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This article was analyzed by Janice Litza, MD. Dr. Litza is a board-certified family medicine physician in Wisconsin. She is a practicing physician and taught as a clinical professor for 13 years after receiving her MD from the University of Wisconsin-Madison School of Medicine and Public Health in 1998.
How To Start Medical Practice
Having your own medical practice or office can mean the freedom to be your own boss and choose your patients. If you’re thinking about opening your own practice, you need to be organized and have a plan. You must also be a licensed physician with all the necessary training for your profession.
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This article was analyzed by Janice Litza, MD. Dr. Litza is a board-certified family medicine physician in Wisconsin. She is a practicing physician and taught as a clinical professor for 13 years after receiving her MD from the University of Wisconsin-Madison School of Medicine and Public Health in 1998. This article has been viewed 82,790 times.
The content of this article is not a substitute for professional medical advice, examination, diagnosis or treatment. You should always consult your doctor or other qualified healthcare professional before starting, changing or stopping any type of treatment.
To start a medical practice, start by choosing a location for your practice and obtaining any permits or licenses required by your local Department of Health. Once you have an office, purchase furniture, medical equipment and computers, and get malpractice insurance for your new business. After that, work on hiring staff, for example, a nurse, a receptionist, an accountant. You may also consider bringing in other doctors who can help deliver patients and pay for office hours. Read on for information from our medical reviewer on how to manage the finances of a new medical practice! If you are a healthcare professional, opening a medical practice is one of the best ways to hone your skills, supervise and provide excellent patient care.
Although starting a medical practice takes a lot of work, this guide can help you understand how to get started.
How To Start A Medical Practice (with Pictures)
If you want to start a medical practice, the first thing you need to do is learn about the different types of medical practices—the type of practice depends on your industry and finances.
Do you want to do business on your own? If so, then you should open a solo practice.
With a solo practice, you will have the freedom to choose all aspects of the business, such as medical equipment, marketing and design.
However, the disadvantage of starting an independent practice is the initial costs. Since you will not have a partner to share the initial financial costs, you will have to bear all the costs and risks of starting a business.
The High Cost Of Running A Private Medical Practice [infographic]
If you do not want all the responsibility of opening a medical practice to fall on your shoulders, opening a group practice is the best choice. Attracting partners and opening a group practice will help you share responsibilities and will also have low start-up costs.
Another option for opening a medical practice is through a hospital network. The advantage of starting your own hospital is that you will have access to hospital resources such as marketing, capital and equipment.
When you open a medical practice through a network of hospitals, you also minimize risk and access to medical commissions. However, when you open a medical practice owned by a hospital, you will be subject to the hospital’s rules and policies.
Opening a federal medical practice is similar to opening a practice through a hospital. You’ll have access to federal resources, but you’ll also face hiring and other restrictions.
Checklist For Starting A Group Practice
Once you have decided on the type of medical practice you want to open, the next step is to open a medical office. While there is no set formula for starting a medical practice, there are a few important steps you need to prioritize.
The first step that a healthcare business must take before anything else is funding and obtaining a proforma, which is essentially a business plan.
In the pro forma, you will need to include all the important details of your practice to convince lenders to invest in your business.
Many medical professionals choose to hire a specialist to help them prepare the pro forma. The specialist will help outline the risks, costs and projected income to provide to banks and lenders to secure financing.
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After obtaining financing, the next step in opening a medical office is to purchase the necessary equipment for running a business.
Since you will be having patients, the first thing you need to do is to ensure reliable record keeping.
Many practices today are choosing electronic medical record systems to improve efficiency and reliability. With this system, anyone working in the clinic can access medical records whenever they need to see a patient.
Productive and efficient management is critical to growing a medical business, so you also need a practice management system.
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A practice management system will help you control everything from staff management, patient information and billing. However, you’ll also need to hire an experienced office manager to make sure everything runs smoothly.
You should consider purchasing other hardware and software, including a medical billing service, transcription software, background check services, and creating a modern office design.
Before you can open the doors of your medical practice to your patients, there are a few more tasks to complete.
For tax purposes, you need to register your business as a legal entity and obtain a taxpayer identification number in order to pay taxes. When you register your corporation as a legal entity, make sure you do so as a limited liability entity known as an LLC.
Portland Medical Practice
When you register your medical practice as a limited liability corporation, your personal assets are protected if you are ever sued.
If you plan to hire medical staff right away, you will need to provide your healthcare provider’s credentials. Before you can submit payment claims, you need to complete the identification process.
Purchasing insurance is also an important step in starting a medical practice. While most businesses must purchase insurance, it is especially important for healthcare businesses.
Another important step in opening a medical practice is establishing policies and procedures. To keep your practice compliant with legislation and operations running smoothly, you’ll need to set standards for your staff.
Enhanced Care Medical Services
Once you open the doors to your medical practice, you may need to work around some kinks to ensure these policies are effective.
Remember that before starting a medical practice, you must decide what type of practice you want to open, create a business plan, obtain medical software, and purchase insurance.
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Whether it’s your medical practice, surgery center, physician group, or other healthcare facility, initial formation can be challenging due to state and health law requirements.
Even the most educated doctors and physicians need basic legal assistance in drafting the protocols and agreements that dictate the pace of day-to-day operations in their practice.
With the right legal help to guide you along the way, you can enjoy the freedom that comes from being self-employed and doing things your way.
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If you have any questions not covered here, you can request a FREE business call or email me at sam@
Keep in mind that the details of starting a medical practice will likely vary depending on your specialty and the state where you want to work.
However, I can help you understand all the requirements in your state and help adjust your plan.
Whether it’s a small business loan or another form of outside capital, you’ll need enough money to cover your startup costs.
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