Are you one of the 49% of doctors who would take a pay cut in exchange for a better work-life balance? Starting your own practice might be the best choice for you.
Private medical practitioners have much more control over their hours, workflow, and patient care than other doctors.
Sound like something you want? Here’s your simple guide to starting a private medical practice today.
Secure Funding
It can be hard to overcome the steep start up costs in the healthcare industry due to the amount and price of equipment and fees. Here are a few to keep in mind when budgeting your new medical practice:
- Location
- Insurance
- Medical equipment
- Employees
- Software
- Security
- Office furniture
- Medical and office supplies
The cheapest way to secure funding is taking over an existing medical practice from a retiring or moving doctor.
Another way is a small business loan. Some banks have medical industry divisions that specialize in the right type of loan for you. Remember to factor fees and interest payments into your budget.
Licensing and Credentialing
The necessity of a state medical license goes without saying, but depending on the type of practice you run, you may need more licenses. For instance, you need to register X-ray equipment with the state health department.
You also need credentials to accept health insurance. The process can take a few months, and you may need malpractice insurance first. Decide which private insurance you will accept, and negotiate a contract with each of them.
Equipment and Staffing
You need to fully furnish your practice with the necessary medical equipment and supplies. You will also need to look for the best scrubs for men and women to ensure everyone is comfortable and protected whilst performing their duties. Once you have fully researched and purchased supplies like blood pressure cuffs and scales, look into the business side of things too. You’ll need a billing service, electronic health records, and even conveniences for your patients like a virtual waiting room.
The hiring process doesn’t have to be difficult, but don’t skip the background check. This goes beyond employment history and criminal records. Keep this in mind before you start hiring a virtual receptionist for medical practices, which could boost customer experience and interaction. Make sure your employees are fully credentialed to work as a medical practitioner, or your new business will be in trouble.
Legal Matters
You have the space, you have the license; you’re ready for patients! But are you ready to run a business?
You need to choose a legal structure, which will determine your liability in the event of business problems as well as the way you pay taxes. Consider hiring a consultant or lawyer to help you set up the legal side of things.
Start Your Private Medical Practice Now
Starting a private medical practice can give you the autonomy, lifestyle, and income that you want. If that sounds like the medical practice of your dreams, then don’t hold back; start your own now!
Did you find this article helpful? There’s more to learn about becoming a small business owner. Check out the Business and Finance page of this site to find out everything you need to know.
