Starting a new medical practice set-up can be daunting, especially given the state of the healthcare industry today. The rate at which large medical organizations and hospitals are acquiring small, independent practices constitutes a “tide of consolidation” that continues to threaten the continued existence of private medical practices.
Because of the growing financial strain on the healthcare industry as a result of the COVID-19 pandemic, this integration rate is likely to rise further. As a result, it’s more important than ever for physician startups like you to plan ahead of time when establishing a private medical practice.
Here are the steps are given below
Once you’ve decided on your business model and entity, open a medical practice checking account at your local bank and apply for a loan if necessary. It’s a good time to look for an accountant and think about purchasing medical accounting software.
Finally, contact the Internal Revenue Service (IRS) to obtain a federal taxpayer identification number (TIN) or an employer identification number (EIN) for your company. Register for state and local taxes as well, and learn more about them by visiting state government websites depending on where your practice is located.
Another important task for organizing operations is to create a fee schedule, which is a simple list of all the services you’ll provide and the fees you’ll charge for each. One of the most effective ways for medical professionals to accomplish this is to look at what other healthcare providers in their area are charging.
To be authorized to receive reimbursements from individual insurance providers, you must submit applications to them. This process can take 90 days or more, so start applying to private health insurance companies well in advance of your business’s opening.
Software advice has spoken with numerous independent physicians as a trusted resource for medical software reviews and opinions. In a study of these interactions, we discovered that a significant percentage of doctors seeking software recommendations are those just starting out in their careers.
You should be able to estimate how many employees you’ll need to run your medical practice at this point.
Before you begin the hiring process, you should define the expectations for each role. Create an employee handbook that reinforces those expectations as well.
In addition to figuring out staff workflows, you’ll need to address patient privacy and security concerns. You must conduct a security risk assessment in order to comply with HIPAA and MACRA.
Once all of the logistics are in order, it’s time to begin marketing your medical practice in order to attract patients. Joining a medical association is one of the best ways to network with colleagues. You’ll be able to meet local specialists who can refer their existing patients to your medical practice. You can also get useful advice from your peers on how to promote your practice.
It is critical to establish an online presence for your medical practice as soon as possible when marketing it. According to a recent survey, at least 65 percent of U.S. patients use online reviews as a first step in selecting a doctor.
Another effective strategy is to become involved in the local community. This will assist you in making personal connections with potential patients and spreading the word about your practice.