If you’re considering striking out on your own and starting a medical practice, you probably have a lot on your mind. The basics of buying a medical practice can seem overwhelming at first, but the rewards of being your own boss and running your own practice can make the initial work well worth it. The experts at Bankers Healthcare Group are here to help you throughout the process, beginning with financing your medical practice. Read through the basic steps you need to know below, and then give us a call to learn more about your financing options.
Paying for It
Very few healthcare professionals have the capital needed to fund a medical practice startup on hand. The vast majority will need to seek out medical practice financing to cover initial costs. Figuring out your expected startup costs and securing the loans you need can be daunting. This is where Bankers Healthcare Group comes in. As a lender that has worked with over 100,000 healthcare professionals, we know all there is to know about the investment of buying a medical practice and provide funds that professionals need to start their practice off on the right foot.
Finding a Location
Unless you’re purchasing an existing medical practice in an established location, you’re going to have to research the area and get to know the local real estate market. You want your location to be accessible, in proximity to your targeted patients, and within your budget. Consider working with a real estate agent who specializes in commercial real estate—this is another area where having an expert in your corner will be an asset.
Purchasing Equipment & Staffing
Hiring your team and purchasing the furniture, equipment, software, and supplies you need for your practice to function can be a lengthy process. Make sure you allow yourself enough time to properly screen candidates and thoroughly research your technology options. Even your furniture and decor require some thought, as outlined in our recent blog post on waiting room design.
Licensing & Legal
Don’t wait until the last minute to handle the legal aspects of opening a medical practice. The process of credentialing in order to accept private and government insurance can take months. You also need to make sure you’re properly licensed in your state, have a national provider identifier number, are registered with the DEA, and comply with all other local regulations specific to your area. On top of all of this, you will need to choose a legal structure for your business and register for state and local taxes. It’s a good idea to retain a healthcare attorney to assist so you can be sure you’re not missing anything.
Your practice isn’t going to succeed without patients! Once you have everything lined up and your opening day is within sight, it’s crucial to get the word out and start to line up your first patients. Consider implementing a broad marketing plan that advertises your practice across local print, TV, and radio stations, as well as online. Build a professional website with clear directions for setting up an appointment, and begin welcoming patients to your new medical practice!