Opening a new private medical practice can be as equally exciting as it is time-consuming. Starting and owning a practice gives medical professionals a way to take ownership of their careers, and they are better able to serve their local communities. However, in addition to the healthcare services provided, running a medical practice start-up requires extensive and ongoing administrative attention. With proper practice management and other behind-the-scenes work, your start-up medical practice can be a great success.

What You Need To Know About Starting a Medical Practice

Building a medical practice requires extensive business, legal, and technological acumen. Without a harmonious balance of all three, your practice will not be successful. 

Business Requirements

Start-up medical practice owners need to consider the requirements of the business itself before they ever begin providing any form of health care. Below are a few requirements that a new business owner must consider, including but not limited to:

• Developing a business plan — What are your short-term and long-term goals for the business?

• Securing funding — What types of loans or lines of credit are best for your business model?

• Location — Are you seeking to rent or own your location? Are there any renovations required on existing spaces chosen?

• Business office equipment — Do you have all of the necessary basics for operating a medical office? (i.e. computer, printer, fax machine, telephone, etc.)

• Price of services — Does the pricing model of your services align with your business plan? Will you accept insurance? 

While some of these requirements may seem abstract or unimportant in the early stages of establishing a medical practice, they actually represent the health of the business as a whole. Much of the success of a medical practice will hinge on a successful business plan.

Legal Requirements

As with other businesses, starting a medical practice requires extensive legal and administrative work. Many of these requirements are for the safety of both the patients as well as the practice. The following list does not constitute all of the legal requirements that a business must meet:

• Incorporating as a legal entity — What type of legal entity best suits the needs of the business?

• Acquire a Tax ID or Employer Identification Number (EIN)

• Insurance — What type and how much insurance should your practice hold?

• Licensing and credentials — What licenses and credentials are mandated?

Consulting with legal professionals and experienced practice management firms can ensure that all of a medical practice’s legal obligations are met. 

Technological Requirements

Most practices rely upon a series of digital business aids. These include virtual records, digital marketing, and online scheduling services. Below is a non-exhaustive list of considerations for possible technology requirements:

• IT Software — What do you want to manage and store in-house versus outsource?

• Billing software — How will you bill your patients?

• Website, apps, and patient portals — Will your practice offer patient portals of any kind? 

• Virtual healthcare — Will your practice offer virtual healthcare visits?

• Marketing — How will you reach prospective patients?

Implementation of telehealth and other evolving technologies has proven to greatly increase access to healthcare for underserved communities and increase patient satisfaction. Many practices will evaluate which of their technology needs can be met with the resources they have in-house and hire external firms to supplement what they cannot provide.

How Outsourcing Can Help Your Medical Practice

Creating a plan for what business needs cannot be met in-house is often a step that medical practices do not anticipate or take. This leaves areas of the start-up vulnerable and can greatly hinder the success of the business. Outsourcing allows medical professionals and business office staff to remain focused on their areas of expertise and provide the best care possible to patients. The team at myeMED has compiled a list of 3 areas where outsourcing can help your business to be more successful.

Medical Billing

By outsourcing medical billing, your practice can significantly reduce billing errors. This means lower costs associated with fixing errors and more time spent with patients.

Credentialing

It is crucial for healthcare professionals to remain compliant with their credentialing in order to practice healthcare. The credentialing process ensures that patients receive the best healthcare possible through evaluations of a provider’s qualifications. However, credentialing is a tedious process that often gets delayed when left as an in-house duty. This leads to unnecessary losses in revenue for the medical practice.

IT & Compliance

The proper use of health IT services can lead to reduced costs from a practice perspective and better patient care. There are extensive requirements imposed upon all practices for the safety and privacy of patient data. Outsourcing can ensure that your IT system is in compliance with all federal and state regulations.

myeMED Can Help

myeMED knows that starting a new medical practice can be exhausting. That’s why we offer a large suite of services including practice management, credentialing, medical billing, and IT so that we get your healthcare practice started efficiently. With over 30 years of experience, our team is ready to help you on your practice management journey. For more information, contact us today or fill out the form below.