Some time back, doctors could open up their private practices immediately after graduating from medical school. These days, most doctors prefer to work in hospitals/ large health corporations. Starting a medical practice is not a walk in the park; it can be rewarding and risky. But, nothing great ever came from fear. With the proper guidance and tips, navigating this business environment can be easy.

Reasons why you should open your medical practice

Below are various reasons why you may want to start your practice:

• Achieve Autonomy

Imagine running your healthcare system the way you deem fit. You can equip your practice with the kind of equipment you want without waiting for approval from a higher authority. As a boss, you get to hire staff on your terms and create a workflow that will suit your practice.

• Lifestyle Changes

Working for a busy hospital means that the schedules are tighter. You can create your working hours and the number of vacation days you want to take with your practice.

• Increased Income

Your earning potential could significantly increase when you start your practice. Once you establish your practice, you may have an influx of clients who like to support local establishments. It means that you may retain many loyal clients, ensuring that the cash flow is constant.

Hiring a lawyer to draft a partnership agreement should be first on your to-do list if you want a partner in this project. Once all partners have signed the document then you can begin the process of setting up your practice. Below are tips on how to establish your private practice:

Get Information

Before tendering in your resignation, you need to spend some time getting information. Research is key. It would be best if you considered reaching out to physicians who have already opened up their practices. With the relevant information, you can gauge whether you can build your business on your own or hire a start-up expert.

Identify a Location for your Practice

This is a very vital process. You need to identify a place where there is a demand for physicians. You can determine the supply and demand for physicians by checking the average waiting time of patients in the local hospitals; if it’s longer than that is a viable area.

Get Financing

You have two options here; using your savings/ taking out a loan.

Incorporate your Business

You should then make your business official and legal. An attorney will handle this, and you will get a tax ID number within a short period.

Open a Business Bank Account

You will need to have a separate bank account for your business where all payments from patients and insurers will go into. It would be best if you also had business checks to refund patients for an overpayment.

Select your Insurers

You can decide which insurance companies you’d like to work with. You need a thorough credentialing process to cater to clients who have different insurance plans. You should also get malpractice insurance cover and business insurance.

Staffing

It would help if you first got an office manager who can handle all human resource concerns like hiring, billing, and coding. This individual will play a vital role in the set-up of your practice and its operations, so get an expert in this field.

Starting up any small business requires grit and intelligent strategies. Concerns such as the operations (staffing, medical billing, and cash flow) should not occupy your mind when launching your practice. You will have to deal with these activities in the first few months until you have a robust enterprise.

What you should focus on is building an excellent reputation to maintain a regular client base. The process can be tedious and time-consuming; hence you should consider contacting professionals like MyeMed who will help you set up your practice efficiently. You can contact us using the form below: