After years of schooling and completing a residency program and a fellowship in a hospital setting, many doctors want to transition to having their own medical practice. When a physician has a private medical practice, it does not mean that he or she does not have hospital privileges, but with a private medical practice, a majority of patient appointments are done in the doctor's offices. Opening a medical practice takes a lot of effort and hard work, but most physicians find that opening a medical practice is very rewarding. If you're a physician who wants to open a medical practice, use the following tips.
Opening a medical practice is not cheap-- you will need ample funds for start up costs. Your first step is to create a pro forma, which is essentially a consolidated business plan that will outline start up expenses and projected revenue for the first few years that your medical practice is open. Since many physicians have a lot of debt from student loans taken out to complete medical school, it is extremely important to have a very strong pro forma in order to make you look like a better candidate for a loan in the eyes of lenders. Your best bet is to submit your pro forma and loan application to a bank that has a medical/dental division-- this type of division will have a better understanding of the industry and the costs associated with it.
Find Office Space and Equip it with Necessary Equipment
After you obtain financing to open your medical practice, you will need to find office space. It can be helpful to work with an experienced commercial real estate agent who has worked with health care providers in the past. You will also have to purchase all of the necessary medical equipment and office equipment necessary to provide treatment to patients, electronically track medical records, and keep track of billing.
Very few physicians open a medical practice as the sole employee. A number of professionals are needed in order to run a successful medical practice. Once your office space is equipped, you will need to hire at least an office manager to handle paperwork, communication with insurance companies, and billing. Most medical practices also start out with at least one nurse and/or medical assistant. You will also need front office staff to answer phone calls and communicate with patients when they arrive for appointments.Share
25 September 2019
When was the last time you went to an optometrist? If you are like most people, you only go when your glasses break or you run out of contact lenses. Very few people actually follow the guidelines of having their eyes checked each year. Not sure why it is necessary to visit your optometrist each year? You can learn all about the different exams and tests that your optometrist runs and why they are done. Knowing what can go wrong with your eyes and what can be done if the ailments are detected early could help to encourage you to get to the optometrist more often.