A Guide to Opening a Medical Practice
Being part of the medical industry can be highly rewarding. Still, there are challenges ahead for any doctor who aspires to open a private practice. Doing so can be expensive, and many hurdles must be overcome. Here is a quick guide to properly getting your office up and running.
Every business begins with startup capital, even medical practices. Getting a small business loan can be intimidating, especially if you’re still paying off medical school debt. Consider restructuring the loan you took out for your education. Even if you still have hefty tuition loans, you can get the financing you need by connecting with the Small Business Administration. This government organization can support you by acting as a guarantor with the lender of your choice.
However, you must calculate the cost of everything you’ll need before seeking a loan. Otherwise, you won’t know how much to request. Startup expenses include everything from real estate, attorney fees, and accountancy software to medical equipment, office furniture, and disposable supplies, such as rubber gloves and bandages. Sometimes, a more cost-effective strategy is buying into a practice that’s expanding or owned by a retiring doctor.
You need to be credentialed to accept patient insurance. The process usually takes several months, so plan accordingly. Insurers will request details about your education, want to see that you’re licensed, and find out whether you have malpractice insurance. The sort of medicine you practice and the area in which you work should determine what sorts of health insurance programs you need. Consider applying for Medicaid credentials if you’re in a low-income zone. It’s recommended that doctors who practice geriatric medicine have Medicare accreditation. Sign up for both of these services on websites specific to your state.
Physicians must follow every regulation established by the government. To begin, you’ll need to be licensed by your state’s medical board. Before you can prescribe medications, you’ll have to register with the Drug Enforcement Administration. Medical providers must be issued an identification number; you can apply for one on the National Plan and Provider Enumeration System’s website. Don’t forget to incorporate your company with an official business structure. A health care attorney can help determine which option is best for you.
There are many obstacles to becoming a medical industry professional, yet the satisfaction of treating clients makes overcoming them worthwhile. Adhere to these rules and you’ll be helping people feel better in no time.