Taking on the medical field as a career path can be a tough experience, and it takes years of training to become a professional doctor. But once you complete your studies and graduate, you definitely want to be overjoyed by accomplishing your dream job and become the doctor you always hoped to be.
Some people who have just become doctors, are fine with the idea of working at a hospital, but some people desire more than that. They do not agree with the idea of having to work under a boss— who would make decisions for them. Under those circumstances, many could end up either transferring to another place or department, some could end up leaving the job entirely – or some of them might even decide to start up their own medical practice.
Now, starting up your own medical practice might seem like an appealing alternative, but the process to get to that point is actually a lot more complicated than it might seem. This alternative process can be nerve wrecking — there are so many critical tasks involved that you must carefully consider and look through. Some of these tasks involve getting a source for your finances, completing insurance credentialing, hiring a team of adequate professionals, choosing which place to get the medical equipment from and most of all, you need a license for being a medical doctor, which happens after you complete the requirements necessary for your profession.
What we have pointed out so far is just the top layer of what you need to keep in mind before starting a medical practice. These procedures require a lot of time, critical thinking and loads of motivation. But fear not, the task itself is not impossible and once it’s completed, you will thank yourself for working hard to making it this far. Read on to check out our recommended tips that can help you start off your medical practice in the smoothest way possible.
1. Develop a Pro Forma
It is very important to make a pro forma for your desired plan. When developing it, you must add in details of your expenses, desired revenues and debt.
It’s a simpler version of a large business plan, but it entails all the critical details required in the long run. That way, when you discuss your pro forma with investors, they give professional advice of which plans are best for you – ensuring that you are able make proper investments that can be followed for years to come, three to five years at most if you create a strong pro forma.
2. Acquiring Financial Aid
Getting the funds necessary to kick start your medical practice is not easy. The reason is, due to taking on debt for medical education, many healthcare providers don’t have a positive net worth which makes it tougher to find a place willing to fund your practice.
Some other ways you can get financial aid is by either requesting for a loan from organizations or the medical division of a bank, where there are more specialists experienced in the healthcare industry. Or you can propose your pro forma to several different banks and when the offers for investments come in, you can choose the one that’s most appealing to your requirements.
3. Pick a Location
The best part is that you can choose where you want your future office to be set up. However, you just need to keep two things in mind;
Firstly, pick the closest place near your home for your office.
Secondly, pick a place where you feel that you will attract more clients— avoid deserted areas in that case.
4. Investing In Medical Equipment
Now that you have the loan, the next step is to pick out medical equipment. You need a software in your computer system or purchase an electronic health record system that can keep the records of your patients, making all the information accessible to your team under one source.
There are other equipment’s you can invest in such as medical transcription software or credit card processors, but if you aren’t sure if they are worth the money, you can rent medical equipment from Bosshard Medical.
5. Get Your Insurance
Before you start working on your patients, it is important that you first get insurance to protect yourself if something were to happen to your patient. Make sure that you invest in liability, malpractice and life insurance policies.
6. Hire Your Dream Team
To hire a team according to the requirements you need them to fulfill, write down an employee handbook that includes the details of your office policies as well as the benefits your employees can get if they work under you, such as medical and dental insurance.
7. Bring in the Clients
Marketing is one of the most common ways to attract patients, but there are also other options you can opt for. You can bring over patients from your previous office that preferred your medical expertise.
Another option for beginners is to purchase a retiring physicians practice, which would require to handle the patients that the previous physician in charge was responsible for. Other than that, you have to let the patients put their faith in you for them to make more appointments at your office.