Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Starting medical practice is an exciting experience. It provides the freedom to work for yourself and stay independent of larger health systems. Whether you are fresh out of residency or moving away from an existing medical practice, there are many items to consider before, during and after launching a new medical practice. This article is designed to walk you through the various things you will need to account for when starting a medical practice.

 Prepare your practice

Before you get too far into the process of opening your medical practice, there are some details you should take care of, including: 

•  Select a start date for your medical practice at least six months to a year before opening

• Hire an accountant and a lawyer to assist you with incorporation and financing

• Choose a location

• Develop a business plan

• Develop a budget

Financing and Licensing

Another important factor that will affect your cash flow is how you finance your practice. You can support your business vision using a variety of sources of funding, including:

• Traditional financial organizations and banks

• Experts in medical practice financing

• Private investors 

Each choice has advantages and disadvantages, so think about which is best for your practice. Make sure to include repayments in your cash flow and spending estimate when creating your financial plan.

Here are some financing tips:

Locate the experts

If your bank has one, submit your pro forma and loan request to the medical/dental section. These professionals specialize in the healthcare industry and are familiar with its risks, expenses, and revenue patterns.

Take a look around

Five to ten banks should get your pro forma and loan request. As a result, you’ll get multiple offers, each with slightly different terms. Decide which terms are most important to you — interest rate, amortization schedule, etc. – and base your decision on those criteria.

Maintain a conservative mindset

Take a conservative approach to purchasing equipment and furniture when producing your pro forma — and stick to it. Leather chairs and cutting-edge machinery aren’t required just yet. All of that will come with time and success; right now, the focus is on laying the groundwork for that success.

Use the waiting period wisely

While the banks review your pro forma and decide whether or not to approve your loan request, you can get ready to sign a lease, determine whether you’ll need to hire a contractor to modify your space, incorporate as a legal entity, obtain a tax ID, purchase liability and medical malpractice insurance, and credential with your payers.

Buy software and supplies

For your new medical practice to operate effectively, you will need best-in-class solutions that can adapt to your business needs. The primary systems a new medical practice will need for peak efficiency are Electronic Health Records (EHR), Practice Management (PM), Medical Billing, Patient Experience/Intake, Communications, Computers and speciality-specific medical equipment/office supplies.

Staffing 

The ability to recruit and hire is a skill. Get assistance to guarantee that you hire highly motivated employees who are just as invested as you are. Do not offer someone a job until you are satisfied that they are a good cultural fit and can understand, exhibit, and abide by your vision and values 100 per cent of the time. Hire personnel who can keep up with you if you’re going to be in a fast-paced practice. Hiring the incorrect individuals may be very costly, especially when you consider how much time they will spend learning your IT systems, equipment, and workflow processes. 

Setting up your practice is an incredibly rewarding endeavour and a goal that many clinicians aim for. It’s also one of the most challenging tasks you’ll face as a practitioner, from business logistics to financial planning.