According to PayScale, a family or general practitioner makes around $181,540 on average every year. You might be comfortable working at a hospital or another medical practice. Maybe you have been considering going solo, but aren't sure if it's the right time.
You may be putting it off because you don't know how to start a medical practice. Believe it or not, starting your practice is easier than you think.
The key to a successful medical practice is having the right plan. Don't know how? Here's your step by step guide to starting a medical practice today.
1. Research How to Start a Medical Practice and Obtain the Funding You Need
Before pulling the trigger, you must do your research regarding the expected costs and how to start your practice. Budgeting is key to start a successful practice.
It's important to figure out all your potential costs from leasing your office space to your employees' payroll. It may seem overwhelming, but you can do it on your own or consider consulting an expert.
2. Prepare Your Offices and Hire Your Staff
Leasing your office space, buying the necessary medical equipment and hiring your staff is the next step after securing your funding. Hiring the right team for your practice may be the most difficult task in your plan.
When interviewing the candidates, it's important to make sure they fit your vision and understand your expectations. You'll also need to set up your medical billing department and obtain your credentials from the health insurance companies. This step is essential to be able to bill for the services you provide to your patients.
3. Obtain the Applicable Licenses
Obtaining the applicable licenses is one of the most important steps to start a medical practice. Depending on the services and your specialty, you may need to comply with additional federal, state and local regulations.
If you're unsure about how to meet these requirements, you should consider consulting an attorney. A lawyer can offer insight into the licenses you need and understanding your risk of medical malpractice lawsuits.
4. Start Helping Patients
Once you have all the building blocks in place, it's time to open your doors to start helping patients. Before opening your doors, you must make sure your team is on the same page. Remember your staff will be the first faces patients see when they come in so you want to ensure a pleasant experience.
The Bottom Line
You may have been putting off starting your practice until later but, there's no better day than today. Learning the basics about how to start a medical practice is the beginning to take the next step in your career. Before making the jump, it's vital to do your research and learn everything about starting your practice in your area.
Keep in mind licensing requirements vary on a location basis. You should also secure the funding you need. You may use your savings, but you should consider taking a business loan instead. Before sitting down with a local bank, it's important to make a budget of how much money you need to start your practice.
Don't forget to include any legal, licensing and staffing costs in this budget. It may take some time before getting your practice up and running, but it will be worth the wait. While it may seem difficult, we're confident you'll start a successful medical practice if you do your homework and follow our step by step guide.
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