Now that you have your medical degree and survived residency, you want to be your own boss. You can fulfill that dream of owning your own practice.
But what does it take to open a new medical practice? Keep reading to learn the basic steps from funding your practice to hiring staff.
Funding Your New Medical Practice
When you open your business, you will make money. However, you also need money to start your business. You will have to purchase medical supplies, pay for office space rent, and find waiting room furniture.
Finding these items will take time and money. You can read more about the best medical supplies medical equipment to find the best deals, and you can always look for quality but used office furniture. You can find creative ways to cut down on office space such as sharing space with another medical practitioner or a weekend warrior like a massage therapist.
The healthcare industry will ultimately pay you well, but in the beginning, you’ll be looking for money to build your businesses. Look for a bank willing to fund you with a small business loan. You can also look into refinancing your medical school loans.
File Your Paperwork
Seek the proper credentialing before you hand your shingle outside your door and open up for business. First, fill out the proper paperwork so you can be a Medicare or Medicaid provider. This process takes 90 days, so start early.
You also need to secure malpractice insurance before you begin practicing medicine. Even if a state doesn’t require it, as a new provider, you need this insurance against missteps.
Next, develop a fee schedule. Consider the different services you will offer, and determine the proper fee for such services.
Invest in Software and Supplies
To run an efficient business, you will need up-to-date software and quality medical supplies. Do not try to save money on software. The right software will allow you to easily comply with state requirements.
You will have to decide if you want to purchase billing software at this time or hire a company to do your billing for you. Some software allows you to do all the coding and collecting in your business.
Medical businesses require unique supplies from the equipment to the furnishings. Here is a brief list of what you’ll need to buy:
- Medical equipment such as stethoscopes, otoscopes, exam tables, and blood pressure monitors
- Business hardware like computers, credit card machines, phones, and fax machines
- Utility services such as phone, internet, heating, electricity, and water
- Medical supplies such as gloves, syringes, ointments, gloves, gauze, tongue depressors, hydrogel dressings and antibacterial wipes
- Clothing like scrubs, lab coats, staff uniforms, patient gowns, and name tags
- Furnishings such as tables, chairs, and decorations
Once you’ve purchased your materials and filed the proper paperwork, you’re almost ready to start the business.
Make Personnel Decisions
To run a medical practice, you need more than a doctor. At this point, you should decide what office staff and medical staff you can afford. How many nurses and other medical staff do you want on hand, and how many office staff members will you need to staff the front office of your clinic?
You’ll also determine workflow at this point while you’re setting up your office.
Practice Medicine, and Smile
When you follow these basic steps, you’ll find yourself with your new medical practice in no time. You can spread the word that you’re open for business, and watch the patients come. You’ll be able to use your skills to serve the public and help people