Owning a medical practice is a professional dream for many doctors, but it can’t happen overnight. There are many steps between becoming a physician and operating a clinic. Here’s how to create a roadmap to achieving your goals.
1. Establish Your Business Plan
Every new business needs a plan. It will help you secure funding and even a lease. Record everything related to a three- to five-year projection of your future practice’s success, such as:
- Quarterly or annual revenue
- Initial funding
- Existing debt
- Regular expenses
- Standard budgets
Financial experts won’t expect your projected numbers to remain constant. Sometimes you’ll have a budget surplus, and other times inflation will cause unexpected cost increases. However, a well-researched business plan is still essential in opening a medical practice.
2. Figure Out Your Credentials and Paperwork
Next, you’ll need to get assistance from a lawyer and accountant. They’ll help you navigate the credentials and paperwork required for loans or leasing.
First, your company should become a legal entity for tax purposes and insurance liabilities. Your lawyer will narrow down your options from five potential business structures, which include:
- Sole proprietorships
- Partnerships
- Corporations
- S corporations
- Limited liability company (LLC)
You’ll also need to get liability and malpractice insurance, as well as the correct state licensing, DEA registration and applicable certifications. Your lawyer and accountant will know how to do that according to your practice’s location.
3. Obtain Funding for Your Practice
Financing is another significant step in opening a medical practice. Some doctors have a challenging experience when they reach this point in their careers. They may still have a substantial amount of student debt that prevents lenders from providing enough funding to start a clinic. If this is the case for you, look into refinancing your loans to become a more promising applicant.
4. Consider the Community
The community surrounding a practice will determine what your medical facility looks like. If your clinic will open in an impoverished neighborhood, you should maintain a fund for those who are unable to afford the care they need.
A densely populated city would also benefit from call center software at their local medical practice since numerous people will call to speak with their doctor or set up appointments every day. A software program will sort them in a queue system so every patient gets assistance in the order they called. You’ll streamline your customer service and retain happier clients.
Consider the various aspects of your community when determining what your practice will offer. Case-based funding to cover medical costs and tech that better serves a higher patient caseload will make your practice more successful earlier in the newest chapter of your career.
5. Pick Your Location
Once you’ve thought through these details and found a lender, it’s time to look for real estate. You’ll need a bigger-sized plot for a more extensive practice, whereas a standalone clinic could work within an existing building that’s a bit smaller.
Work with a business real estate agent to find the best available options. They’ll help you negotiate your lease and even get your certificate of occupancy when you find something you love.
6. Invest in Management Software Programs
Investing in the latest computers will help your practice grow, but not if they have outdated software programs. Consider what your clinic will offer and compare medical practice software to determine what best suits your team and patients. Programs that centralize billing, scheduling and records will streamline everyone’s work. It’s also essential to find an electronic health record system and payment processing programs.
7. Create Your Online Presence
Patients won’t be able to find the services they need if your practice doesn’t have a robust online presence. Starting a website is the next step in opening a medical facility, as well as opening social media accounts. Improving your local SEO optimization will make it easier for residents to find your clinic and determine if it’s the best place to go for their medical concerns.
8. Hire a Great Administrative Team
The best clinics would still become professional failures without talented administrative professionals. Take your time meeting with and hiring your office staff. Experienced managers and people who previously worked in health care settings will know how to handle day-to-day operations, plus any emergencies or challenges.
Enjoy Opening a Medical Practice
Anyone can use these tips for opening a medical practice to make their experience much more manageable. Avoid rushing through any of the steps just to get your clinic opened faster. Investing your time will result in a better practice that serves the needs of your staff and the community.
