From Idea to Opening Day: Starting a Successful Medical Practice
Many individuals dream about owning a medical practice when they embark on the journey to become a doctor. Doing so isn’t easy, but most people find it worth it in the long run. They benefit from having a checklist or guide that will walk them through every stage of the process.
Planning the Practice
The first step in opening a medical practice is determining where this practice will be located. Family and lifestyle play a role in this choice, but the individual must also consider demand and competition within their specialty. Pay and the cost of living are other considerations, and the individual must also consider staffing for medical facilities. Will it be a challenge to find the right people to treat patients within the facility?
One Year Out
Once a location has been selected, the focus turns to establishing the foundation of the practice. Find a building or office space to lease and choose a date for the grand opening. The date may change over time, but it serves as a good starting point as the process moves forward. Many doctors choose to hire a practice startup consultant to assist them. Although the fee can be costly, they find it worthwhile in the long run.
A legal structure must be selected for the practice, and an attorney should be hired to assist with the legal aspects of opening the new medical facility. They guide clients through selecting, informing the business entity, obtaining the federal tax ID number, as well as state and local tax IDs, and other essential tasks. Now is also the time to choose an accountant and learn more about the demographics of the area and the potential patient base.
Nine Months Before Opening
Once the legal and financial tasks have been handled, it’s time to begin building out an office. An architect can assist with this, along with various other contractors. If multiple medical professionals will have ownership in the practice, a buy-sell agreement must be developed. Having this agreement in place helps protect everyone involved in the practice’s opening. A physician composition model is chosen at this time, and recruitment contracts are finalized. Physician employee agreements are also necessary to ensure that credentialing tasks can be completed before the facility opens.
Six Months to Opening
Many tasks should be completed six months before the practice opens. Those in charge need to purchase equipment and software, as well as select the vendors to work with. Furniture must be obtained and any specialized equipment ordered. Now is also the time to begin hiring employees. An office manager is crucial for handling administrative tasks and establishing the office’s tone. The office manager can also be of assistance in hiring other employees.
For practices focused on outpatient services, planning early for patient comfort and modern procedures — such as offering a virtually painless vasectomy procedure — can help differentiate your clinic and attract more clients seeking quality care.
Research various insurance providers to ensure that all insurance needs are covered, and begin marketing the practice so that people will be prepared when it opens.
Practice Week
All staff members should be in place two weeks before opening day. They can assist with final tasks such as setting up all supplies and equipment, and getting to know one another. Have family members and friends come in for appointments to work out any kinks before scheduling and seeing patients. Consider having a soft opening with only a few patients to address any issues that may arise before fully opening the doors.
These tasks may seem overwhelming. Moving through them step by step and working with professionals who have handled this task for others in the past is beneficial. Keep moving forward, as the result is worth every minute of distress and headache people experience. Soon you will be seeing patients and putting your medical education to work, which is why you embarked on this journey.
