Starting a medical practice is no easy task, but it can be an extremely rewarding professional step.
We have compiled a handful of tips from industry experts that will help you set up a medical practice that is organized and focused on patient satisfaction and guarantee a profit.
As with any business opportunity, creating a checklist for starting a new practice before you get started is an essential step to opening your own medical practice.
Fortunately, the Medical Group Management Association maintains many resources that serve as basic guidelines during the initial phase.
While a medical practice is subject to stricter regulations than other types of businesses, it is still a business.
Creating a business plan is important for 2 reasons:
1. This plan allows you to put your ideas into writing in order to determine whether your plan to start a medical practice is really a lucrative venture.
2. The financial portion of the business plan will also assist with your pursuit of funding for the practice. Banks and investors need to see that you have thoroughly researched the financial needs of new medical practices.
Now that you have a business plan drawn up and ready to present to lenders or investors, it may be time to find financing.
Almost all major banks across the country have special lending practices and programs that are specifically intended to assist medical practices.
Hire A Legal Professional
Starting a medical practice can some times mean opening yourself up to malpractice lawsuits.
This is an unfortunate risk that can be mitigated with the help of a legal professional.
Certain law offices specialize in representing doctors and ensuring that they have the proper protection.
Opening a medical practice is a business move that requires you to be extremely diligent about covering yourself when it comes to insurance.
Malpractice insurance is just one of the types of coverage that you must hold to keep your practice from experiencing potential loss.
Corporate insurance is also a must if you set your practice up as a corporate entity.
The unique challenge that you will face when starting a medical practice as opposed to a traditional business is the need to obtain credentials.
Credentialing is typically a process that involves the completion and filing of paperwork.
A quick online search will provide an example of credential forms.
Reimbursements from some third-party payors are not made until your practice has been properly credentialed.
Contracting with health insurance companies allows you to accept the most popular health plans.
This process involves contacting third-party payors to discuss accepting insurance policies.
It is essential to ensure that you and the payor understand the contracts that you establish.
Install Productivity Software
Using productivity software offers an ideal solution when you want to keep your practice streamlined and running smoothly.
For example, Dragon Medical One allows small practices to easily manage documentation and treatment plans while adhering to HIPAA guidelines.
Starting a medical practice is an exciting opportunity that can get lost in the red tape.
Follow the tips outlined above to make it a positive experience that will also be a profitable one.