FAQs
What are the first steps in starting a new medical practice?
Steps include creating a business plan, obtaining financing, choosing a location and credentialing/contracting with payers.
How do I choose a location for my new practice?
How do I choose a location for my new practice?
What licenses and permits are needed to start a medical practice?
Licenses and permits vary by state but typically include a medical license, business license, and any specialty-specific certifications.
How do I finance a new medical practice?
Options include bank loans, private investors, and small business grants.
What should be included in a medical practice business plan?
A business plan should include an executive summary, market analysis, organization structure, services offered, marketing plan, and financial projections.
How do I hire staff for my new practice?
Consider hiring qualified medical and administrative staff, ensuring they meet state and federal requirements. It’s important when starting your practice that you do not over hire, but hire based on the actual needs of the organization.
What are the essential equipment and supplies needed for a new practice?
Equipment includes medical devices, office furniture, computers, and medical supplies.
How do I set up billing and insurance processes?
Implement an electronic health record (EHR) system and establish relationships with insurance companies.
What marketing strategies should I use for my new practice?
Use online marketing, local advertising, and community outreach to attract patients.
How do I establish a patient base for my new practice?
How do I establish a patient base for my new practice?
What are the legal considerations for starting a medical practice?
Considerations include business structure, compliance with healthcare laws, and malpractice insurance.
How do I manage the financial aspects of my new practice?
Use accounting software and possibly hire a financial advisor to manage income, expenses, and taxes. When starting, it’s best to hire a bookkeeping service and accountant. Most accountants use quickbooks which will be easy for your staff to take advantage of.
What are the key components of a practice start-up checklist?
Components include securing financing, obtaining licenses, hiring staff, and setting up billing systems.
How do I choose the right EHR system for my practice?
Consider factors such as ease of use, compatibility with other systems, and cost. There are many specialized EHRs that may serve your practice better than a general EHR.
What are the common challenges in starting a medical practice?
Challenges include financing, regulatory compliance, and attracting patients. The biggest challenge in 2024 is how to effectively utilize technology and lower reimbursement rates for new practices.
What is the importance of a practice start-up consultant?
A consultant can provide expert guidance on navigating the complexities of starting a new medical practice. There are numerous pitfalls that ensnare new medical practices and experienced consultants are a great way to avoid them.
What insurance coverage do I need for my new practice?
Necessary coverage includes malpractice insurance, general liability, and property insurance. Develop clear policies and procedures for staff to follow to ensure smooth operations and to mitigate risk.