It’s become increasingly common for doctors to leave their hospitals and clinics and start their own practice. If you’re feeling the call to do that yourself, here are four tips for making sure that the process of doing that runs smoothly for you.
Open a Line of Credit
Unless you’re independently wealthy, you’ll probably need a loan to cover your clinic’s start-up costs. Not only will you need to support your practice while you’re still drumming up business and not seeing a lot of revenue, but you’ll also need to splurge on high-tech, high-end lab equipment. It’s important not to cut corners when it comes to the tools and gadgets that will directly impact your patients’ health. Their very lives could depend on you not being cheap when you purchase an oxygen concentrator or X-ray machine.
Build a Dream Team
Between doctors, nurses, assistants, technicians and receptionists, medical practices can live and die by the strength of their staff. You’ll need to do your hiring very carefully if you want to assemble an all-star team. Start with trusted referrals and then work on meeting people through networking opportunities within your industry. When you’re done putting together the best of the best, make sure to introduce the team to your patients via marketing tools and your website, like Kazmierski Orthodontics has done. You want them to be as confident in your choices as you are.
Gone are the days when everything was written in chicken scratch and stuffed in a file cabinet. Electronic health record (EHR) systems are the way that modern medical practices do business. You should also look into things like digital imaging systems and self-operated patient kiosks where they can check themselves in and make payments when they’re done. The future is here, and you’ll need to keep up so that you won’t fall behind.
Fill Out Your Paperwork
There are a lot of documents involved with starting your own medical practice. You’ll need to prove your credentials, of course, and obtain a tax ID that identifies your status. You’ll also be on the hook for things like compliance documentation and well-stuffed insurance policies. These things might have been taken care of while you were working for someone else, but when you’re the boss, it’s your responsibility to cross the t’s and dot the i’s.
These are just a few tips for starting and succeeding as a self-owned medical practice. You might not be traveling down an easy road, but the view at the end will be worth it, so keep going.