New Practice Start-Ups

After much deliberation and research, you have decided to start your own practice.

Whether launching a solo practice or a venture with multiple colleagues, careful planning is the key to ensuring your success. Planning and hard work will assure practice success and growth. Physicians starting a new practice must develop and follow a sound strategy to open an efficient and profitable practice in a timely and cost-effective manner.

Physicians must undertake many actions to prepare the practice for the first patient. Proper sequencing of these actions and events will enable everything to proceed smoothly. You will want your facility and operations to be set up so that you can provide the best medical care possible while securing timely payment for your services.

A first step would be to interview and select trusted advisors for your practice.
Some of these professionals would include:
  • Certified Public Accountant (CPA)
  • Attorney
  • Insurance & Risk Management Consultant
  • Real Estate/Architect/Construction Advisor
  • Financial/Banking Professional
  • Marketing Specialist
  • Physician/Business Coaching
Their knowledge and experience will be critical to a smooth start up.

These professionals will help you with the planning and implementation required for the launch of your practice.

Six Months Prior to opening:

  • Interview Advisors – be comfortable with their skill and knowledge of your practice
  • Determine Legal Structure
  • Develop operation and employment agreements (appropriate practice governances)
  • Evaluate practice facility needs – building and location
  • Determine practice equipment needs – Furniture, Phones, Computers, medical equipment.
  • Preliminary planning of insurance for property, liability, malpractice etc.

Three Months Prior to opening

  • Credentialing, licensure, hospital privileges and marketing for the practice
  • Prepare financial projections, develop banking and financing relationships
  • Develop medical equipment and office equipment and start the acquisition process.
  • Develop office procedures, both clinical and operations. – Billing, collection, employee, financial, etc.
  • Finalize insurance, business forms, website, supplies
  • Interview and hire employees
  • Install phones and equipment, etc
  • Mail announcements and plan the opening.

(More specific timelines are prepared for each client based on their individual needs and budget)

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