Starting A Solo Medical Practice
Opening a solo medical practice is a complicated venture. Two of the most important aspects (aside from cultivating your bedside manner and winning the hearts of patients) is securing the funding and getting your office systems coordinated. Creating a plan that focuses on expenditures and computer software upfront will help you focus on the patient on opening day.
It takes money to make money, the old saying goes. This is true when starting your own medical practice. Consult with a trusted advisor at your bank or the US Small Business Association about how to secure the type of business and personal loans you will need to build your practice from the ground up. You will probably need about $100,000 minimum to even open the doors. Equipment, staffing, and insurance will take a large portion of your operating capital before you make your first dollar. Purchasing pre-owned surgical equipment will help save a few dollars as will hiring family or friends who may be willing to work for you at a reduced rate while you grow your patient base.
After you have purchased equipment and hired staff like a nurse and office manager, it’s time to think about how all the multitudes of paperwork will get done. There are many different types of computer programs to fulfill all the needs from medical billing to medical transcription to scheduling appointments to payroll. Many practices are now using EHR – electronic health records – rather than the paper. It saves on storage and integrates with practice management software. Figure out what you need in advance to help your office run smoothly.
Before you open your own solo medical practice there are some things to keep in mind. For one consider whether being your own boss will be worth it for you. You will be the last line of defense if something goes wrong. If this excites you rather than scares you, then solo practice may be for you.