So You Want To Open A Medical Practice!

Soooo exciting!! Years of medical school, saving, working hard, and getting excited for this day. Here is how to open your practice successfully.

Steps to get licensed and credentialed:

  1. Get your UPIN number from your residency program, so you can practice medicine. This is your License to practice.
  2. Apply for a Medicare / Medicaid ID number
  3. Get a DEA number for controlled drugs
  4. Buy malpractice insurance coverage
  5. Get hospital privileges at a nearby hospital
  6. Get credentialed with a managed care organization

Business Readiness: 

  1. Find out how much work is going to be available in your area. Check needs assessment reports. Call nearby providers to see how long it takes to get an appointment for a new or existing patient.
  2. Create a budget: Figure out how much it will cost each month for rent, payroll, clinical supplies, utilities, phone bill, advertising, business consultant (Hire Us :) ), furniture leases, malpractice insurance, living expenses, life insurance, disability insurance, car lease, car insurance, and office supplies for about 18 months.
  3. Make a business plan, marketing plan, and start thinking about whether you want to work on the business full time, get a partner, or moonlight in a hospital while getting your business up and running, etc.
  4. Start thinking about Electronic Health Record practice management software vendor options for documenting your visits, coding, and billing. Or create a superbill with your patients demographic information, ICD10, and CPT codes, and use a outside billing agency to start.
  5. Become more familiar with ICD10 and CPT, & Evaluation and Management (E&M) coding, incentives, and reporting requirements.
  6. Work on your marketing. Create a website, postcard, and business card. Then gather lists, addresses, emails, etc. for local hospitals, pharmacists, hotels, hostels, gyms, large companies, police, fire stations, etc. Give out your postcards, introduce yourself, and start thinking of the type of marketing suitable for your demographic eg. postcard, facebook ad, google ad, Instagram ad, twitter ad, etc.
  7. Track your productivity, no-show rates, and other metrics every 3 months or so. Realizing that day to day changes, monthly changes are often usual due to seasonal, holiday, and other factors.
  8. Readjust your budget based on the real expenses vs the projected ones you initially proposed.
  9. Hire on more providers, staff etc.