Many healthcare graduates and professionals dream of one day opening their own practice. It enables you to implement the latest methods and technologies, work hours to suit you, find ways to avoid mistakes you’ve seen others make, and gain financial security. It can even make a challenging career change in later life. Here is a look at everything you need to get started.
You need to be qualified in the healthcare field to run a practice, but there is no set entry route, it depends on what role you want to take on. You could be a nurse, doctor, administrative manager, or the practice manager itself. Just remember, if you’re not a qualified practice manager, you’ll need to employ a good one to help you get started.
When searching for your ideal premises, think of it’s location. Is it needed in that area? Then, think about space, you need examination rooms, treatment rooms and staff areas at least.
You can probably start a practice with less than you think, but there are a huge number of costs involved. As well as staff and equipment, there’s rent, courses, décor, insurance and other associated costs. So, if you need some funding to get started, prepare a business plan and financial forecast and start appealing to banks and investors.
Equipment and Staff
When it comes to staff, you only need the minimum in the beginning, you can hire more as your grow. But, make sure they hold relevant, up to date qualifications and that they’re competent and professional. As a new practice, you can make yourself stand out from more dated settings by investing in new technology and equipment. You’ll also need a system of keeping electronic medical records and sending bills.
Credentialing is the practice of making sure all healthcare providers have the relevant qualifications and experience to provide adequate care to their patients. This protects patient safety and promotes trust in a practice. Check out these guides to find out what you need to do, why and when. Make sure you give yourself plenty of time before you open to complete the credentialing process for all of your staff.
One of the most important parts of opening your own practice is ensuring everyone has the right coverage. The practice will need to be insured as a public premises and a workplace, as well as having liability insurance, and malpractice insurance. Your doctors also need to be insured separately, adequate doctor’s insurance is imperative for any medical professional and something you cannot afford to get wrong, so this is another thing to double check before you open your doors.
Remember, your practice is a business in a competitive market. To help you to make it successful from the beginning, you will need a marketing plan. As well as more traditional methods, consider setting up on social media and launching a healthcare blog.
There is a lot to think about before you get started on this rewarding path. So, make sure you check any guidelines in your area and get organized! Good luck!