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Opening Your Private Practice

November 19, 2020

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Opening Your Private Clinic

There is an incredible element of excitement in the idea of opening your own private clinic. It may be the first time that you will be completely independent so that you don’t have to answer to anyone else. However, you need to recognize one major factor: you have devoted your life to the medical field and having your own clinic is a business. This means that you are going to be required to be a professional in multiple fields and there are a lot of things that you will need to know. As you get further into the process you may want to consider an Office Manager that will take care of and keep up on the daily business side of things.

A Business Plan

A clinic is expensive, and unless you are independently wealthy you will require upfront loans and/or investors. All require a complete business plan to demonstrate the route of success. Having a complete business plan that includes everything that investors want to see does require that you seek out professional assistance. The individual or company you work with should also be aware of all local, state, and federal laws regarding healthcare so that compliance can be incorporated into the plan.

Location, Location, Location

Successful real estate continues to be based on location. You might want to hire a professional real estate marketing company to search out the demographics of a variety of locations for your clinic. It is no secret that people in higher end neighborhoods are willing to pay higher rates, however, this should also be balanced with the type of clinic services that you offer.

Healthcare Equipment

Much of the initial investment will go into having the proper healthcare equipment. This is not an area to scrimp on, as it can make or break your clinic. The type of medical equipment that you need will be specialty-dependent but all will probably cost a lot.

Healthcare Billing Technologies

This is a critical topic because there are state and federal guidelines that require specific compliance as well as HIPAA laws. Medical billing involve adjudication with insurance companies, special billing codes, Medicare and Medicaid requirements and pricing. You might want to talk to other physicians that have already gone through the process of selecting billing software and hardware as well as speaking with a medical billing consultant. The important aspect is to make sure you select billing technologies that are designed for your clinic but can expand as you grow.

Medical Waste Provider

There are specific laws regarding medical waste, with some governed by local, state, and federal guidelines. These rules are required to be followed as part of compliance and are designed to keep your patients, staff, community, and the environment safe. It’s advised to hire a reputable, trained, and licensed medical waste provider who will assist in educating the staff on handling, storage, labeling, and disposal of all medical waste, and can coordinate pickups for your clinic around your schedule.

Marketing Your Clinic, Selling your Services

To be competitive you will need to ensure that your services are noticed. Since you are a doctor and not a marketer, it’s recommended that you begin with a marketing company to establish an overall look for your clinic. They will help to design a logo and slogan, and will suggest specific methods to use to get your clinic name into the community. As you gain initial patients you may want to set up a referral benefit for those that bring new patients to you.

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