Do you have dreams of one day owning your very own medical practice and thereby controlling the trajectory of your career? Perhaps you’re a physician who is working out of a local clinic or hospital and you just are feeling less than challenged or enthused. Then again maybe you are fresh out of your residency and ready to start your career. Opening your own medical practice is something that may sound very appealing to you at this moment in time, but before rushing in you will want to slow down and take a few things into consideration.
Here are some top things you’ll want to be aware of and keep in mind before starting your own medical practice.
Starting Your Own Practice Requires Money
The very first thing you will want to consider is finances. Just like with any other start-up business/company you will need cash to get it going. If you don’t have the cash available, then you can look into a small business loan. Keep in mind you’ll need the cash to get the practice started and off the ground, and then have enough to cover operating costs such as paying your staff, covering the lease and utilities, paying for medical equipment and supplies from vendors, hiring attorneys to protect you against malpractice like Joey Langston and so forth.
Just like with any business it can take a while for your medical practice to become profitable. In order to help things along you’ll want to create some sort of marketing plan that alerts patients that you are open and accepting new patients.
You Will Need Administrative Help
While it would be great to think you can do it all, the fact of the matter is that you will need help. Administrative help will allow you to focus on your role as a doctor and not worry about such things as booking appointments, billing patients, collecting payments, keeping patient records organized, etc. Not only will you need administrative staff to take care of all of these aspects, you will also need the proper software that will keep your office running smoothly.
Take, for example, there is medical software available. The whole purpose of this software is to streamline the billing and revenue cycle for you so that your office is as efficient as possible. Not only does this software make the process more streamlined, it can actually increase your revenues since it keeps track of all outstanding bills and records all payments.
Purchase All Necessary Equipment
Once you have secured the cash to open your practice, and found the staff required to run it, it’s time to think about purchasing the equipment your practice will need. This is where the financing you secured will be important. Something like a business line of credit is ideal for paying for medical equipment. You will need such things as exam tables, exam tools and equipment, furniture, computers, phones, etc.
One tip is to digitize everything you possibly can. This will require an initial investment but after that it allows your records to be more organized, more accessible not just to you but others you may need to have contact with in the medical community, and it will save money on such things as paper and printing.
Get Your Dream Off the Ground
By keeping these factors in mind, you will be that much better prepared to get your dream off the ground and open your very own medical practice.