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Tips for Starting a Medical Practice

If you’ve just graduated from medical school, you’re probably eager to get the ball rolling when it comes to your medical career. After all, debt from medical school is often quite expensive, so you’ll want to start chipping away on those loans as soon as humanly possible. While you could build up your resume by working for another hospital or physician’s office, oftentimes one of the best ways to increase your earnings as a medical practitioner is to open your own private practice.

Starting your own medical practice offers a lot of benefits; however, it’s not as simple as applying to work for another hospital. This is because running your own medical practice is more like running your own small business, but with the additional hurdles and regulations that medical providers must file and adhere to. Even with the extra work involved, running your own medical practice can ultimately be more rewarding.

For example, if you specialize in elder care or rheumatology, setting up your own private practice can mean that you can work in a more narrow concentration than you may have to in a hospital setting. Read on for some tips and tricks to consider as you work to establish your own medical practice.

Find a funding source.

Just like starting your own business, starting your own medical practice requires money. Especially if you’re just coming out of school with a lot of debt, you may find that the pressures of paying back your student loans and financing your private practice all on your own can be difficult to juggle. As such, it’s a good idea to look into a few different funding sources and consider different financial structures that could be beneficial to you.

For example, if you own a home, knowing the ins-and-outs of reverse mortgages could help you determine whether or not it makes sense to tap your home for some equity. On the other hand, you may have met another student or two in med school with similar aspirations willing to split the costs of opening a medical practice by going into business together. Whether you’re taking out loans, sharing costs with another doctor, or a mixture of both, having cash on hand to fund your practice is key.

Outfit your property with the tools you need.

Beyond finding a property to do business in, you’ll also want to make sure that you have the right equipment in order to run your practice. Depending on your specialization, you may want to invest in bloodwork supplies or radiology equipment. Having the right tools all within your practice is key to being able to do your job well. It’s also important to think about how you’re outfitting your lobby and other waiting areas.

Having coffee or a bottled water dispenser can help show your patients that you care about their comfort before they even set foot in your examination room. There are plenty of subscription services and providers offering bottled water delivery and other beverages, so do a little research to find the best deal in your service area.

Get the right insurance.

It’s important to protect your new medical practice, which involves a few different types of insurance that go above and beyond what a typical business may have to register for. Of course, you want to have a limited liability insurance policy in case someone falls on your premises, and you’ll want to ensure all of your medical supplies. However, it’s just as important to protect your practice by looking into malpractice insurance in case someone presses charges against you.

You can find a malpractice insurance quote or two online as a way to compare policies initially, but be sure to call and talk to the insurance provider in person in order to ensure that you have the proper coverage for your practice.