when starting your own medical practice in the Philippines?
- Goals, location, and budget
- Requirements for registration
- Getting the right people and the proper equipment
Having your own private medical practice gives you a lot of benefits. For one, it is an excellent way to earn a living. It also allows you to gain more recognition in the medical field, especially if you earn a good reputation in the industry. Lastly, it lets you utilize all your skills and knowledge to help more people and, at the same time, to contribute to your community.
However, establishing your own medical practice in the Philippines certainly isn’t easy. Although a tax calculator will be able to help you out (particularly when it comes to proper tax filing), you’re still going to need more in order to get your clinic or hospital up and running.
It’s going to be a tough journey, but we’ll make it easier by sharing some of the most crucial things that you need to take note of—so read more to find out!
Goals, Location, and Budget
Before you start building your own medical practice, you first need to think about your goals. Why are you setting up your own clinic or hospital? What is the goal of your practice? Is your facility going to specialize in a certain field or are you going for a more general approach?
After establishing your goals – or your mission and vision – you can then move forward and start scouting for areas that require your expertise.
Location is vital for the success of your practice. You need to be in an area where medical help is relatively scarce but still accessible to those who are in need. This way, you can help the most number of people without getting into a price war with other practitioners.
Finally (for the initial preparations at least) you need to consider your budget. How much can you spend to fully execute your venture, from the construction of your facility to the purchasing of the equipment? What adjustments do you need to make to fit everything into your budget? One option is to seek a reliable business partner, particularly another doctor or person in the medical field who shares your goals.
Requirements for Registration
Once you’ve completely settled the previous points, you need to get the proper registration, which requires tons of paperwork.
First, you need a license to practice medicine in the Philippines. You can get this through the Professional Regulation Commission (PRC). You also need a license to practice medicine in a community of your choice where you plan to establish your private facility, which can be obtained at the city hall. Aside from these, you need certification in medical training for general medicine and/or specialty training and membership in an accredited medical society.
You can then proceed to the Bureau of Internal Revenue (BIR) and go over all the taxation requirements for your practice, your future employees, and yourself. You may also need to visit other government agencies such as DOLE, SSS, and PhilHealth. All these take a lot of work, but there is a way to lessen the burden—through TaxumoMD.
TaxumoMD is a special platform that is specifically tailored for medical professionals. It can take care of your business registration and renewal, as well as ITR preparation and filing. It’s basically an online tax calculator in the Philippines, but with additional functions, so don’t hesitate to turn to it once you find yourself buried in paperwork.
Getting People and Equipment
With goals, location, budget, and requirements completed, the last thing you have to remember is acquiring the right people and the proper equipment.
Are you going to hire more doctors or medical professionals, or are you going to treat all the patients yourself? How about the front office? Who’s going to handle all the calls, inquiries, and walk-in patients? It’s essential that you get people who are not only skilled but also reliable and trustworthy.
Once that step is taken care of, you can move on to canvassing. Don’t just buy the most expensive or cheapest equipment. Instead, opt for ones that will allow you to get the most value for your money. If you’re looking for medical equipment and supplies, you can visit Quiapo, Recto, and Bambang. If you can’t find what you need there, you can ask your peers and acquaintances for advice.
There’s no easy way to establish your own private medical practice in the Philippines. You’ll have to overcome many hurdles to achieve your goal. These are just some of the most significant points that you have to keep in mind. Believe us when we say that there are more things to consider such as management, development, marketing, and promotions.
If you don’t want to be overwhelmed by the responsibility, you’ll need all the help you can get—whether it’s hiring people or using the best tools and platforms. Don’t fret, TaxumoMD is here for you! It’s an online platform that can help with the establishment of your business, the filing of your taxes, and so much more!