If you are in the medical field, and have some entrepreneurial spirit, you may choose to set a course for your own practice. Setting up any venture is difficult. However, with the right know-how and preparation beforehand, it is more than viable to organize.
Starting a medical practice of your own accord can be more than a dream come true after it is finished. All it takes is getting familiar with the proper steps and unique tasks to check off. If this is of interest to you, here is an eight-part checklist on how to start a medical practice on your own:
1. Prerequisites for starting a medical practice
Before you figure out how to start a medical practice, there are certain requirements and mandates to be fulfilled. Some prerequisites are rather simple, while others are more intricate in nature. To make things easier on your end, start with the easiest tasks. This entails choosing a starting date and determining how your practice will operate in terms of organization.
The more intricate tasks will see you obtaining the requisite local and national, if applicable, tax identification numbers. In addition, you’ll want to write up the practice’s budget for starting out, just so you can financially manage the necessary tasks. Get familiar with the appropriate legal representation, and pertinent accounting firm, and you are well on your way.
2. Location of medical practice
Of course, you can only start a medical practice once you have the location chosen. The chosen space will occupy all in-house tasks and operations, but has to be picked according to your vision. Keep in mind the various factors pertinent to location choice, such as negotiating the lease if it is a physical space.
In addition, you’ll have to eventually sign owner-contractor agreements so that your operations can actually happen. The various rooms have to also remain in line with how you want to conceptualize the practice as well. This entails ensuring the space is large enough for operations, as well as making it welcoming enough for clients.
Instead of choosing a physical location, you can use software to modernize practice management. This way, you can treat a vast amount of patients no matter where your location may be.
3. Acquiring insurance
For almost all things in life, insurance in some scale will be required. This applies to your medical practice as well. You’ll have to do your due diligence in researching the various plans available, in addition to how they fit within the constraints of your budget.
For new medical practices, you will most likely need multiple plans to cover the start-up. For example, malpractice insurance is one type of plan that is specific to the medical field. Other types of insurance plans, such as employee fidelity bond coverage, if needed, will often be required. Speak with multiple agents or brokers to find the coverage that you need!
4. Financial planning for your medical practice
This requires its own section, largely due in part to the breadth of its importance. Your new medical practice can only begin operations once all financial tasks have been completed. This entails checking in with your chosen accounting firm and working together to finish specific procedures.
These procedures can include preparing cash flow to opening a new checking account for the practice. Setting up the necessary accounting system, as well as training your potential employees on how to manage it, will also be mandatory. Your practice almost unilaterally hinges on the success of good financial planning, so ensure it is meticulously reviewed.
5. Billing and coding for medical practices
Similar in nature to good financial planning, the success of your new medical practice also centers on proper billing and coding. Think of it as a two-pronged approach to setting up a successful start-up. For this portion to effectively be implemented, first establish a medical record filing system.
After that has been completed, determine the proper evaluation and management codes to be used in the practice. You’ll also want to obtain required billing manuals appropriate to your practice’s operations. Don’t forget to develop an info manual for patients as well; they’ll need to be informed of the ins and outs of your start-up.
6. Communication system for medical practices
To effectively ensure that the practice’s operations flow smoothly, a good communication system is a must. This entails ensuring a proper telephone system is set up, along with other related administrative systems. Your medical practice has to communicate efficiently to endure for the long-term!
7. Computer systems for medical practices
An administrative system for your practice needs a proper computer system. The appropriate software will ensure that all tasks, such as patient scheduling, can be ran as efficiently as possible. Other pertinent routines will only be amplified through the correct computerization.
8. Marketing for your medical practice
Of course, your medical practice needs to be recognized by patients. As such, you will need a good sense of marketing to get your start-up out there into the larger field view.
Develop an appropriate website and social media platforms to be used for marketing. A few business cards exchanged at networking events wouldn’t hurt either!
The process will be challenging, but, once completed, your new medical practice will definitely be worth it. It all starts with preparing accordingly. Draw out a schedule, keep your timeline relatively on point, and the start-up will be on its way to fruition!
