As with starting up any kind of business, there is some amount of risk involved. However, many medical professionals choose to start their own practice because they have more power in all of their decision-making, but they are also fully responsible for every decision made.
What You Need to Know Before Opening Your Own Medical Practice
There are also other things to consider, such as the type of practice you want to open, how to gain proper financing, the best way to hire your staff, and what should be done before you open your doors.
Consider the Type of Practice
When you’ve made the decision to start your own practice, one thing you have to consider is what type of practice to open. Some of the different types of practices to consider are:
- Group Medical Practice– This is where you share the workload with other professionals, and startup costs can be significantly lower than starting a solo practice.
- Solo Medical Practice– With this type of practice you have full control, but the startup costs are higher and you’re likely to end up working longer hours.
- Hospital Owned– Urgent care clinics are a popular type of hospital-owned practice. A practice owned by a hospital has access to almost all the resources the hospital that owns it has.
There are other types of practices, but these are three of the most popular types.
Obtain Proper Financing
Obtaining a business loan can be tricky when you have debt from medical school. This is why it’s important to have a well-written business plan that is realistic about how much money your practice plans to bring in, in the near future.
You may need to submit your business plan to banks that have divisions that specialize in the medical field. Submitting your business plan to multiple banks is also a good idea, to increase the chances of receiving more offers.
You’ll also want to think about the location of your practice and the equipment you’re going to need. It may be a good idea (if possible) to choose a building that doesn’t need many renovations to keep costs low.
You will, however, want to put more financing into your equipment, since that is one of the most important things you’ll need in your practice.
Hiring Staff
As the owner of a new practice, you’ll want to attract the best-qualified individuals in the medical field. The first thing to come to mind is probably to post job openings on a job posting site, which is the most popular way for employers to find employees, and vice versa.
To get the best results, consider posting open positions on job search sites that specialize in matching physicians with practices. You can even be specific in what type of medical professional you’re looking to hire, therefore lowering the pool of job-seeking individuals, but maximizing the number of qualified applicants.
Before You Open
One of the most important things to do when opening a medical practice is to get your practice incorporated as a legal identity for limited liability. Just like any other business, a medical practice needs certain types of insurance.
Virtually every business out there has general liability insurance (GLI), or some form of it, but medical practices also need medical malpractice insurance. Many banks will require this of you before they issue a loan. You will also need workers’ compensation insurance.
Another thing that needs to be done before you open your doors is to have strict policies, procedures, and regulations in place that you and all of your employees will be required to follow. This should cover everything from data entry to patient care.
The most important thing to remember when starting your own medical practice is to have a well-thought-out plan. A detailed plan is the backbone of everything— from where your practice will be located, how you’re going to finance your practice, and how you will be treating your patients.
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