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After you go through medical school and practicing medicine for a number of years, the thought of becoming an entrepreneur is a tough pill to swallow for many doctors.
To start a medical practice, you need to learn a few non-medical things. It’s nice to have the power to make decisions about your workplace and how it operates, but there’s going to be a lot of work that goes into it.
Today, we’re going to give you a step-by-step guide for starting a medical practice. The quicker you learn these things, the faster you’ll get up and running.
Budgeting and Finance
Starting a new medical practice, when all is said and done, can be quite expensive. Getting a good building and equipping it with everything that you need might end up costing in the neighborhood of $250,000, so you’ve got to either save up or take out a loan.
Do your best to ballpark various costs (equipment and staying afloat for the first few months) and that will give you your budget. Creating a business plan is a good way to get an idea of what funds you need and what you’ll be doing during the beginning phases of opening your practice.
Setting and Location
This may or may not come up when you write a business plan; your setting and location are important things to get out of the way. Are you going to operate as a single doctor in your own practice or are you going to partner with other doctors and open a group practice? There are benefits and pitfalls to both.
Also, decide on the city and location that you’d like to operate in. There are realtors that specialize in healthcare real estate, which means that they can help you find properties that make sense for a medical practice.
Get Your Licenses and Insurance
You’ll have to have a medical license, then register with the DEA (to prescribe drugs), register as a dispensing physician, get an NPI number, and any state-based licenses.
You’re also going to need to get general liability coverage and malpractice insurance on top of that, so you’re protected. You may also consider Medicare supplement insurance and business overhead expense insurance.
Staffing and Equipment
Purchase your furniture, equipment, software, and decorate your practice so that it’s comfortable for you and your future patients. This is often the longest process for new practices because certain pieces of equipment can take a while to have delivered.
Simultaneously, you should be holding interviews for receptionists and medical assistants. Come up with good interview questions and make sure to budget for salary and benefits before you hire too many people.
Start a Medical Practice With New Patients
Even after you get all your licenses and equipment to start a medical practice, you’re going to have a lot of work to do finding new patients. Put ads up online, start a website, a blog, and open social media accounts to start to get people’s attention. You can finally relax and focus on your practice when patients start coming in.
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