Updated: Aug 1
It may seem daunting to deal with the difficulties of starting and maintaining a medical practice. Although it is understandable that most doctors lack considerable business management experience, the idea of working for oneself is nevertheless appealing. For these and other reasons, it is strongly advised to think about hiring a medical practice consulting company to help you launch your new business. Some of the fundamentals you should consider when beginning are covered in this post.
Start looking for a place six to nine months before you want to start taking orders. Every business needs the perfect location to be successful. It will take some time to choose the appropriate one, and you'll need even more time to make the necessary renovations and furnish the room. Shop for office furnishings and medical supplies now. It is possible to purchase good used medical equipment for as little as half the price of new equipment.
Register your business entity with the state, organize it, and submit an IRS tax identification number application. Apply for your Medicare number at least three months before you're prepared to start seeing patients. It may take two to three months for them to approve something. Soon after, submit an application for certification with commercial insurance firms. Most people will respond within a month.
The most obvious form of insurance for any medical practice is malpractice insurance. Additionally, you will require business liability insurance in case any unforeseeable mishaps or injuries occur at the workplace. In case an employee is hurt at work, your business liability insurance should also cover worker's compensation. In the meanwhile, if you are unable to work, business overhead insurance will keep the firm operating. In addition, health insurance is a requirement for hiring qualified personnel.
You could need to fill roles for front desk personnel, nurses, records clerks, technicians, bookkeepers, and therapists, to name a few. Initially, and depending on the size of your practice, your staff members will be expected to do a variety of tasks. For a medical practice, 2-3 staff employees are suggested for each doctor. Although you will eventually hire more specialized staff as the practice expands, it is best to start off by looking for experienced candidates with a range of talents.
For a while, a small medical practice startup can manage with an internal biller, but you'd be amazed at how quickly the process becomes too much for one person. The greatest recommendation is to work with a billing provider right away. A smart billing business makes it a point to stay current with the ever evolving medical billing industry. This is particularly crucial given the significant coding changes brought about by ICD-10 just this month.
The steps needed to launch a medical practice are far more complicated than this. The practice launch services provided by Billnet assist you in overcoming the initial obstacles and putting your clinic on the path to success and profitability. Our collection efforts come in second.