A GUIDE TO SETTING UP A MEDICAL PRACTICE

After graduating from a medical college and completing your residency, you’ll want to get a job right away and start practising. Like many of us, you might soon realise that working as an employee for someone is not your thing. That’s when you would want to start your own medical practice. This article discusses the right ways you will need to implement when setting up a clinic or a small medical practice.

Develop a proper business plan

As with any other business, your medical practice also needs a proper laid down business plan. For a successful practice, it is imperative that you plan every aspect of your medical care. This will give you an insight for your set up and where you want to head in future.

Choose a location

The location of your practice should be well thought of. It does not only have to be in a busy area, but there are other concerns to be taken care of. Along with it being visible, you should consider factors like free parking, closeness to public transport, etc.

After deciding the location, you should decide if you want to buy, lease or rent the premises. Make sure to review the pros and cons of each and assess what suits you best.

Opt for a legal structure

To choose a legal business structure is important as it will determine how you pay taxes and how you are liable for lawsuits, debts, etc. Hiring a healthcare attorney is a wise decision for this purpose. After that, you need to apply for an Employer Identification Number (EIN).

Get a license and credentials

Before getting started, you need to get proper licensure and follow the regulations set by the government. Also, you need to get the credentials for your practice in order to accept insurance from patients. There are a number of benefits of this included in Medicare’s Practice Incentives Program.

Medical equipment and office furniture

One of the first things you need to do before having your clinic running is setting your office furniture and medical equipment in place. Whether you are a general practitioner, administrator, surgeon or dentist, you should look for furniture that allows you to have a better posture and protects your spine. One specially designed gear for this purpose is Bambach – you should particularly consider investing in it for your own health.

Hiring staff

In order to have a successful practice, it is imperative to hire professionals who are experts in the field. One way to do so is by having a proper job description for every position available.

Marketing

Marketing and advertisement for your practice should be done well before day one of the settings. You should advertise about the services you provide and the treatments you offer. This should be well-strategized and based on the demands of the community.

Practice management software

You need to have the best suitable Practice Management Software for your medical practice. This is to cover appointments, billing, coding, etc. and is essential for your long-term success.

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