Launching any sort of start-up can be a stressful process. There are a number of tasks that need to be completed in a specific timeframe, in addition to managing monetary costs. However, in the age of entrepreneurship, the rewards can definitely be rewarding, especially if you are planning to launch a medical practice.
There is a certain sense of pride knowing that you have a direct hand in bettering the lives of patients within your own venture. If you want to work in the healthcare sector, you need to follow certain steps and procedures in order to start a medical practice. Once you have built a solid understanding about the time-consuming nature of the start-up, your medical practice will be well on its way. Make sure you properly market it once it has been established and you will eventually see patients coming to you by the numbers!
Here are eight steps on how to start a medical practice from scratch:
Task #1: Use practice management software to get started.
Our contemporary, technological resources are extremely practical for almost every endeavor we undertake. Virtually all of our traditional businesses have been retrofitted into an applicable digital format in order to make our lives easier. The same can be said of our medical practices.
Nowadays, you can use practice management software in order to start your own medical practice. There are a number of reasons why going the route of an online medical practice is viable. First, the cost significantly decreases by way of eliminating the need for a traditional office. There are ancillary services, in addition, that cover things like an EMR system and customer service for a low, monthly price. The flexibility is a great benefit, which is crucial for a new medical practice.
Task #2: Plan ahead before you start a medical practice.
As with any business, you never want to shortchange yourself when it comes to proper planning. Drafting the required plans and blueprints are vital to your start-up’s success, especially as it pertains to a medical practice.
Ensure that key areas and stages are all meticulously planned out well in advance. Components such as creating a timeline, determining your objectives, and financial planning will all aid in the upcoming months as you establish the presence of your new medical practice.
Task #3: Raise the funds to start a medical practice.
The process of how to start a medical practice will require lots of financing. After drafting up a business plan, you’ll want to deliberate ways in which your practice can be adequately funded. The success of your medical start-up relies heavily on the amount of money available. This can either make or break the long-term viability of it, especially if it is being built from the ground up.
Usually, you won’t have all the money readily available to fund your medical practice. The most common route to go in this case would be to take a small-business loan. It is recommended that you speak with a financial advisor first, so that you have all the mandatory details covered.
Task #4: Choose where to start a medical practice.
Selecting the right geographical location plays an important role in the sustainability of your medical practice. As discussed earlier, you have the option to begin your own online practice, which you can start anywhere at your own convenience.
Alternatively, you will have to consider the brick and mortar aspect of a physical office. Things such as office space, negotiating and signing the lease terms, and gaining a certificate of occupancy are all necessary for the office setup. You’ll also want to determine the hour of operations of your office as well, while you’re at it.
Task #5: Establish an administrative system for your medical practice.
Once your medical practice is solidified, you can begin to set up the administration portion of the practice. This entails determining how operations will be run and also ensuring that you have the necessary equipment and software.
You should be very detail-oriented when it comes to this stage, as you don’t want your practice hitting an unnecessary road bump down the line. Some of the primary electronic frameworks you’ll need to have include the previously mentioned EMR systems, medical billing, and patient intake software. Analyze the strengths of each system and pick the one suited for your practice.
Task #6: Get insurance for your medical practice.
Being insured is just as important as any other official component of a start-up. There are two things to keep in mind for getting your medical practice insured. You will need to get the appropriate type of coverage, in addition to an applicable amount of said coverage.
Make sure you consult with various insurance brokers first before selecting a suitable plan for your medical practice. As it pertains to your start-up, a good plan would cover areas such as workers compensation if needed, and liability. Always ask questions if you are not sure about the applicable coverage!
Task #7: Obtain the proper licenses for your medical practice.
Before you open your practice, it is vital to meet a number of requirements first. Most medical practices require a medical license in order to legally be recognized. Once you acquire the necessary credentials, your options for insurance may also expand due to government-assisted programs.
Task #8: Be realistic once you start the medical practice.
Striking the right balance between what’s possible and what isn’t for your medical practice is key. Do you want this to be a solo venture or do you need additional workers? If it is the former, an online-based medical practice can yield better returns than a traditional practice. Take a look at your circumstances, budget and time before you launch your start-up!