Worldwide, there are less than 10 medical doctors for every 10,000 patients. More doctors are beginning to open their own medical practices to meet this demand. Unfortunately, not everyone knows how to start a medical practice of their own.
Eager to open your doors and start welcoming patients? Keep this “how to start a medical practice checklist” a read first.
With these tips, you can follow the necessary steps to open your practice and begin treating patients.
Get ready for your grand opening! Keep reading to discover everything you need before starting a medical practice.
1. Set Your Budget
First, take a moment to consider the different types of medical practices you can open. Are you choosing a general approach or a specialty?
Once you determine what type of medical practice you want to open, you can establish your budget.
Opening your own practice can prove expensive. The total cost could reach $250,000 before you’re ready to open your doors. If you don’t have that capital handy, it’s okay.
Breakdown your startup costs, including real estate, equipment, accountant, and attorney fees. Then, consider your recurring costs, such as disposable supplies. You’ll need to buy computers and software, too.
2. Get Funding
Once you determine your budget, you can look into funding. You might want to research small-business loans.
If you can’t afford a practice right away, consider expanding another doctor’s practice. This cost-effective alternative can help you learn how to start a medical practice without extreme costs.
3. Get Your Credentials
You’ll need to get your credentialing process started before you can accept private or government health insurance. To get your insurance, you’ll need to document your medical education, residency, licensing, and malpractice insurance.
Make sure you’re licensed by the medical board in your state. The Federation of State Medical Board website can get you started. You’ll also need a national provider identifier number and DEA number.
4. Choose a Structure
Before opening any business, you’ll need to choose a legal business structure to determine how you’ll pay taxes. For example, you can become a C or S corporation. As a C corporation, you’re taxed at the entity level and on your personal income.
With an S corporation, you’ll pay taxes on your personal income only.
5. Find the Right Spot
As you work through this “how to start a medical practice” checklist, keep an eye out for real estate. There are over 883 million physician office visits scheduled each year. You’ll want to make sure you choose the right location for your practice.
6. Acquire Staff and Equipment
Don’t forget to gather your equipment. You can buy used medical equipment here. In addition to medical supplies, you’ll also need furniture, computers, and software.
Take the time to screen staff members, too. You’ll need to establish salaries, health insurance, and benefits as well.
How to Start a Medical Practice: 6 Steps for Success
Ready to open your doors? Don’t forget to use these tips on how to start a medical practice first. By following these steps, you can set your business up for success!
Then, you can start attracting and treating patients.
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