Having success in an independent private practice that is often changing requires both a sharp clinical judgment and a dedication to working together and solving difficult problems. The CHCBC team offers the assistance and help physicians need to commence and maintain success in a private practice. This includes our blog page and these seven steps to beginning a private practice. Read further to learn more about each step and the CHCBC news, info, and resources accessible to support your private practice in this exciting venture.
Location. Location. Location.
When it comes to starting a medical practice, the first step is deciding where to set up shop. Analyze the local market to determine the needs of the population in the area, and decide if it would be better to buy or lease property. After you choose the geographic location and real estate plans, work with a commercial realtor to find the perfect space. Making sure the location meets all of your top requirements is key to the success of the practice. From a business standpoint, think about curb appeal, parking, and other local services that may bring clients through your door. From a provider perspective, think about electrical, plumbing, and space requirements to provide the best services.
Get licensing and credentials in order.
Physicians must be both licensed and credentialed in the state & city they wish to practice medicine. This process often takes several months to complete and must be maintained annually, so it is recommended to start as early as possible & find the help you need.
Learn more with CHCBC about:
- Obtaining a medical license.
- Navigating state medical licensure.
- What residents need to know about licensing and board certification.
- What residents should know about credentialing.
- Find the right professional advisers.
It is essential that physicians have a fundamental knowledge of business practices. As you set up operations for your private practice, engage in meaningful conversations with professional consultants during the decision-making process. It is wise to consult or refer to the right consultants for their knowledge in legal, financial, compliance, and IT matters, just as you would seek advice from other medical specialists to care for your patients.
Payer Contracting And Pay Models
Physicians who are looking to start their own practice should consider partnering with a healthcare consultant to help them navigate the process of identifying payers to contract with and the payment models they wish to use. CHCBC private practice startup consulting provides more information on this topic, such as which contracts to negotiate, the differences between payors, and an overview of the different insurance products and payment models associated with the contracting process.
Insurance
There are several policies available to businesses and business owners. Policies like business overhead insurance and disability buyout insurance can protect the practice and any partners. There are many types of insurance options to consider to help protect your growing private practice investment, including:
- Business interruption
- Commercial liability
- Cybersecurity
- Directors and officers
- Life
- Medical liability
- Property
- Workers’ compensation
Our team of experts can help you take into consideration your practice, your team, and your patients as you build your insurance coverage while meeting all legal requirements.
Medical Equipment And Supplies
Every physician needs to have the right equipment and supplies to provide proper treatment. It is fairly obvious to include items such as bandages and gauze in the list of necessary items, but furniture, uniforms, and medical equipment that are made to last should also be taken into account. Finding a suitable vendor to partner with to purchase supplies can be a good investment. It is also advisable to compare prices between different supply companies to get the best deal. Our team has made many connections with suppliers to get you the best deals or to plan out the growth of your practice.
Build Dream Team
Determine the best staffing for your practice by looking at industry standards and discussing them with your CHCBC consultant. The amount of support staff you require in your practice will depend on how many full-time physicians you employ. Think about the personnel you may need for administrative duties, including receptionists, billing and coding employees, prior authorization and referral staff, credentialing personnel, managers, human resources representatives, and others, and this number may vary from office to office.
Properly setting up a hiring and management system will save time and headaches when the inevitable staff changes happen. A rigid process allows for flexibility in staffing and breathing room for adjustments.
At Complete Healthcare Business Consulting, our experienced medical practice consultants can help relieve significant financial and operational pains. Our goal is to allow you to be the expert in your field and let you build the management team that will help you get there. Avoid the common insufficiencies in practice structure and processes by working with a team of consultants with experience in private practice startups. Call our team to speak to a specialist and take the first steps to make your dream practice a reality.
