I am Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
If you’re a medical professional planning to leave your job to start your own independent practice, there are additional steps you need to take to ensure a successful transition. Here are five things you need to do before leaving your job to start your independent medical practice.
1 – Get Your Credentials in Order
Before starting an independent medical practice, you need to make sure that you have all of the necessary credentials and licenses required by your state. Check with your state’s medical board to see what requirements you need to meet, and make sure that you have all the necessary documentation.
This can include your medical degree, residency and fellowship certificates, board certifications, and state licenses. If you plan to accept insurance, you will also need to be credentialed with each insurance company.
2 – Create a Business Plan
Starting an independent medical practice is essentially starting a business. Therefore, you need to create a business plan that outlines your goals, objectives, financial projections, and marketing strategies.
Your business plan should also include details about your target market, competition analysis, and how you plan to differentiate your practice from others in your area. This plan will help you to stay focused and organized, and it will be essential if you need to secure financing.
3 – Secure Financing
Starting an independent medical practice can be expensive if you are not savvy and structure it correctly. You will need to purchase or lease medical equipment, rent office space, hire staff, and pay for marketing and advertising. Utilize strategies to minimize startup costs by consolidating jobs and leveraging other colleagues staff whenever possible.
Therefore, you will need to secure financing to cover these costs. You can apply for a small business loan from a bank, credit union, or other financial institution. Alternatively, you could also investigate grants or other funding opportunities from government or private organizations. An often-overlooked source of funding for your business is leveraging business credit cards. Depending on how your entity is structured you may be eligible for up to $100,000 in business credit funding.
4 – Set Up Your Office
Once you have secured financing, you can start setting up your office. This includes finding a suitable location, purchasing, or leasing medical equipment, and hiring staff.
You will also need to ensure that your office meets all the necessary health and safety requirements, such as having the proper medical waste disposal, patient privacy, and infection control protocols in place. Consider establishing a virtual or remote office to minimize costs.
5 – Establish Relationships with Referral Sources
Finally, you need to establish relationships with referral sources in your community. This includes other healthcare providers, hospitals, and clinics.
Attend local medical meetings, introduce yourself to other healthcare providers, and let them know about your new practice. Establishing these relationships can help to build your reputation and bring in new patients.
In conclusion, starting an independent medical practice is an exciting process. By following these five steps, you can ensure a smooth transition and set yourself up for success. Remember, planning and preparation are key to building a successful practice.
Start-up funding is a vital part of starting your own practice. Check out our blog post here for supplies you will need in your funding.
I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Please go to businessofrehab.com/contractnegotiations to pick up the free guide to help you negotiate the contract of your dreams.
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