Tuesday, July 7, 2015

Tips For How To Start A Medical Practice From The Ground Up

By Jordan Schmidt

To be successful in any business, you must promote yourself early and as often as possible. This is especially true for anyone wanting to know how to start a medical practice from the ground up in California. People need to know about your practice in order for you to get patients.

If you have patients at the place you are currently working, send them a letter to encourage them to follow you to your new business before it launches. Starting early will give you the best chance of them joining you. Put an announcement in the local paper letting people know that you are starting the practice and when you will be accepting new patients. You should also set up an email system so that people can contact you with any questions and to sign up.

You must also realize that you cannot do this alone, as you will need to rely on others to help you along. This involves lawyers, suppliers and real estate agents. If you intend to work with third party payers, you may have to be prepared to devote at least six months to starting up your business, or risk having to see patients for free. If you are planning to open up a concierge practice, you may have to deal with construction companies and technology experts to get things started.

The bank will probably want to see a business plan and a budget for at least the first year of the business. Your business plan will outline your marketing strategy and how you intend to get in patients and raise revenue. Your budget will include all the expenses that you expect to have to pay out in the beginning and how much they will cost. This includes paying your staff, buying medical equipment, and renting or buying the proper facilities for your office.

When meeting with your lender, share with them your business plan and why you believe your practice will be a success. You need to exude confidence, because you are basically asking the bank or lender to invest in you. Show them your enthusiasm and your plans, such as how you intend to recruit new patients and manage your finances.

If your office is going to be fast paced, you need to hire staff that can keep up with the work load. Get people who are pleasant to patients, learn fast, and do not mind putting in extra time to help get the business off the ground.

It is not only the staff you need to think about hiring. Unless you are handling the day to day affairs of the business yourself, you may need to hire a practice manager as well as an accountant to make sure your finances stay afloat. You want to focus on patient care, not doing paperwork all day. You may also need a lawyer to draw up contracts and other legal documents, such as a lease for your new premises. An insurance specialist can advise you whether you need malpractice insurance now that you are going into business for yourself.

You may want to consider getting an electronic health record system to help your business stay current and organized. Choose a system that works best for you and meets your requirements, since not all practices are the same. Research if there is already a system that is widely used in your area that you can easily adopt.

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