How To Begin
One of the key components in starting your own medical practice is financing. You will need the right amount of capital to start as the result of a well-defined business plan. Since borrowing money to start a medical practice begins with finding the right lender who shares your vision, you should check out companies like Kapitus if you’re looking for a physician loan. Don’t forget to contact the Small Business Administration because they approve loans to doctors and have been doing so since 2011. Backed by the U.S. federal government is exactly what banks look for when approving you for a medical practice loan.
Building Step-By-Step
To begin your practice, you start with identifying a space and negotiating rental or purchase terms. This step will have an impact on all your decisions going forward, plus it will take a nice bite out of your initial budget. Now that you have a loan, let’s begin thinking about adding other professional team members that you can fall back on.
The qualified and experienced team members should include an accountant, attorney, and IT professionals, just as a start-up base for your organizational and management team. These leading professionals can help you start your practice and give advise on discerning business decisions.
Select the right medical equipment, apparels, furniture, and supplies. Buying the right medical equipment for your start-up does not mean that you need to spend your entire loan budget. There are reliable medical service companies that want to help you get your practice started by lowering your costs and to help save you time when ordering supplies. For example, an ECG machine is something that you can easily buy online now and can be shipped right to your door. Then consider the computer workstation solutions which can store massive amounts of data without any delays.
Work closely with your professional team to help maintain an efficient workflow process. You still must develop operating policies and procedures like those that will be measured by your patients, i.e., wait times and their satisfaction parameters. Adding to these equations is selecting an information technology (IT) support system. You will need a medical management system that will hold all your electronic records, enable you to schedule appointments, electronic billing, and more.
An IT specialist can help determine which solution would fit your practice. Many medical practices already in existence have chosen integrated systems with specific coding systems, portal systems, and more. Of course, there is the use of healthcare cloud computing automation. There are no one-stop-shop computer solutions. However, your IT professional will work with you to get you up and running quickly. Include a well designed and organized website as part of your IT system.
Remember also to use your lawyer to review your contracts and agreements. Experienced lawyers who work with the medical industry understand all the nuances involved in medical practices just starting up and those that have been in existence for some time. You will be asked to sign insurance papers, provider contracts, state and federal compliance papers, employee payroll/benefits, credential paperwork, and other legal requirements.
Depending on the type of practice you are starting, you must hire the best possible licensed staff members. The basic start-up medical staff can be hired through referrals from human resource managers at nearby hospitals, asking your local medical office staff, career websites, networking, and marketing. How will people know where you are if you don’t market? Market your unique practice to attract patients that will characterize and build your succinct patient volume.
Medical Start-up Endnotes
You have worked very hard to get to where you are confident in starting your own medical practice. As a physician, the principles of your Hippocratic oath is to give your patients the best in medical care. Starting a medical practice is not easy. However, with the right planning process, you will soon be up and operating effectively. Making the right decisions for financing, equipment, legal counsel, staffing, and more, are important steps in seeing your medical office goals.
Starting a medical practice involves a number of critical steps. Involved in your decision making should be a friend who is already in the medical profession or use the services of a medical consultant. Both a consultant and a professional industry friend fully understands all the niche ins and outs of planting your business feet on the ground and kicking off. Services for start-ups have designed a platform that can help you as you grow. Best of luck in your future endeavors!
