Checklist you need before starting a practice

Are you considering opening your own practice? You are not alone: a growing number of doctors want to make the leap into independant business ownership every year. Shaping your own work environment, hours invested, and applied techniques are some of the many reasons healthcare professional across the field strive to open a private practice. There are many things to consider when opening a business in the healthcare industry, be it seemingly minor details such as where to get business cards printed, or more significant aspects like the floor plan layout and size of your new practice.

Here is a list to get you started when thinking about launching your own practice:

• Create a business plan, including a marketing and strategic financial plan to alleviate concerns about cashflow and initial capital invested.
• Spend time meeting with various architects, interior designers, and contractors to ensure you create a team of professionals who have your business’s best interest in mind while being best suited for your long term vision.
• Conduct market research while speaking with business consultants to decide the ideal office location and whether its best to rent or buy the space.
• Determine a legal structure and obtain all appropriate licensing, such as business and medical licenses. Don’t forget about insurance!
• Ensure that the candidates you hire to join the staff will be worth the investment you make in training them for the long term.
• Setup your office and make sure you are up to speed on local business codes, Tax ID , NPI, DEA, etc.
• Work on a fee schedule and setup an accounting system.
• Work with designers on the layout of the space to ensure efficient traffic flow for both patients and the staff.
• Establish furnishing, equipment placement, and clinical supplies needs prior to placing orders.
• Establish information technology needs like appointment booking systems.
• Plan for IT installation and training, such as internet, phone system, and electronic health record-keeping.
• Choose vendors for maintenance, supplies, payment processing, and other office needs.

Having an experienced partner when opening your practice is vital to its success. Liberty Group Construction has been working with medical practices for the past years and would love to help you get started. Contact us today at (888) 308-6869 and we will ensure your vision of opening your own practice becomes a reality.