Health Finance

Medical entrepreneurs are often frightened to start up a private healthcare business because Cyprus has such a reliable government funded healthcare system.

The earning potential for an entrepreneur is certainly not a factor to be worried about. The private health insurance statistics make this clear. 10.5% of the total Cyprus population opted for private medical insurance in 2019. That means that nearly 4 million citizens in the Cyprus are open to private healthcare.

For most medical entrepreneurs, lack of funding is the reason why they never start up their own healthcare business. Now, with medical practice business loans, this is no longer something that you need to worry about.

How to Start an Independent Medical Practice:

Starting an independent medical practice in the Cyprus can be complicated and expensive. You need to have a detailed plan in place, before you take the first steps. Sometimes it’s worthwhile hiring a professional medical business consultant to assist you. Below is a summary of the steps you will need to take to start your own medical healthcare business:

Step 1: Develop a thorough business plan that features all of the expected revenue and debt projections for at least 3 years. Be realistic as your potential lenders will be able to easily tell if you are being realistic or not.

Step 2: Apply for and obtain financing.

Step 3: Purchase relevant equipment and recruit qualified and experienced healthcare staff. Look into electronic health recording systems, practice management systems, medical billing systems, medical transcription software, background check services and credit card processing systems.

Step 4: Prepare for opening your practice doors. You will need to register your business and get a tax ID, get your website up and running, establish policies and procedures, and get medical business insurance set up.

Step 5: Open for business!

Costs & Expenses Medical Practices Face

As a medical entrepreneur, you have the opportunity to provide quality medical care to many people in Cyprus, but at what cost?

When starting up the medical practice, there are costs you will need to think about covering: These include:

• Cost of financing
• Business premises
• Outfitting and construction
• Equipment (including ongoing servicing and maintenance)
• Water and electricity (and backup power)
• Insurance
• Salaries and wages
• Medical supplies (medication, treatment products)
• New patient acquisition (advertising and marketing)