If you’re a medical practitioner, then you know that the only way to bypass the rigid standards put into place by medical corporations is to start your own private medical practice. Many physicians feel the same way, too. The American Medical Association estimates that 49 percent of medical practices are physician-owned.
Starting a new medical practice isn’t as simple as renting out an office, however. If you’re feeling overwhelmed by the thought of starting your own practice, then you’re in luck. Read on for everything you need to know to get your practice off the ground!
Take Care Of Administrative Necessities
Starting any kind of business begins with a load of administrative tasks. They might not be especially enjoyable, but completing them properly will help you avoid any bumps in the road later down the line.
One of the first things you should do is to apply for a state medical license, a narcotic license, and a business license. These licenses are essential to getting your business off the ground.
From there, you should consider is whether you want your new medical practice to be formed as a partnership or a corporation. If you have other physicians coming with you, it’s important to discuss the pros and cons of the different ways to incorporate.
Prep For Operation
In order to properly prepare for operation, there are a lot of questions you’ll need to ask yourself.
What kind of business model are you interested in? Do you want to work like a traditional medical practice that accepts insurance? Which types of insurance do you want to accept?
There are also concierge and direct primary care practices that utilize monthly membership fees instead of accepting insurance. You might consider accepting select forms of insurance to help bulk up your clientele. These types of practices typically have fewer patients, allowing doctors to spend more time with their patients and provide thorough care.
Next, you’ll want to do things like sign up for malpractice insurance, if you don’t already have it. You’ll also want to come up with a fee schedule for your services. Finally, obtain computers and software to help your practice run smoothly.
Don’t Slack On Marketing
You might be the best doctor in the world, but no one will know if you don’t have patients. A killer marketing plan might be the difference between a successful private medical practice and one that’s going out of business. At a minimum, you’ll want to have a website and a presence on popular social media websites like Facebook and Instagram.
Don’t know a ton about marketing? Consider hiring a consulting firm, like HEOR Consulting, to help get your marketing plan up and running.
Are You Starting A New Medical Practice?
There’s no getting around the fact that starting a new medical practice is a complex process. Making sure to take all the right steps while you’re building your business is the key to success. Before you know it, your private medical practice will be on its way to providing quality medical care to your community.
Do you need help with things like developing an effective marketing plan or customer service training? We’re here to help. Check out the rest of our blog for tons of great tips!