Starting A New Medical Practice: Checklist & Best Practices

So you’ve secured funding, picked a location, built out a beautiful space for patients to receive care. You’ve got a lot of details to manage in the coming months.

This checklist is designed to support you in covering all the fundamentals for a practice that is safe, secure, efficient and profitable – together enabling you to provide the best possible care for your patients.

Legal

Governmental certifications and licenses that are necessary to opening your business.

General Business Requirements 

  • Business structure – The structure you choose will have far reaching effects on your daily business, profits, liability, and more. The U.S. Small Business Administration is a great place to start researching your options.
  • Fictitious business name – Most businesses require this, unless the name of the business will be exclusively the name of the sole proprietor. Generally, the name will be registered with the office of your local county government.
  • Business license – This will be acquired from the office of your local county and/or city government.
  • Employer Identification Number – You can register this with the IRS.
  • Insurance – Requirements vary by state. Some types of business insurance to consider:
    • Worker’s Compensation
    • General liability
    • Group disability

Specific to Medical Business 

Insurance Contracting

Establishing insurer network partnerships early will improve your revenue cycle and expand your patient base. Here are the main steps to getting started.

  • Credentialing & Privileging – To join insurer networks, you’ll need to apply for credentials with each, then specify privileges for which you’ll contract. For more about this, read our in-depth blog on medical credentialing.
    • Research all viable insurers in your area
    • Submit & track applications for chosen insurers
  • Fee schedule – Determine thoughtful system of fees for each of your services, based on research determining reimbursement rates from all payers – commercial, Medicare, and Medicaid.

Data Systems

Practice management tools are necessary to maintain patient care, legislative compliance, and a welcoming workplace atmosphere. Research and contract data systems that fit with your practice’s resources and needs.

Staffing & Training

A strong team is the backbone of any successful practice. You’ll need to establish infrastructure and protocols to build and sustain a happy staff.

Role delegation structure

What positions will your practice require?

  • Licensed personnel – Positions such as physicians, nurses, associated specialists
  • Unlicensed personnel – Positions such as front desk, bookkeeper, facility maintenance

Payroll

  • Salary – Designate salary ranges for each position.
  • Benefits – Designate benefits for each position. Choose an insurance provider.
  • Payroll service – Depending on the size of your practice, you might elect to handle payroll in-house, though many practices find a third-party more beneficial.
  • Recruitment & Hiring – Promote job openings in trade forums, social media, and with friends in the local industry.
  • Training – Standardize the tasks for each hired position. Account for every essential task. Make sure that all fits within legal requirements as determined by federal bodies such as
    • OSHA
    • HIPAA

Marketing

A beautifully engineered business deserves a robust outreach campaign. People deserve to know that you exist! 

  • Industry Networking – Visit local and regional industry events. Reach out directly to complementary medical specialists in your area. Promote yourself to people in adjacent industries, such as fitness or wellness.
  • Patient Outreach – There are limitless possibilities for promoting yourself to the public. Make sure you try at least a few different platforms. A few to consider:
    • Social media – Instagram, Twitter, even LinkedIn
    • Online – Google ads, online review sites like Yelp
    • Events – Sponsor local community events or host your own

Conclusion

You already know that starting a business is a huge undertaking. Remember: covering all details at the outset of the process will save you time, money, and stress in the long run.

Focus on registering and licensing with federal and state bodies first. Move on to insurance partnerships as well as info systems contractors. When it comes time to hire people, make it as easy as possible for them to join the team and succeed. Promote your business far and wide, in person and online – not just once, but continuously, in a sustainable way.

And if you’re looking for a partner to help you manage the credentialing process and offer support and implementation of word class practice solutions, connect with our product specialists today.

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