Tips for Opening Your Own Practice Successfully

Opening your own medical practice can be the single most challenging thing you ever do, sometimes even more so than medical school, but it can also be extremely rewarding. There are some things to keep in mind before you get started that will also help you once you’re open.

The first step is deciding the type of practice that you want, such as how much time you want to have with each patient, both for new intakes and for follow-ups. Also, some practitioners prefer to meet with patients in an office before having them in a treatment room. These kinds of questions will dictate how much space you need, how it needs to be allocated, and how much you need to charge to utilize your time and space in the desired way.

Next, although helping people feel better may have been your primary motivation in choosing your profession, any medical practice is also a business. That means that the same ground rules apply as they would to any other type of corporation: It takes investment in time and money to get it started, it probably won’t pay off for at least a year, and even with an office manager and staff, you will still have some business-related tasks to perform.

Starting a new practice is expensive, and everywhere you look, it seems like there’s more money heading out the door before you’ve treated one patient. But setting up for success means investing not just in the equipment you need, but also in such tools as the right practice management software. Even though it’s tempting to go with the least expensive option, make sure you get something that can handle your needs as you continue growing.

It’s also tempting to save money in staffing by having the same front desk person carry out numerous roles such as booking appointments, checking patients in, taking payments, ordering supplies, and even doing bookkeeping. Even in the beginning, this isn’t necessarily a good idea. You want your front desk people to be welcoming your patients in with a smile, not having them wait while your staff member finishes looking for a lost delivery.

There’s no question that starting a medical practice is daunting at first. But by taking the time to come up with the right plan, having a patient and dedicated attitude, and investing in the necessary tools and staff, you can reach your goals and feel far more fulfilled than working for someone else.

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