How Doctors Can Start a Practice
Many doctors also dream of the opportunity to be their own boss. The ability to establish your own practice can give you the freedom to create your own mission, vision, values and philosophy, but this can also be an incredibly daunting and scary task. If you want to start your own medical practice, here are a few tips to help you do just that.
Know That There Will Be Challenges
When starting your out on your own, the reality is that it can be an expensive, lengthy and complicated process that requires patience and perseverance. Learning to navigate the legal implications of private practice, the tricky nuances of insurance companies, patient payments and managing staff are so much more than your typical patient care.
Develop a Business Plan and Secure Funding
Just like any other small business, you will need a comprehensive business plan and funding to get your practice off of the ground. Everything from your structure to financial projections to your purpose and mission will be necessary components of your plan and can also play into your ability to secure funding. The Small Business Administration can prove incredibly useful during this process.
Navigate the Credentialing Process
As a business that will need to work with a variety of insurance plans, you will need to go through a lengthy process of credentialing. This requires everything from your education and residency records to your license to your malpractice insurance. Negotiating contracts, understanding each provider’s requirements and the credentialing process can take months, so start early.
Decide on Your Legal Counsel and Support
Determining your business’s legal structure will significantly influence your level of liability for the business’s dealings, finances and losses. If you have not already found legal counsel that specializes in healthcare, it is strongly encouraged that you consider hiring someone. Don’t forget to ask for their help to register with the Internal Revenue Service and follow the necessary steps for your taxes.
Follow Your State and Federal Regulations for Licensure
Doctors must hold current licensure to practice. Everything from state licensure to registering with the Drug Enforcement Administration to an application for a national provider identification number are just a few steps that will be necessary before you open your practice. Make sure that you check the regulations in your specific region and area of specialty before opening.
Because of the critical work of doctors, accountability, safety measures and consistency across the board are essential. While these can involve lengthy and complicated processes, they will make sure that your private practice is set up for success.