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Practice Setup

Practice-SetupStarting a medical practice? It’s not only doable, it 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 set up 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 on that topic. Over the years, through successes, failures, trials, tribulations, gambles, and experience, we have devised steps to assist in starting a medical practice. Don’t wait!  Start building your practice today! All you need to do is follow the steps below!

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
  • Submit credentialing application to desired commercial & government insurance entities
  • 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 state narcotic license

Mediacl Office Insurance

  • Purchase malpractice insurance
  • Purchase group health insurance/dental insurance
  • Purchase liability insurance Purchase Workers' Comp insurance
  • Purchase Employee Practices Liability
  • Purchase disability coverage
  • Purchase employee fidelity bond coverage

State and Federal Compliance

  • Develop OSHA compliance
  • Develop CLIA compliance
  • Develop HIPAA compliance
  • Develop Stark compliance
  • Develop environmental and occupational safety program
  • Coordinate Employee and Physician compliance training

Financial Planning, Accounting and Billing

  • 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

Fees and Coding

  • Review usage of evaluation & management codes
  • Develop office charge ticket
  • 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
  • Select answering 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/fax machine
  • Obtain quotes/order transcription equipment
  • Obtain quotes/order examination room equipment

Marketing Planning

  • Draft medical office marketing plan
  • Develop office branding and positioning
  • Develop logo and marketing material
  • Create and purchase letterhead/business card design
  • Select open house date
  • Plan details of open house
  • Create and submit grand opening announcements
  • Create PPC copy and banner ads
  • Develop website & submit to search engines
  • Create social media accounts
  • Submit office details to online directories

Operatoins, Procedures and Policies

  • Prepare office policy and procedures manual
  • Prepare bank deposit procedures
  • Prepare daily financial close-out procedures
  • Prepare daily/monthly financial reporting
  • Prepare appointment scheduling procedures
  • Prepare billing and accounts receivable follow-up guidelines
  • Prepare upfront collection guidelines
  • Prepare adjustment guidelines
  • Prepare periodic audit and office assessment schedule
  • Prepare accounts payable procedures

Human Resources

  • Determine clinical and administrative staff positions
  • Create job descriptions and salaries
  • Implement payroll services
  • Create human resources policy manual
  • Develop the recruiting process
  • Create employee benefit package

Good luck and enjoy your new practice!

Doctors Business Network is here for you every step of the way!  Come back and enjoy the coupons and discounts, competitive marketplace, CME class discounts or if you just have a questions visit out Viseo Q&A Library.  When The Practice Of Medicine Becomes The Business Of Medicine. Remember Doctors Business Network!

Practice Setup Videos

Private Practice vs Hospital

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Today, more healthcare practitioners than ever before are working as employees in a hospital setting. Working in a hospital provides a lot of benefits that cannot be found in private practice: Salaries are virtually guaranteed Physicians are not responsible for daily operations, administrative tasks, billing, or human resources. Incomes can be significantly higher than what...

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How to Choose a Medical Legal Firm

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There are four important things to consider when choosing a medical legal firm to represent your practice. First, consider your level of comfort in dealing with a particular lawyer or legal team. Make sure you meet in person to assess how comfortable you feel entrusting this particular individual or group with highly personal, sensitive information....

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Choose the Right Corporate Structure

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Do you know what type of corporate structure is best for your medical practice? From S-Corps and C-Corps to LLCs, deciding how to structure your business is no small task The right choice will provide substantial tax benefits and protect you from certain liabilities, while the wrong choice could result in higher taxes and responsibilities...

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In-House Human Resources vs Outsourced

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Your growing medical practice needs a Human Resources Department to manage important areas of your business such as hiring, payroll, benefits, and interpersonal company relationships The decision to outsource your HR needs or hire a dedicated, in-house HR professional isn’t easy –both options have their advantages and disadvantages. An in-house HR department will be intimately...

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Group Practice vs Private Practice

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Deciding whether you’ll go into private practice or group practice is one of the most important decisions you’ll make for your new healthcare business. Both choices offer advantages and disadvantages, and only you will know which type of practice is right for you as a practitioner. Entering into private practice gives you total control, both...

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Employee Benefits

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When you first open your medical practice, you may not be able to offer your employees all of the benefits you’d like to. Since employee benefits can be expensive, it’s important to pick and choose those benefits that will help you secure top talent without breaking the bank. Health insurance is an important benefit that...

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What Is Practice Succession Planning?

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Practice succession planning is needed whenever a physician, whether it’s you, a partner, or a colleague, decides to leave your medical practice.

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How to Determine a Timeline to Open Your Medical..

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So you’re ready to open your own medical practice. Congratulations! But how can you tell if you’re just ready in theory, or if you’re actually ready...

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Patient Education

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Education is an important part of cultivating lasting relationships with your patients. In the Information Age, patients have more options than ever for obtaining information about their health, their medical insurance, and all of the areas that impact their relationship with you, their physician. In order to help your patients make informed decisions, you need...

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Setup Your Practice

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Starting 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...

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Practice Direct Mail Marketing

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With so much attention placed on digital marketing, direct mail marketing often gets lost in the shuffle. While it may seem more labor-intensive and expensive to develop direct mail campaigns for your medical practice, the effort is well worth it. Studies show that direct mail campaigns are becoming more effective precisely because less practices are...

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Purchasing a Commercial Condo

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Are you ready to purchase a commercial condo for your medical practice? A commercial condo offers a variety of benefits for medical entrepreneurs in private practice or partnerships. Unlike other types of real estate, where up to 35% of the property cost must be put down in cash, medical professionals can purchase a commercial condo...

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Determine a Practice Name

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Choosing a name for your medical practice could be one of the most important business decisions you ever make. Choosing a name for your medical practice could be one of the most important business decisions you ever make. The right name can last a lifetime, establishing your business in the community and facilitating word-of-mouth recommendations....

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Your Medical Practice Opening Check-List

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Opening your own medical practice can feel like an unsolvable mystery. How do you know you’re ready? What exactly do you need to get started? What about credentialing, certifications, and all of the business-related items that have to be put in place before you do? Luckily, preparing to open a medical practice is as easy...

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How To Choose A Medical Doctor’s Insurance Company

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There Are 3 Things To Look For When Choosing A Medical Doctor’s Insurance Company. First, Choose An Insurance Provider That Offers Ample Coverage For Both You And Your Medical Practice. The Company You Choose Should Offer A Variety Of Coverage Plans That Protect You In The Event Of A Malpractice Claim, Liability Claim, Or Other...

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Must-Have Medical Doctors Insurance

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Making sure your medical practice is properly insured will protect you and your business from unforeseen events. Having proper insurance coverage protects you and your assets in the event of a lawsuit or malpractice suit. That’s why it is so important to choose the right insurance for your practice. Medical malpractice insurance will protect you...

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