How to Start a Medical Practice: The Steps to Take

Have you always dreamed of becoming a doctor? If so, then you understand that the medical profession enables you to help people who are hurting while also earning a great salary.

This is especially true when you own your own medical practice. And the process of starting a medical practice is more challenging than you might expect. After all, there are a million details to consider and tons of government regulations to deal with.

Fortunately, you’ve come to the right place for advice. This article takes a look at how to start a medical practice from nothing. Keep reading to get the inside scoop.

Complete Medical School

First of all, you’re going to need to complete your medical education to become a licensed doctor. Unless of course you simply intended to own the business and hire a team of experienced medical professionals to work for you.

The process of going through medical school will help give you the skills and insight needed to understand how to provide the finest level of medical care for your patients.

Create a Business Plan

As with any type of successful business, you’ll need to create a strong business plan. This is a document that will serve as a guiding light as you begin the process of building your practice.

A good business plan should include your mission statement, outline the amount of funding you’ll need to get off the ground, establish the number of employees you will need to hire and forecast your estimates for profitability so that potential investors can see when they can expect a return on the money they’ve invested.

Secure Startup Funding

It’s important to keep in mind that starting a small business is expensive. In fact, it will likely cost much more than you estimate as you’re putting together your business plan.

That’s why you need a strong business plan that will attract quality investors. It’s impossible to overstate the need for plenty of startup money in order to take care of your initial expenses and provide a reasonable window of time to start generating revenue.

Entity Setup

Once you’ve developed your business plan and have secured startup capital, it’s time to establish your business entity.

The best strategy is to start by hiring an experienced business lawyer and a skilled accountant so that everything will be set up properly. Your attorney will help you determine the best organizational structure to use, and your accountant will be tasked with setting up your taxes and payroll.

Invest In the Right Equipment

You’re also going to need lots of equipment. This is another reason startup capital is so important. The key is to invest in quality equipment that will enable you to best serve the needs of your patients. For startup investing in used equipment can be the better option than buying new one.

Be sure to check out medical equipment auctions.

Get the Necessary Medical Credentialing and Hospital Privileging

Next, you need to apply for the necessary licenses and permits to operate a medical practice in your area. This includes applying for the ability to accept Medicaid and Medicare and to deal with various types of insurance coverage. It’s also crucial to apply for an NPI Number, obtain a state medical license, and apply for hospital privileges.