If you’re done doing business for other people and want to strike out on your own, you should know a few things to help you along the road to starting your own medical practice. You have an entrepreneurial spirit, and it’s a great adventure nourishing that drive. It took you many years to become a doctor, but that doesn’t necessarily prepare you to run your own practice. You have to make sure to do your research first. Here are a few tips to get you started on the path to success.
Challenges you may face
Starting a small one or two person practice isn’t really a common occurrence. It’s really expensive to start a private practice, so most of the time you end up with several different partners that all have equal say in the practice. You will have to decide just how entrepreneurial you wish to be. If you’re a one or two person operation, you may run into snags concerning financing because of the insurance company’s lack of timely service.
You have to prove that you are financially viable to even dream of procuring the amount of money you will need to start your own practice. Make sure you can produce paperwork on every nook and cranny of your financial portfolio. The same goes for any partners you are working with as well. Banks and finance companies are not easily persuaded when it comes to loaning you thousands of dollars. Before you ever start trying to procure an investment you should also make sure you know just how much money you will need. You need to account for your building, office equipment, medical software…etc.
Patients & Insurance
If you are already working in the field, you may be able to just keep all of your credentials with the insurance company that you have already built a relationship with. If you don’t transfer your insurance company, you will have to procure new backing. This may seem like a daunting task, but persevere. It’s worth it for the peace of mind a solid insurance company will provide you and your partners.
Use your networking skills to find reliable and skilled employees. If you’re lucky, you might have a receptionist or two follow you when you start your own practice. You also need to make sure you have a good accountant as financial issues just come with the territory. You might want to consider hiring yourself an office manager to handle the challenges your office staff may encounter. This will free you up for more time to actually see patients.
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