Did you know that 49 percent of physicians work in private practices, according to a survey by the American Medical Association (AMA)? That’s down from 54 percent in 2018.
While there might be a shift towards large, hospital-owned practices, that doesn’t mean opening a private medical practice is a bad idea. In fact, there’s a lot of freedom that comes with owning a practice, and it can open a lot of doors for any medical practitioner.
That doesn’t mean it’s easy, though. Luckily, we’re here to help you get started. Read on for the complete guide to simplifying your medical practice’s opening.
Table of Contents
Why Open a Medical Practice?
The first benefit that comes with opening your own practice is more competition for larger enterprise systems. When there are more options available for patients, wealth becomes a lot more widespread and diverse. It’s also a great way to help expand healthcare access into local areas that might be underserved.
Of course, there are also the benefits that come with being your own boss. There’s a lot more autonomy in owning your own business, and that sense of accomplishment alone is enough for some people to run head-on into entrepreneurship.
Create an Organization System
Once you’ve made the decision to open your own practice, it’s important to set yourself up for success. Get yourself a paper planner or a notebook, or even use your tablet for digital planning during the entire process. If you’d like, you can even use a combination of paper and digital planning.
Just make sure you’re using more than sticky notes.
If you’re attempting to gather people for your occupational therapy practice management, then you need something that can help you keep track of what you might need. There’s also software you can invest in to help automate this process.
The point is, you’re not a machine. Unless you set something up to streamline all the different aspects of planning your transition to being a small business owner, things are going to go wrong at one point or another.
Get Everything in Writing
That being said, you should also communicate digitally when possible. Whether it’s text or email, having a paper trail to follow instead of tracking face-to-face or phone conversations can help save you a lot of time later down the line.
You should expect at least some things to change after contracts are signed. Whether it’s a cancellation due to nonperformance, refund requests, or even term renegotiations, having your original terms of agreement written down is going to be crucial.
If you’re able to prove the time and date that things were set up or talked about, you’re going to have a much easier time getting things done.
Set Aside Funding for Delays
The next step you can take is providing yourself with some padding. Remember, you might be well organized, but that doesn’t mean everyone else is going to be. Whether it’s for city permitting, health plan network enrollment, or other essentials for your business, you’re likely to find that tasks can get tedious when you’re navigating automated systems.
The adage, “Time is money,” is absolutely true, so budgeting for specific time restraints is a great idea when you’re getting things straight with your funding.
Stay Skeptical
Just because a deal is signed doesn’t mean it’s done. You can’t trust that everyone you deal with is going to be as invested in your practice as you are, which is why it’s important to remain skeptical and meticulous.
Now, that doesn’t mean never trust the people you’re doing business with, but you’re better off checking behind people as you go rather than trusting that everything was done correctly the first time around.
When you’re opening a medical practice, the smallest mistake can set you back by months. It’s better to remain cautious and catch things early rather than seeing them too late.
Fill In Your Gaps
Remember, though, you’re not an expert in everything. Remain mindful of the things you don’t know, and understand that it’s OK to hire experts when you can. If you can’t outsource, talk to people who have done it before.
There are lessons that each person can teach you — it’s just a matter of listening. You might find save yourself a lot of mistakes if you simply slow down enough to learn from others as you move through this process.
Keep Yourself In Mind
Lastly, remember to keep yourself in mind.
When you’re starting any new business, it’s important to take care of yourself. It’s easy to neglect yourself when things begin to get busy, but it’s important to remember that you’re your biggest asset in this venture. In many cases, it’s as simple as hiring other people.
When you’re out, you’ll know you’re covered. You can also outsource things like tax planning, recruiting, and even keeping up with your building schedule. Having a team you can trust is essential to success, and turning to other experts first is going to help you move along quickly.
Ready to Open Your Private Medical Practice?
Now that you know some of the fundamentals for opening your own private medical practice, are you ready to venture out on your own? Starting your own practice might seem daunting, but that’s why anticipating your potential pitfalls before starting the process is essential. You’ll be a lot less anxious if you take that step ahead of time.
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