For most physicians and medical doctors, the decision to take an entrepreneurial route is a challenging one. Although most physicians are aware of the rewards, others concentrate on the risks. Those risks revolve around doubting whether they may successfully launch a private practice from scratch.
Starting your own medical practice is not easy. But with determination, hard work, and the following tips from the pros, you can successfully start your own medical practice:
Table of Contents
1. Get Funding
With a lot to take care of, you can ask yourself where to get started. But deep down, you know you need finances.
The actual amount required depends on your situation. Roughly, you need to secure around $100k to cover startup costs and equipment. These finances can also cover bills and payroll until your income stream is stable and established.
Suppose you are not wealthy independently and need operating funds until revenue streams are established. In that case, you will have to get a loan from a bank or any other reliable lending institution.
2. Staff the Clinic
Now can be a better time to decide on the experts who can staff your hospital or clinic. You must start the process early so that everyone gets ready when the doors to the clinic open. During the recruiting process, ensure you are clear about the job openings and what you want to start.
It could be an area that requires you to find a reliable collaborating physician doctor in US. You may also need a front office team and a few registered nurses on board.
When recruiting, consider writing a detailed job description on every job post and put it online. You should also highlight the kind of benefits every job position offers.
3. Put Your Credentials Together
You have to go through the credentialing process to access private or government health insurance from your patients. The whole credentialing process may take a few months.
Typically, insurers may inquire about residency and medical education. And they might also want to determine whether you are licensed as well as have malpractice insurance.
Not every state requires malpractice insurance that varies depending on your location and specialty. However, having it can help to protect all your personal assets should some patients decide to sue you and your medical practice. So check with your local department of insurance for further details on this.
4. Find a Suitable Location
There are several factors you must consider. These may include parking availability competition and running a standalone vs. out of a multi-use space clinic.
If some renovations are needed, you need to incorporate this into your estimation of when the practice should be opened. Steps to set up a physical practice may include signing a lease and negotiating lease terms.
Final Touches!
Odds are, your expenses for starting a medical practice are much higher than they should be, and the revenue streaming in is lower. But worry not. You still got this provided you have a good business plan, research well, and take care of the basics, like location, finances, and licensing.
