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Newbie: how to start own practice

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  • Musty Goose
    replied
    Originally posted by EntrepreneurMD View Post
    Many hospitals offer this. Probably more likely in the vicinity of a smaller local hospital looking to increase it's footprint in the community or competing with a larger hospital. I contacted the hospital administrator after finding out that the hospital set up other local docs. He was quite eager and things moved quickly. Some minor negotiations then signed a contract.

    Found a location (he personally met with the realtors alongside me to make sure the property was adequate for the practice needs). i hired a receptionist and an LPN. Got all of the office/medical furniture and equipment delivered. Set up a basic EMR. Credentialed with insurers and the hospital. Networked. Weekly ads in the local paper for a year, otherwise all word of mouth. Second guessed my decision for the first 2 or 3 years. Starting at the bottom certainly builds character and appreciation...but also equity. Now, 3 providers and almost 20 employees later looking forward, not back.
    Out of curiosity, what were your obligations?

    Leave a comment:


  • Random1
    replied
    The first thing I would think about is location and need in that area. If you are in a field with demand , especially in an area of need, a hospital system may help you with this process, specifically primary care.

    1. pick your location
    2. call around to all the offices and find out how long it takes to get an appt
    3. talk to local doctors, some may be quite welcoming if they are overloaded, if not you may find your self in a tough situation
    4. get a tax id (C or S corp depending on where you practice)
    5. get an accountant
    6. get an insurance agent
    7 apply for insurance contracts, ie medicare and allow enough time
    8 talk to a bank to get a line of credit

    Leave a comment:


  • EntrepreneurMD
    replied
    Many hospitals offer this. Probably more likely in the vicinity of a smaller local hospital looking to increase it's footprint in the community or competing with a larger hospital. I contacted the hospital administrator after finding out that the hospital set up other local docs. He was quite eager and things moved quickly. Some minor negotiations then signed a contract.

    Found a location (he personally met with the realtors alongside me to make sure the property was adequate for the practice needs). i hired a receptionist and an LPN. Got all of the office/medical furniture and equipment delivered. Set up a basic EMR. Credentialed with insurers and the hospital. Networked. Weekly ads in the local paper for a year, otherwise all word of mouth. Second guessed my decision for the first 2 or 3 years. Starting at the bottom certainly builds character and appreciation...but also equity. Now, 3 providers and almost 20 employees later looking forward, not back.

    Leave a comment:


  • Tim
    replied
    OP,
    ”I was previously part time and now considering working full time- worried about managing household. Fear is that the weekends will be consumed with laundry grocery shopping etc. when I want to use that time to spend with the kids”.
    A million cautions. What specialty and do you want to run your own business with all the issues that go with that?
    To be honest, psychiatry, family medicine, plastics and orthopedics would all be different.

    Reference:
    https://forum.whitecoatinvestor.com/...-solo-practice

    https://solobuildingblogs.com

    The narrower your target, the more questions you will get answered. This is one of the reasons PP groups exist, kind of plug and play. It is a lot of hard work to build and run a business. I think it’s more than opening an office.
    Don’t take this as discouraging, positive feedback is the intention.
    Many solo and pp group members here.

    Leave a comment:


  • oocyte_
    replied
    Originally posted by EntrepreneurMD View Post
    Looking for books and education on how to open a business is great. Your accountant/CPA can also be a significant resource. Many work regularly with physician practice owners. But also look for assistance.

    In my case, I got an income guarantee which means it included financial resources from a hospital. But that's not all. They have a vested interest in your success. So I also received, at no charge, their consultants and insurance credentialers, pricing discounts thru their purchasing group, ER referrals, assistance with choosing a locale, timely hospital credentialing, marketing assistance, networking lunches, etc.

    It takes an army...and a lot of grit.
    How did you get hooked up with the hospital? how did you start?

    Leave a comment:


  • EntrepreneurMD
    replied
    Looking for books and education on how to open a business is great. Your accountant/CPA can also be a significant resource. Many work regularly with physician practice owners. But also look for assistance.

    In my case, I got an income guarantee which means it included financial resources from a hospital. But that's not all. They have a vested interest in your success. So I also received, at no charge, their consultants and insurance credentialers, pricing discounts thru their purchasing group, ER referrals, assistance with choosing a locale, timely hospital credentialing, marketing assistance, networking lunches, etc.

    It takes an army...and a lot of grit.

    Leave a comment:


  • jackjohnson
    started a topic Newbie: how to start own practice

    Newbie: how to start own practice

    Any books etc of how to open your own office? Looking for a guide or outline of some sort to get an idea of everything I would need to get up and running. Thanks
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