Are you among the nearly 939,000 physicians in the United States — or hoping to become one? If so, you might be interested in starting a journey as the owner of medical practice. You’ll get to set your hours and determine your specialty.
You’ll need to get your ducks in a row first, however. Read on to learn the 4 key steps to starting a medical practice!
1. Find the Right Location
As you develop your business plan, you’ll need to outline your mission and identify key stakeholders who will help you get started. But you’ll also need to determine where your practice should be located. While you don’t want to be in an area saturated with medical businesses, you do want to be visible in the community.
Plan on visiting a few different sites where there might not be other private practices nearby. Look for areas with strong population growth and need. And determine if the monthly lease will be doable given revenue projections.
2. Get the Financial Backing You Need
When you’re starting a business, there always will be initial costs. But in the healthcare industry, the costs for items like surgical tables or ultrasound equipment can be steep. And if you’ve newly emerged from a residency program, your med school debt could hurt your chances of getting a loan.
Look for lenders with a track record of working with doctors. They’ll know that you can earn a good salary — but that it will take time to ramp up business. And, of course, look at interest rates and repayment plans before signing anything.
3. Tackle Logistical Tasks
Will you need a receptionist and software for billing? Licenses or permits required to operate a practice in your area? These are the key questions to tackle before you can start accepting patients.
Additionally, you will need to secure insurance to protect against malpractice claims. Since you’ll be prescribing medication, you need to ensure that you have the licensure necessary to do that, too. While you’re at it, determine office protocol for cancelations and pricing.
4. Focus on Medical Marketing
To gain new patients, community members need to know who you are. Start by establishing a professional logo and business name that will communicate trustworthiness. Follow these steps with a professional website where patients can learn about your credentials.
Consider offering video messages on your website or social media profile. When community members can hear from you, they might feel more comfortable scheduling an appointment.
And when you’re ready to enhance your marketing plan, turn to Clinicianbox.com for help. You’ll build visibility online through SEO, ads, and search engine results. You even can craft responses to reviews to ensure your professional profile is clean.
Know the Steps to Starting a Medical Practice
Starting a medical practice can be a rewarding way to give back to your patients. You’ll need to develop a business plan that includes financing strategies and personnel hires. You’ll also need to be sure you’re in compliance with local or state laws and launch a robust medical marketing plan.