Did you know that almost fifty percent of physicians work for a physician-owned medical practice within the medical industry? Starting a new medical practice might seem daunting, but there are tons of perks that come with setting up a local medical office and becoming a small business owner.
If you’re a licensed medical professional then this is your chance to help the people in your area by using the expertise you have within the healthcare industry to make a difference in peoples’ lives. The difficult part is getting started with establishing your new medical practice.
The good news is that you’re not in this alone. You’re in the perfect place to gather some helpful tips that will help you navigate the process of starting a new medical practice. Continue reading this article for a guide that will show you how to get started today.
Do Your Market Research
One of the first things that you should do when you’re moving forward with starting a new medical practice is to do market research within your area. There is a lot more that goes into starting a medical practice than buying the medical tools and equipment needed for the job. You need to approach this from a business ownership standpoint as well as a medical one.
It is important to do your research because it will help you determine if the medicine that you practice is needed in the area you’re considering. If the market is saturated then you won’t have the success that you picture and desire for your clinic.
There are some particular areas of interest that your research needs to focus on. You need to do some research on your competitors in your area to see what services they provide as well as the quality of service their patients receive.
You’ll also want to look more into the things that you can do to make yourself different from them. This could be different types of medicine within the healthcare industry or a focus on different parts of the body. Either way, you’ll want to find ways to make your practice stand out from your competitors.
You also need to know where your patients are going to come from. A great way to do this is through medicare leads. You can also reach out to references to find out if the area has been waiting for more options within the medical industry.
Pick Out a Business Structure
The next step once you’ve settled on the perfect spot is to decide on a business structure for your local medical office. One option is t become a sole proprietor. This gives you total control over the business but it comes with more risk than your other options since your personal assets aren’t protected.
Another option is going with a partnership. This involves you combining with another professional to create a practice or business but without becoming a legal entity. Limited Liability Companies are another popular option because they protect your assets from getting seized if the company fails.
The last option is becoming a C Corporation or an S Corporation. This isn’t the best move for a new medical practice since it is quite complicated to get set up. It involves having shareholders of your business ownership that have limited liability protection.
Choosing your business structure has big implications for the future of your practice and your business. It is a good idea to seek guidance from trained and experienced professionals when deciding on the structure for your business.
Get Your Licenses and Certifications
Once you’ve determined what your business structure will look like for your new medical practice you’ll need to get the process started for getting your licenses and certifications. You’ll need to get these documents well before you open the doors to your local medical office.
These licenses and certifications are your proof to patients that you follow and meet all requirements of the law when providing healthcare and medical help to your patients. It gives your patients the peace of mind that you’re an expert in what you’re doing and will get them the help that they need.
As soon as you get your license taken care of you’re ready to start practicing medicine in your new medical practice.
Pick Out and Purchase Medical Software and Equipment
Medical software is one of the most effective ways to cut down on costs and errors when you’re a small business owner that is running a medical clinic. Investing in this software takes a massive burden off of your employees because they’ll have much less data entry work to do.
It will also keep your medical records and files organized and ready to go for when a patient comes in for a visit. Best of all, it will help you manage the insurance claims process like a walk in the park. You’ll notice a massive decrease in human error while also giving your patients the best care and experience possible.
You’ll also need to invest in medical equipment that will make your job easier when providing healthcare. Getting these pieces of medical technology will ensure that your medical practice is on the cutting edge. It will show that you have all of the right resources to provide the best care to patients in your area.
Start a Business Checking Account
You may not have started your new medical practice with making tons of money in mind. With that being said, you’re going to want to open a business checking account to store all of your earnings and revenues. This is also important because your business won’t be legal without a checking account.
This checking account should have important details like your business’s tax ID number and your business address. This process is easy even if you want to set up a private practice. You’ll just need to make sure that you have the paperwork showing that your business is real and that it exists.
Get a Phone System
Your medical practice software should take a large burden off of your front office staff when it comes to scheduling appointments, but you’ll still want to make sure that you invest in a phone system for your office. It is the fastest way for patients and insurance companies to reach out to you.
Market Your New Medical Practice
After you’re done getting your phone system set up you can start getting into the fun part of setting up your new clinic. This means marketing the clinic and the services that you provide. Marketing is the biggest area where you’ll determine the success of your local medical office.
You need to find ways to show consumers and people in your area that you’re open and that you exist. You’ll also want to market to them in a way that they know the differences between you and your competition. You’ll want to take your budget into account when you start your advertising campaign.
A great approach to take if you’re marketing while on a budget is to use social media to spread the word about your new medical practice.
Hire a Receptionist
Hiring a receptionist might not seem like a big deal, but it takes a massive amount of stress and burden off of you and the rest of your staff. Try to find a good and experienced receptionist that is polite and helpful towards your patients. You’ll also want to make sure that they have great multitasking skills in order to do the job in the best way possible.
The last step to take before you officially open the doors for your new medical practice is to do your research on insurance. Having a medical practice involves having certain liabilities when it comes to the health and wellbeing of your patients. Get insurance before you start taking on tons of patients to avoid costly problems.
This insurance is vital for protecting your new medical practice from lawsuits and bad claims from your patients. Getting this insurance means that your insurance company will pay for anything that goes wrong with losses and damages as a result of a lawsuit or a claim.
Make sure that you reach out to professionals that are reputable for help. These professionals will help you to find coverage that fits the size of your business as well as the functions that your business provides. All it takes is one lawsuit from a disgruntled patient to bring your new medical practice crashing down on top of you after all of your hard work.
Start Your New Medical Practice Today
Starting a new medical practice is a big endeavor but it is one that is worth it as a small business owner and a professional in the healthcare industry. You’ll get the privilege of helping people in their area to live a healthy lifestyle. By following these tips you can start your own local medical office that will improve the quality of life in your area.
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