If you are finishing up your residency soon, you may be considering your options for the future. On the other hand, perhaps you have been working successfully in a hospital setting or with another group of physicians in a clinic or private office, and you are ready for a change. How can you make that happen?
Running your own private practice is the dream job for many doctors once they finish medical school. However, unlike many other businesses, you cannot simply rent a space and open up shop. There are plans you must make and regulations to consider. Understanding what you have in store can help you prioritize your time and energy to bring your dream to fruition.
From doctor to business owner
The time to start is now for making your plans and gathering the information you need to open your own medical practice. This process can be quite time consuming, and you don’t want to walk away from your current practice or find yourself at the end of your residency with no practice in place and no other options. Some important details to take care of as soon as possible include the following:
- Creating a budget and a plan for the kind of practice you will run and services you will offer
- Obtaining financing
- Learning what you need to know about Minnesota and federal regulations for your specialty
- Working with a real estate agent to find a suitable location for your medical practice
- Learning what you can about the kinds of technology that can help your practice run efficiently, provide quality patient care, and protect critical and confidential information you may store on computers
- Preparing to open your doors with payment options in place, such as the insurance you will accept, other third-party billing or concierge credentials
- Hiring skilled and experienced employees, but being willing to replace them quickly if they do not provide the efficiency and quality of patient care you want for your practice
Hiring and firing employees may be a stark reminder that a medical practice is a business. This includes dealing with employment contracts, establishing policies and procedures for your staff, limiting your personal liability, and other important matters. Since you chose the practice of medicine instead of law, you may have more peace of mind with the help of a skilled attorney who has experience assisting doctors accomplish their goals of starting their own medical practices.