The Complete Guide That Makes Starting a New Medical Practice Simple

Did you know that there could be a shortage of more than 120,000 physicians in the United States by 2034? 

With the shortage of doctors and offices, there is a high demand for medical offices and people committed to caring for others.

If you have recently finished medical school and want to help people, you should think about opening a practice. 

Continue reading to learn about the key steps in opening a new medical practice so that you can help your community! 

Know Your Reasons 

One of the first things you need to do when you go to open a new medical practice is to understand your reasons.

Knowing why you went into the medical industry and what you want to do with your practice will be useful. Having this in the back of your mind will keep you on track with your education and career goals. It will also help to motivate you when you hit roadblocks and things aren’t moving as quickly as you would like.

No matter what kind of business you are to open, you should be confident in your investments and trust your mind. Every bit of motivation will help you open a successful practice. 

Pick the Type of Practice You Want

Depending on your finances and business plans, you will need to choose your type of practice.

Solo practices are quite common but you will be taking on nearly all of the responsibilities. This option will provide you with the most control and you won’t need to work with someone else. If you can dedicate the time, energy, and money on your own, this is a great choice to go with.

Group practices are another common plan for practitioners. These offices have several doctors working that equally shares the responsibilities. This is an ideal situation for medical practice because it relieves some of the pressure and work on you and can help you make more money quickly. 

Hospital-owned healthcare practices are another type of center to open. These practices are run within a hospital network with set schedules and employee constraints. You will help raise the hospital’s capital, so you won’t be given the freedoms that you would have in a solo or group office. 

Create a Business Plan

No matter what type of small business owner you are, you need a business plan.

Business plans are the foundation of a company. In these, you can write down the mission and values of your practice. You should also clarify who the investors are and what the plans are with the company.

Some people recommend putting short and long-term goals in the business plan. Include information about expenses and all of the permits and licenses that you will need to get. Your business plan will act as a guide for you and the staff so that your services match your vision.

Don’t be afraid to make adjustments and adapt your plan over time. This might be necessary if the structure of the company changes or you provide newer services. 

Build a Budget

Giving yourself a budget is important when you open practice because you want to make money, rather than lose money. 

Without a budget, it can be hard to know where your money is going and you might not be making the most beneficial decisions. Your budget should take into consideration the amount you get approved for a loan or saved your income, and expenses. 

A lot of people underestimate the importance of budgets and quickly discover that they can’t afford to run a business. When creating your budget, make sure that you use realistic numbers. Try to research how much money other pracitices require to function and the budgets that companies do the best with. 

If there is another lender involved, you will have to set a budget with them. Whoever is providing financial support to the practice should have a role in the budget and responsibilities. 

Apply for Licenses & Permits 

Building permits, medical licenses, and business permits are all necessary if you want to legally open your practice.

Once you have located a building for your practice, you should contact the state and county. They will be able to help guide you through the process so that you can open legally while following the correct guidelines. Since this process deals with legal matters, it is crucial that information is accurate and submitted on time.

It is important to note that these permits and licenses can take weeks to several months to obtain. Other documents are due when submitting these and you will likely need to contact your lender and financial institution. 

Fill the Place

Not only do you need to fill your office with people to be successful, but you also need staff, equipment, and furniture. 

You should start the hiring process as soon as you have a building or space to meet with people. Try to find employees with experience, passion, and the drive to make a difference. You should also start to order furniture for clients and medical equipment to perform examinations. 

Don’t forget about office supply items as well. Computers, paper supplies, and copiers will be needed. Many people recommend medical shredding services so that all of the confidential information can be safe. 

Open Your New Medical Practice

If you want to open a new medical practice, there are a few important things that need to be done. 

Once you have graduated from a medical program, you can start putting your knowledge to use. Opening a new medical clinic can be a large investment. With financial support and a strong business plan, you can meet your objectives. 

Don’t wait too long to start applying for permits and licenses since the process can take several months to complete. 

Be sure to check out our blog for more articles about the healthcare industry and following your career goals!