You’re fresh out of medical school. You could either join someone else’s practice or open one of your own. The latter takes a lot of work.
Some doctors can’t do it without partnering up with another person because of the financial toll. There’s also a lot of legal paperwork you’ve got to go through, and even choosing a location for your office can be a struggle.
Still, if you can overcome these trials, the rewards are more than worth it. Are you ready to get started on your journey? Read this checklist to learn how to open the medical practice of your dreams.
Decide What Type of Practice You Want to Open
The first step of opening the best medical practice is figuring out which kind you want to open. Many doctors dream of starting a solo establishment.
If this is the route you go in, you’ll have complete freedom in terms of how the business is run. The setback is that opening one of these practices can be a financial strain. You’ll have to handle all the costs, from the medical equipment to the insurance.
If you feel like you can’t take on the burden, you can bring a few more doctors on board. You won’t have as much freedom, but you’ll have help with paying for everything.
Create a Business Plan
Now that you know what kind of practice you want to open, it’s time to create your business plan. This is where you come up with your practice’s mission statement.
You’ll decide on your goals, the name of your office, and create a basic financial plan. Speaking of money, set up your budget. How much can you afford to spend on your budding business?
When do you want to open your practice? This timeline will be the blueprint that you follow to get from point A to point B. Some issues may pop up that will set you back, but by having this plan in place, you’ll have an answer for it.
Choose a Location
Finding a location for your business is about as hard as coming up with a name for it. There are so many circumstances to consider. You’ll want it to be close to where you live, but if that location doesn’t have a market for your medical specialty, you’ll have to reconsider.
The best way to decide if there’s any demand for your services is to survey the medical community around you. If a bunch of hospitals and other offices are hiring for your specialty, you know that you’re good to go.
Obtain Your Financing
Getting your financing is easier said than done. There are three ways that you can go about it. If you have the money in your savings, go ahead and pull from it.
If you don’t have that kind of money lying around, you can go to a bank and attempt to take out a loan. Your student loans might hold you back in this regard. You may need to work on your credit score for a few years before you’re able to move forward.
Doctors who can’t afford to go either of these routes will sometimes take out a contract with a local hospital in their area that needs medical professionals. They’ll either help you get your practice open by paying for everything or by reimbursing you the costs.
Get the Legal Stuff Out of the Way
Doing your legal paperwork isn’t glamorous by any means, but it’s a necessary evil. If you don’t do it, your practice will close as fast as you open it.
You can hire an attorney for this purpose. They’ll either walk you through the process or take care of it for you. From there, all you’ll need is your tax ID and National Provider Identifier.
You won’t be able to prescribe medications to your patients unless you fill out the right forms. Once you have those, you can get insurance for your business.
If you plan to hire employees at any point, you’re going to need worker’s compensation insurance. You’ve also got to have medical malpractice insurance.
Open a Business Bank Account
You don’t want to deal with all your practice expenses with your personal bank account. It will make things more confusing when tax time comes around.
Open a separate account for your private medical center. Insurance companies will send you money through this account.
You should get a set of checks through your bank as well. There may come a time when you have to reimburse a patient for something.
Decide What System You Want to Use
You need more than medical tables and equipment to run your office. You also need computer software for scheduling appointments and paying your employees.
You’ll have to store patient’s electronic medical records as well. Using a chatbot for healthcare can help with some of this. When a patient has questions, they can ask the bot.
The bot can also schedule appointments and perform other processes that will save you and your office manager valuable time. After you have the computer stuff out of the way, buy your waiting room furniture and other equipment.
Get Your Medical Practice Open for Business
Are you planning to open your own medical practice? Doing so is going to take a lot of hard work. Getting all the legal paperwork out of the way and funding your business are two challenges by themselves.
You’ve also got to buy your equipment, get insurance, open a bank account, and find a location. We hope that you’re able to use this checklist to take some of the stress off your shoulders and help you start the best practice in town.
