Opening a New Practice Checklist
1. Determine the Business Model and Entity Type
- Decide whether you want to go solo or work with a partner
- Office selection and setup
- Insurance vs. cash based/fee for service?
- Business structure (incorporation)
- Payroll tax registration and payroll processing
- Administrative setup
- Will you employ a medical biller or use an outside service? (if a solo practice – our recommendation is
to use an outside biller for the first six to 12 months)
2. Obtain credentialing and contracting
- This process can take 90 days or more, so you should begin submitting applications to those private health insurance companies well ahead of your target opening.
- Regardless of who you’re applying for credentialing with, it’s wise to gather all the documents you’ll need and convert them to PDF files to store on your computer. That way, you’ll be able to access and share all of your paperwork quickly.
- You could be entering into long-term contracts, so it’s imperative you do your research before these negotiations to make sure you’re getting the best deals possible.
3. Select an EHR (they do improve patient care and outcomes, and they’re valuable tools for keeping you organized and compliant)
- Will you need a cloud based EMR or do you prefer office hosted?
- Is the EHR cost effective, expandable, easy-to-learn and easy-to-use?
- Do they offer a free trial?
- Do they offer some free training?
- Do they have implementation specialists familiar with new practice startup?
- Do they offer Practice Management software or billing options?
4. Based on the EHR you select, what kind of hardware/equipment/tools will your new practice need?
- Frugality is a good idea when you’re just getting started. Don’t fall into the high overhead trap.
5. Establish operations, compliance and HR procedures
- Determine how many staff members you’ll need to help you run the practice.
- Make sure you’re training staff on best practices for avoiding expensive HIPAA violations, and verify your EHR system includes certain security features to provide additional protection.
6. Train your staff on how to use the EHR
7. Develop your marketing and patient loyalty plan
- Establish an online presence as soon as possible.
8. Make sure your vision for your practice matches reality
- Determine what you need now and what you can grow into (such as Amazing Reminders – you don’t need patient reminders until you have a full schedule to remind. Or Population Health – wait six months until you’re up and running successfully before considering Population Health
tools to generate additional revenue).
Visit Our Dedicated New Practice Page
Opening a new practice is a big undertaking; we collected useful information and a few key recommendations to help out as you embark on this journey. It can be helpful to establish a plan to execute your first steps in the proper sequence, once you know which tasks are prerequisites for others. This helps keep your startup on schedule and helps avoid costly delays. We hope the information we collected here can help you make key start up decisions with confidence and in a timely manner. Our team can help eliminate the headaches of opening a practice so you can enjoy the personal and professional satisfaction that comes with this exciting stage of your career.
Amazing Charts Medical Practice Consultants are here to help! Click here to visit our dedicated New Practice page for materials to assist you with what you should know and be aware of when opening your new practice.