The value of the retail medical market in 2016 was estimated at $1.4 billion with a 20% compound annual growth rate up to 2025. There’s no better time than now to open up a profitable urgent care business. What do you need to do to get started? Here’s how to start an urgent care clinic:
Develop A Business Plan
A business plan will help you set goals and map out specific details for your urgent care business model. In your business plan, you will need to figure out what your startup and ongoing costs will be as well as how long you expect it will take to break even. You will also want to define your target market, investors, and staff roles necessary for everyday operations.
Your business plan should also detail how you will make money as well as specifics regarding your urgent care marketing plan. What will you charge for the services you provide? How will you pay for ongoing expenses? How many patients will your clinic be able to see each day? How do you plan to be more profitable in the future? Your business plan will help you think these things through so you can have a solid foundation for success.
Figure Out Costs
What does it cost to start an urgent care clinic? As you are developing your business plan on how to start an urgent care clinic, you’ll need to figure this out. The expenses for your urgent care startup will vary depending on its size, location, and services offered. You should plan to budget at least $750,000 to pay for expenses during the first three months before you can start receiving insurance company payments.
Some startup costs to keep in mind are facility space, furniture, equipment, software, and insurance. Do you plan to build, lease, or purchase a building for your urgent care center? You’ll need approximately 1,500 square feet for each doctor in order to have enough room for exam rooms, radiology, lab, and a waiting room for patients. Software and equipment can cost you anywhere from $150,000 to $200,000.
Establish Your Legal Entity
You will need to set up your business under a legal structure to help protect you from becoming personally liable should your clinic be sued. Your choices as a legal entity included a DBA, LLC, or Corporation. You’ll also need to register for an EIN number for state and federal taxes. Find out what permits and licenses you may need before you can open up for business. You will also need to get insurance as well to protect you and your employees.
There are many things you need to do when figuring out how to start an urgent care clinic. If you follow the information above, you’ll be well on your way to making your urgent care clinic a reality. Take your time to establish a strong foundation so that your business can be financially strong far into the future.
Intuitive Health is one of the most progressive retail healthcare companies in the US.