Checklist for starting a new medical practice

Let’s face it, starting a medical practice is a highly nerve-wracking process, especially in the current uncertainty and instability of the healthcare sector. Large medical organizations are buying out small independent practices at a high rate, which is a clear representation of “tide of consolidation” and a threat to private practices.

As a consequence, it is highly significant that independent practitioners plan ahead before starting their own practice.

Given that the process is not at all a cakewalk, we have a checklist here that can help you make your way around in starting your own practice. We have gathered insights and critical information from different experts, surveys, and other reliable sources.

Checklist of starting an independent medical practice

1.   Preparation

  • Most people think that one of the first steps towards starting a new medical practice is money. Despite money being a huge factor, it should not be your primary concern. You need to determine your business model first and decide the structure of your business and how will the practice take place.
  • Open a bank account in the name of your medical practice in which all your earnings and funds will be deposited.
  • Get an employer identification number (EIN)

2.   Organize your operations

  • Secure insurance for your malpractice
  • Get your credentials
  • You must have a pre-defined fee schedule. The fee schedule needs to be in compliance with the industry standard and shouldn’t have any hidden charges

3.   Buying Supplies and Software

  • To make your work more comfortable and convenient, make sure you have an electronic system for maintaining health records
  • Decide whether you want to outsource the services or have a billing software
  • Obtaining industry-standard tools and equipment for your practice. For example, having an excellent medical examination couch to comfort your customers

4.   Define the workflow of your staff

  • You must explain their respective roles to your staff members so that your work is always in order and everyone understands exactly what is expected of them
  • You need to have a set up for personal benefits in place as well
  • This is an essential element in any kind of practice, i.e. performing an assessment for security risks

5.   Continuous Promotion of Practice

  • It is vital to have a network of other practitioners. It can help you stay updated with the current trends, technologies, and changes in practice. The network can be with some of the old colleagues working in the same field
  • Create a Facebook page or have a website designed to make sure that your customers have access to your brand on an online platform and can get the information they might need before consulting you
  • You need to participate in outreach activities in the community to make sure you are always in touch with your target population