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 as following this simple checklist: In order to open your own practice, you’re going to need….
- Training and certifications
- Make sure you have the proper training and certifications to independently practice medicine in your chosen field.
- A business entity with a tax ID number Choose from a sole proprietorship, LLC, or medical corporation.
- Contracts with insurance companies Choose which providers you’d like to work with and establish your terms before opening your business.
- A billing department Whether you hire someone in-house or outsource your billing, having a way to collect and process payments is crucial to your business’s success. You’re also going to need…
- The proper credentials
- Administrative and medical support staff
- Business and malpractice insurance
- An office location This checklist is by no means exhaustive, but it gives you a strong overview of the areas you’ll need to address before opening your medical practice.
To learn more about medical billing,insurance,coding,outsourcing,and everything you need to establish a successful health care practice,follow all of Sherlock Doc’s adventures on the Doctors BusinessNetwork.com or Doctors Business Channel on YouTube!