Freedom to be your own boss is one of the benefits of having a medical practice.If you want to open your own practice, you need to have a plan and be organized.Having completed all of the necessary training for your profession, you will need to be a licensed medical doctor.
Step 1: Begin studies at the undergraduate level.
Most places in the world require a completed undergraduate degree before you can go to medical school.Pre-requisite courses are required for some medical schools.Basic science courses such as chemistry and biology are usually included.Pre-requisite courses are used to prepare you for medical school.Less pre-requisite courses are accepted by some medical schools.Do you want to attend the medical schools that interest you?
Step 2: You need to attend medical school.
Once you have completed the required pre-requisite courses and undergraduate studies, apply to the medical schools that interest you.Getting into medical school can be very competitive, so applying to several different schools is your best bet.Medical school lasts 4 years.Prepare for a heavy workload because the study requirements are very intensive.The majority of your life will be spent in school.To balance the work required to complete medical school, relationships, hobbies, and passions need to be prioritized.Are you prepared to make this type of sacrifice?
Step 3: Decide on a specialty of medicine.
You will need to decide if you want to be a family doctor or a medical specialist after you finish medical school.It takes about 3 years of post-graduate study to be licensed as a family physician, and around 5 years to become a medical specialist.The lifestyle of the specialty you are considering, as well as the job availability in your area, should be considered when choosing a field.
Step 4: You have to complete your internship and residency.
You will need to apply for an internship or residency when you choose your field of study.Where you are practicing will affect the requirements.This stage of your training is paid, and usually involves extensive hospital-based work where you work in a number of areas of the hospital, but focus on your interests.It usually lasts between 2 and 5 years before you become a fully licensed physician.
Step 5: Consider what type of practice you want to open.
Once you are a fully licensed physician, you can decide if you want to work in a health care system, a medical group practice, or as an independent.Depending on where you want to work, you can either work in a hospital or an outpatient clinic.Private practice and hospital positions are both salary-based and involve running your own business.It is assumed that you will be starting your own medical practice.
Step 6: You can find resources for the type of practice you want to start.
There are resources available to members of different medical society organizations.There are templates for paperwork, legal documents, and planning tools in these resources.To make it easier to set up your practice, look into the medical society.The American Academy of Family Physicians has resources for direct to primary care.You can use this to set up your practice.There are resources on the American Medical Association's website.
Step 7: Pick the location for your office.
It is important to consider factors such as commute time and patient population when selecting a hospital.Some locations are more likely to attract elderly patients, some more prone to homeless people or recovering addicts, and others more suitable for families with young children.If patient demographic is important to you, consider the impact location.When you first open your practice, consider renting a clinic space.Before making any long-term commitments, you can try it out and make sure you like it.Can you adjust the heat and/or air conditioning in the office, as well as the aesthetic of the space?It is worth the investment to find a place that you enjoy, as well as your staff and your patients, because you will be spending a large portion of your life in the office.Consider the marketing aspect of your location.Is it possible for people to get there?Is it in a populated area?Is there a lot of parking?
Step 8: If you want to open your own medical practice, you need permits and licenses.
Check with your local Department of Health for the necessary paperwork.If you have to wait for the paperwork to be processed, you may want to do this early.
Step 9: Medical equipment, computers, and other supplies are available for purchase.
You will have to raise funds to pay for medical equipment.You will need a computer system and software to keep your records.It's easier to take note-taking with a computer system.Everyone in your practice will have access to a patient's medical and drug history with the help of a single system.If you don't use a paperless computer system, you need to make sure that there is enough room in your office for the paper files and cabinets.It is possible that you will need to take out a loan to cover the costs of your business and medical equipment.The investment you make in your own practice will pay off in the long run.
Step 10: You should get approved for insurance.
You will need insurance to protect yourself if something happens to your patients.You need to have credentials with at least one major insurance company.Make sure you have malpractice insurance.
Step 11: Acquire patients
You may be able to bring in patients from a previous office.Talk to other physicians about how to market yourself and get patients if you are starting from scratch.If you buy out the practice of a physician who is retiring, you can look after all of the patients that the other physician was responsible for.
Step 12: Hire other people.
If you want to find employees that work well with each other and with you, you need to hire a receptionist and a bookkeeper.It's important to understand the hiring and firing regulations in your area, you will want to follow appropriate protocol when selecting employees for your business.
Step 13: Should you partner with other physicians?
You will need a lawyer's help in establishing a comprehensive practice agreement if you want to partner.If you want to work on your own, you should consider a team agreement for all of the employees in your clinic, outlining goals and expectations for how the practice is to run.Formalizing your working relationships with the other physicians and/or staff in your clinic can help to ensure that your business runs as smoothly as possible once you get going.
Step 14: Establish expectations for your employees.
It will increase the chances of success with your co-workers and also decrease the costs associated with employee turnover.You will want to give your staff feedback on a regular basis and check in with them.They feel cared for and guided as to what is expected.It increases the efficiency and effectiveness of how your business is being run, all of which are important to long-term success.
Step 15: Understand the process of paying your bills.
There are a lot of local resources to help physicians with billing advice and support in your area.One task that you don't want to delegate is billing.Most electronic medical record systems have the billing process embedded within the software itself making it quick and simple, and once you have mastered it, it takes very little time.You are the one who can bill most comprehensively for the services you have provided because you know your patients best.
Step 16: A process for notifying patients of costs of services is needed.
It is important to know what is and is not covered for patients under a pre-paid healthcare plan, and how to invoice third parties in cases where that applies.Take your time to become familiar with how the billing process applies to patients and be upfront about any costs that will come out of the patient's pocket.Communication and disclosure of costs are important.
Step 17: You should speak to an accountant about taxes.
You will want to know how much money is set aside when tax payments are due, as well as the differences in tax filing for a business owner as opposed to an employee of a company.You will have many things that you can write-off as a business owner, so you will want to keep receipts related to your business in a special folder.It is advisable to have a separate bank account and credit card for business expenses.
Step 18: A long-term plan can be put in place if you consult with a financial advisor.
It is important to consider your long-term financial goals and to plan for retirement with a goal age of when you will close your practice, and an idea of the money you need to sustain your lifestyle.As you begin your own medical practice, planning your overall financial goals will help keep you on track.
You should be aware of the Health Information Act and other privacy protection regulations in your area.For assistance in this area, speak to a lawyer who has worked with healthcare professionals.Privacy and confidentiality are important for medical practice.
Step 20: Privacy and confidentiality documents should be signed by your staff.
Again, it can be done with the help of a lawyer who has experience in healthcare and medical practice.Everyone on your team should be aware of the privacy requirements, including release-of-information standards and patient consent processes.
Step 21: The electronic medical records can be used.
The old way of doing things in medical offices used to be with paper files, but that is no longer the case.More rapid access to patient files, more comprehensive data that can be searched quickly on the computer, and easy access of the patient's files at other places are ensured by this.The more efficient and effective way to store patient information is through the use of an electronic medical record.