Blog

8 Essential Tips For Starting Your Medical Practice

Starting a medical practice is no easy task, but this undertaking can be an extremely rewarding professional step for you. These tips will help you set up a medical practice that is organized and focused on patient satisfaction while providing you with a profit. Learn how to start a medical practice below.

Create a Checklist

As with any business opportunity, creating a checklist before you really get started is an essential step to opening your own medical practice. Fortunately, the Medical Group Management Association maintains an easy-to-access medical practice checklist that serves as a basic guideline during this process

Create a Feasible Business Plan

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 two reasons. 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.

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.

Secure Financing

Now that you have a business plan drawn up and ready to present to lenders or investors, it is time to find financing.

Major banks across the country have special lending practices and programs that are specifically intended to assist medical practices. For example U.S. Bank Bank of America offer affordable financing solutions for medical practices and physicians.

Get Legal Help

Starting a medical practice automatically means opening yourself up to malpractice lawsuits. This is an unfortunate risk that can be mitigated with the help of a lawyer. Certain law offices specialize in representing doctors and ensuring that they have the proper protection against liability.

Research Insurance Coverage

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 devastating losses. Corporate insurance is a must if you set your practice up as a corporate entity.

Credentials

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. The Georgia Composite Medical Board provides an example of credential forms. Reimbursements from third-party payors are not made until your practice has been properly credentialed.

Contracting

Contracting with health insurance companies allows you to accept the most popular plans that potential patients hold. 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.

Using Software To Streamline the Office

Software offers an ideal solution when you want to keep your practice streamlined and running smoothly. Dragon Medical Speech Recognition Software allows small practices to easily manage documentation of illnesses and treatments while adhering to HIPAA guidelines.

Starting your own medical practice is an exciting opportunity that can get lost in the red tape. Follow the tips outlined in our medical practice checklist above to make it a positive experience that will also be a profitable one.