How To Open Your Family Practice

Whether you are just out of medical school or have been working for a larger practice, you are ready to open an office of your own. There are many steps you must take before you can accept patients at your new facility. Here are a few tasks to get started with your clinic.

Set Up a Business Plan

To open your practice, you will need money to purchase equipment and to pay your staff. Applying for a commercial loan will require that you submit a business plan. You will need to determine how much it will cost to begin. Consider both the construction costs for the building and all the tools that you should have, such as exam tables and cast cutter saws. Research for the price of these items and add them to your financial report. You must also submit a credit rating and bank statement with your application. Make an appointment with a financial advisor to determine what documentation you must have before you send in your paperwork for approval.

Submit Your Paperwork For Your Credentials

To assist your patients, you will have to be able to submit their charges to their insurance. To do this, you must be credentialed with each company to ensure that you meet their requirements. If you have yet to get coverage for malpractice, purchase it as soon as possible. Research which corporations you want to work with and request from them what the criteria is that they expect from you. This can take a great deal of time to accomplish so you might want to start the process as soon as you can. This would also be a good time to apply for your medical license for the state that you live in as well as choosing what business structure you want to operate under.