Owning a medical practice is a very convenient way of earning your living while chasing your passion for helping others through practicing medicine. Here is how you can start your own medical practice.
1. General or a Specialist
Once you are done with your medical degree, you will need to choose whether you want to pursue and become a specialist or you would prefer being a general practitioner. The latter is the answer most of the time because it takes some time to specialize in a particular field and get a license for the job. It is up to you what you want to practice.
2. Solo or Group Practice
Once you are done deciding what kind of practitioner you want to be, you will have to face another decision of whether you want to practice alone or in a group of other physicians. Including a partner in your business may seem very unattractive as you will have less income and freedom but it will lift up some of the burdens, like finances, that you may have to face while going solo so make sure that you choose the right partner. Solo has some advantages too as it gives you more freedom of practicing your medicine alone without the internal rules and regulations. However, with group practice, you can practice different fields at once.
Funding is essential for any business to run. There are a lot of things that will require finances to set up your business of medical practice. This is often the most daunting task of all. Often times, asking the bank for a loan to open up the business is the best way to go about starting up your business. Consider all of the startup costs like machinery, energy bills, architectural renovations, real estate, staff and all the cost that you will require to be included in the proposal.
4. Legal Paperwork
All the legal paperwork should be filled and kept up to date. You don’t want government organization to come knocking on your clinic asking questions. So make sure that all the legal work is sorted out by the concerned authorities. This process may be a little longer but if you want to get your doctor’s license and permits to accept insurance then it is worth the wait.
You need to choose a location to set up a clinic to practice medicine. This is most probably the most expensive thing that you will spend funds on so make the most of it. Target a locality where there is an immediate need of a clinic, all while taking commute time and patient demographics into consideration.
6. Stay Organized
All of the paperwork can easily overwhelm you but make sure that you save copies of it on a computer. Use technology to your benefit and use latest tools like free DICOM viewer Windows 10.
If selecting or using tools is difficult, you can get help of a friend, colleague, or staff member who knows much about tech and medical tools like EHR, PACS cloud, and free DICOM viewer Windows 10 for advanced medical imaging.
Once you are done with all this and your clinic is cleaned up, sorted out then you are ready to go and start up your own medical practice.