Did you know that less than a third of doctors owned their own independent practices in the year 2018? If you are a recent graduate and are now looking at starting a medical practice of your own, you are in the right place. We have put together this short guide as a reference to show you how to start a medical practice in a few steps.
Keep reading to learn the basics of getting your own medical practice up and running.
Table of Contents
1. Business Plan
During the initial steps of setting up your practice, you have to take the time to establish what your mission, goals, and values are for your establishment. You also have to figure out how much money you will need to make your practice a reality.
Create a timeline in your business plan, where you highlight your beginning to end goals. Think of what you want to call your practice because you will need this to set up most of your legal paperwork.
2. Legalities
Once your business plan is written up you have to choose what type of entity you want your organization to be. You can choose between an S Corp, C Corp, LLC, etc. It is always best to consult with a small business attorney, to ensure that you choose the best entity structure for your long-term success.
Once you have your entity figured out you will need to obtain the proper tax identification numbers federally, locally, and for your state. You will also have to set up your business bank accounts and in certain states, you will have to obtain your sales tax certificates as well.
3. Office Setup
Once you find the best location for your vision you will have to set up the office with equipment, tables, chairs, etc. You will also have to invest in some signs for outdoors and indoors.
In order to stand out from the competition, you will want to set some of your budgets aside for new technology that makes the customer experience better when they come to visit you. Do not forget medicare marketing is something else you will want to consider when setting up shop.
Now You Can Know How to Start a Medical Practice
We hope that our guide above is useful in your journey after graduation. Now that you have the steps above on how to start a medical practice, you can start applying everything you learned and get started on your new journey to help as many patients as possible.
Please keep in mind that there is no universal formula to starting your own practice so, if you are feeling a bit overwhelmed we advise you to hire a professional consultant that is familiar with starting medical practices in your area.
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