Setup Your Practice

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Practice-SetupStarting a successful medical practice is doable and offers many advantages, such as autonomy and having the ability to make business decisions affecting the practice independently. Despite all the changes occurring in healthcare, owning your own practice is still the best way to go. Let Doctors Business Network help you setup your practice! Below we have grouped the actionable items needed to opening your practice in steps 1 to 7. Within each step you will see actionable items you need to complete before opening your doors. Many of these steps have a detailed explanation linked to them, in video and written format. Follow the link to watch the relevant video for that topic.

Over the years, through successes, failures, trials, tribulations, gambles and experience, we have devised the following steps to assist in starting a medical practice:

Organizational and Physician Issues

Location Analysis and Space Planning

  • What are your location options
  • Conduct location analysis
  • Determine space requirements
  • Select location
  • Negotiate lease terms
  • Office lease reviewed by legal counsel
  • Execute office lease
  • Design office layout
  • Evaluate space plans
  • Prepare construction documents
  • Obtain competitive bids
  • Review Owner-Contractor Agreement
  • Construction administration
  • Complete room by room fixed asset needs list
  • Interior Design
  • Coordinate Move-in
  • Coordinate Signage

Credentialing and Privileging Issues

  • Determine present participation in plans & hospital privileges
  • Submit applications for hospital privileges
  • Obtain managed-care provider applications or notify of change on provider status
  • Prepare Medicare and Medicaid provider application
  • Complete and mail managed-care provider applications or notify for existing practice
  • Obtain membership in state medical association
  • Obtain membership in county medical society
  • Obtain/transfer state medical license
  • Obtain/transfer federal narcotic license
  • Obtain/transfer state narcotic license

Financial Planning, Accounting and Billing Issues

  • Prepare cash flow projection
  • Prepare furniture & equipment budget (see location planning above)
  • Determine loan financing requirements
  • Prepare loan request summary
  • Select banks to submit loan request
  • Determine banking services needed
  • Present loan summary to banking institutions
  • Negotiate loan/services
  • Prepare and review personal financial statement
  • Open practice checking account
  • Coordinate merchant credit card account
  • Purchase credit card machines
  • Set up accounting system and related training
  • Set up practice internal controls
  • Decide on petty cash policy
  • Schedule testing of Medicare/Medicaid electronic billing
  • Select collection agency
  • Employee bank reconciliation training

Fees and Coding

  • Review usage of evaluation & management codes
  • Develop office charge ticket
  • Telephone survey of selected fees
  • Develop hospital charge ticket, if applicable
  • Development of practice fee schedule
  • Conduct CPT and ICD-10 training

Computer/Software Selection or Billing Service

  • Define hardware & software requirements (e.g. PPM, EMR, imaging)
  • Select qualified billing service company
  • Select qualified vendors
  • Prepare requests for proposal
  • Coordinate demonstrations
  • Evaluate proposals
  • Negotiate purchase agreement
  • Negotiate service agreement
  • Coordinate installation
  • Coordinate conversion
  • Coordinate system set-up (e.g. Payer codes, payer classes)
  • Finalize computer training schedule and implementation timeline
  • Make sure all employees are adequately on new computer system

Telephone System Selection/Communications

  • Define hardware needs (e.g. voice mail)
  • Determine lines/features needed (e.g. cable modem/DSL)
  • Obtain telephone number
  • Coordinate remote call forwarding
  • Coordinate installation of lines
  • Select vendors for bids
  • Evaluate bids
  • Order equipment
  • Place order for yellow pages ad
  • Place order for white pages
  • Select answering service
  • Select paging service

Other Equipment Planning

  • Review Needs
  • Prepare furniture & equipment budget
  • Determine acquisition schedule
  • Submit major items for bid
  • Evaluate bids
  • Order office furniture
  • Order medical record filing systems
  • Obtain quotes and order photocopier, typewrite, fax machine
  • Obtain quotes/order transcription equipment
  • Obtain quotes/order examination room equipment