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10 Tips For Setting Up A Successful Private Medical Practice

Tips For Setting Up A Successful Private Medical Practice

Whether you are starting a private practice with a partner, moving from a role with a corporate healthcare provider, or switching from insurance-based care to a concierge practice or some other form of private medical practice, it helps to follow some tried and true tips to ensure your business can succeed.

With tools like budgeting, billing plans, and legal guidance, you’re that much more likely to create a thriving practice.

1. Begin With A Solid Practice Budget

Evidence-based financial planning sets reliable parameters for what will be possible in your medical practice. The sooner you recognize your limitations, the more you can do within them.

2. Decide On Medicare And Medicaid

If you are opting out of Medicare, keep in mind that you won’t be able to change your mind (after the initial 90 days) for a full two years. If you have been seeing patients covered by Medicare and you are planning to opt out of the program, you will need to let them know.

3. Consider Your Location And How It Impacts Care Delivery

For example, if you practice in a community of older and wealthier patients, you might consider a concierge practice. In other areas, you might consider a hybrid approach.

4. Build Your Practice Into A Recognizable Brand

If you aren’t working with an established practice, you must consider the image you want to project in your community. Direct patient care practices rely more on word of mouth than most other care.

  • Use social media effectively.
  • Traditional advertising can benefit your practice.
  • Community outreach and sponsorships can spread your name.

5. Find A Lawyer With Medical Experience

Setting up a new practice involves copious paperwork with the state and insurers. You may also need a unique set of forms for your patients. Having an attorney review your documents is essential.

6. Establish A Line Of Credit

Primary care usually generates a stable income. In addition, maintaining good relationships with lenders can keep your practice going when unforeseen events hit.

7. Build A Reliable Online Presence

Patients are keenly concerned about billing and insurance reimbursement. Making sure that they can find out everything they need to know about the status of their claims and their bills is an essential part of keeping your patients happy.

Your patients also need a HIPAA-compliant method of accessing lab reports, which you can include on a website portal.

  • Visit Summaries
  • Prescription Information
  • Medical Records
  • Appointment Scheduling

8. Make Decisions About Pricing For Services

If you accept Medicare, will you look for 15 percent over the Medicare assignment? If you offer concierge services, will you offer family discounts? Will you charge late fees on overdue bills? These and related issues must be decided and reviewed with an attorney before opening your doors.

9. Put Care Into Your Practice Staffing

Competent, compassionate, responsible staff are hard to find. Ensure you can attract and keep the best talent and reduce their workload with automation whenever possible.

10. Get The Best Pricing On Your Medical Equipment

Many of the basics of equipping your offices can be filled with refurbished medical equipment, saving thousands or even tens of thousands of dollars in start-up costs.

Partner With A High-Quality Medical Equipment Supplier

Whether you need hospital beds, monitoring equipment, or other practice essentials, you want to with a trusted medical equipment supplier. Gumbo Medical provides like-new equipment at prices every practice can afford. Call us or reach out through our site to speak with a specialist about your equipment needs.

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