Did you know that about half of physicians in the United States own their own practices? Although it can be challenging to run your own business in the healthcare industry rather than work at a hospital, it can also be incredibly rewarding.
Have you ever thought about starting a medical practice, but you do not know where to begin? Here are some handy tips for breaking into the healthcare industry and becoming your own boss.
1. Secure Funding
In order to pay for your building, startup costs, and salaries at the beginning of your practice, you will need to apply for a small business loan. Even if you still have debt from medical school, you need to take out this money to start making money.
Shop around for different loans and compare interest rates and other fees to see which one will work best for you. The funding may also require information such as debt to income ratio or your credit history.
2. Scout for a Location
Assess what your community needs in terms of healthcare before you decide to open a medical practice. For example, if you live in a community with large portions of geriatric residents, then it would not make much sense to start a pediatric practice.
Ensure that the location you choose is affordable and also allows for ease of access so your patients can reach you. You also need to be within reasonable distance of supplies. Click to learn more.
3. Get Insurance Credentialing
More and more people rely on medical insurance to fund their care, so it is vital that you receive credentialing to bill your patients through their insurance. This will save your patients hundreds or even thousands of dollars and you can also expand your patient base.
Your client base will also determine which type of public insurance that you need credentials for. Some of the most popular programs include Medicare, which is for senior citizens, and Medicaid, which is for patients below the poverty line.
4. Choose a Business Type
Next, you need to incorporate your business in the right model that works for you. This will depend on the tax position that you want to take and how big you want to grow your company.
If you are unsure about which type of business you need, you may want to speak with a consultant or accountant to get it sorted. Two of the most common business structures are the C corporation and S corporation.
Starting a Medical Practice is Simple
If you are thinking about starting a medical practice, you should not have to worry about the process. With this guide to opening a medical practice, you can ensure that the process goes smoothly and start treating patients in no time.
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