What Are the Best Tips for Starting a Medical Practice?

Before starting a medical practice, physicians must consider several factors. A new medical practice will require research into licensing regulations, tax and insurance laws, and staff recruitment. Most experts recommend doctors enlist the help of an experienced management consultant who can help with starting a medical practice.

Starting a medical practice, even a small business, requires careful planning and forethought. Previous experience in running a business can help considerably. For a complete novice, enlisting the expertise of a professional may be necessary.

After the major legalities are taken care of, partners in a new medical practice must choose an office design. The number of physicians in the business may have an influence on office size. Office supplies and equipment will need to be considered as well. Financial planning for a new medical practice is important, so experts typically recommend seeking advice from a financial adviser.

Those involved in starting a medical practice should plan for expenses, including utilities and rent. Physicians who are interested in establishing a medical practice might need to rely on a bank for funding. If a bank loan is denied, obtaining a loan from a lending company is another option.

A new medical practice may need professional help to negotiate a suitable lease for office space. It is important to find a good location, preferably in a populated area that may attract more business than a practice that is in a rural community. On the other hand, many rural communities may be in need of a new medical facility, so this should also be considered.

Prospective owners of a medical practice should weigh the pros and cons of renting an office building versus buying one. When a building is leased, there is the freedom to move to another location after the contract is up. There is generally less paperwork involved when renting the office space.

Hiring staff for the practice may take some time as well. Background checks should be done on all potential personnel, including receptionists. Nurses and physician assistants may also be needed for the practice.

Many individuals who consider starting a medical practice often refer to publications for guidance. There are several publications and books available, either in hard copy or in downloadable format, that provide information. These materials can be an invaluable tool.