Building a private medical practice from the ground up is no walk in the park. Things can get even more challenging when you don’t know how and where to start. Luckily, as with any big undertaking, setting up a solo practice can be broken down into smaller steps to make the process less scary.
Here’s where you begin:
Putting up a business requires capital and comes with financial risks, and a healthcare clinic is no exception. The overall cost of starting a medical practice may vary on location, overhead, specialty, and other factors.
On average, however, consultants estimate that for a medical practitioner to go solo, they would need to shell out between $70, 0000 and $100, 0000. This amount covers the expenses only for the first few months, including rent, payroll, and insurance.
Apart from the initial costs, a physician wanting to venture on their own will have to think about the continuing expenses required to run the medical practice. These include monthly bills, office supplies, disposable medical materials, equipment maintenance, and business taxes, to name a few.
This quick run-down of startup costs might make you want to put off your private practice plans, especially if you still have outstanding school debt. Don’t feel disheartened yet. As in any new businesses endeavors, there are ways to get funding for your new clinic. Consider taking a business loan or refinancing your student loan. These financing options should be enough to get your solo practice started.
Another way to go about the finances is by buying into a growing practice or stepping in for an outgoing physician. That way, you wouldn’t have to start from scratch.
Promote Your Practice
Once your clinic is all set, it’s time to get the word out there. The truth is, when you’re a new private practitioner, patients won’t simply line up at your doorstep on an opening day. You have to lure them in.
Make people aware that your clinic exists by getting it listed in online directories and local publications. Joining medical associations in the area also helps in getting referrals and advice on promoting your practice.
The secret here is not trying to do everything on your own. You may be going solo, but that doesn’t mean you can’t ask for help. If the budget permits, think of hiring experienced medical marketing consultants as well. They have the know-how to identify industry trends and growth opportunities.
The moment you decide to start a private practice is the perfect time to begin with the credentialing process. You would want to submit your applications ahead of time because acquiring credentials to accept payments from government and health insurers can take 90 days and more.
To make the process quicker for yourself and the insurance companies, gather all the paperwork you need in one place where they can easily be accessed. Take note that insurers will most probably ask about your educational background, medical residency, and licenses.
As you look for public insurers to sign up with, take your specialty and your clinic’s demographics into account. For instance, geriatricians may find Medicare ideal as it offers long-term care and assisted living benefits. For physicians serving low-income communities, on the other hand, an accreditation from Medicaid is worth considering.
Sure, starting your medical practice is an overwhelming journey, but keep your eyes on the prize. Maybe you want this for the freedom to work with the people you trust or to provide the quality services your community deserves. Your motivations will make the undertaking worth it.
So, when you find yourself thinking twice about your medical practice plans, go back to this guide. Remember that once you have your funds, marketing, and credentials in place, you have fewer things to worry about.