Starting your own medical practice can be an exciting and rewarding endeavor, but it also requires careful planning and execution. Here are a few things to consider in order to successfully open a medical practice:
1. Setup Legal Entity
Each state has their own laws on what is required with respect to the type of legal entity required for a medical practice. Additionally, these laws also specify who can legally own a practice.
2. Choose a Location
Select a convenient and accessible location for your practice. Consider factors like demographics, competition, zoning laws, and the availability of necessary infrastructure and resources, as well as whether you intend to own or lease the space.
3. Complete Payor Credentialing
Research what the insurance companies require for credentialing. Complete and submit required applications well in advance of opening. Approval can take up to 6 months!
4. Set Up Your Finances
Determine your startup costs, secure funding through investors or loans, and establish business banking and accounting systems. Ensure you have adequate insurance coverage as well.
5. Hire and Train Your Team
Recruit qualified medical and administrative staff to support the day-to-day operations of your practice. Provide comprehensive training to ensure a smooth patient experience.
6. Invest in the Right Equipment and Technology
Equip your practice with the necessary medical equipment, supplies, and technology to deliver high-quality care and streamline your operations.
7. Develop Policies and Procedures
Establish clear policies and procedures for patient intake, appointment scheduling, billing, record-keeping, and other essential functions.
8. Market Your Practice
Develop a comprehensive marketing plan to attract new patients and build your brand. This may include a website, social media presence, local advertising, and community outreach.
- Choose an EMR and Billing System. Implement a billing system to ensure that you can accurately bill patients and insurance companies for your services. This may involve hiring a billing specialist or using a third-party billing service. Choose an EMR that is right for you.
10. Continuously Improve and Adapt
Monitor your practice’s performance, gather patient feedback, and make adjustments as needed to optimize your operations and better serve your patients.
Opening a medical practice requires a significant investment of time, effort, and resources, but with careful planning and execution, you can build a thriving and successful healthcare business.
Does it feel a bit overwhelming? Looking for a startup medical practice consultant? We provide a turnkey solution for all your startup needs. Having experience opening multiple practices across various states and specialties, let us help you! We have established relationships with each of the vendors needed above.
Need help after opening? We can assist with that, too! Whether you need us to manage the entire back-office or just provide medical billing, we can help!
Interested in learning more? On our website, you can schedule a FREE consultation. We look forward to hearing from you!
