Who doesn’t want to be their own boss? For many of us, that’s the ultimate dream. It’s more challenging in some industries than others, though.

If you want to start a medical practice, the first thing you need to learn is patience. It’s a long process, and patients are grateful for that because it helps to protect them from dangerously unqualified people performing treatments. Still, each minute along the way is another step toward your own practice.

If you’re not sure where to start, here’s a layout of your basic path.

1. Research Your Legal Requirements

As a healthcare professional, you already know that the medical industry is full of legal regulations. There are even more requirements when it comes to starting your own practice.

Before you do anything else, find out what your obligations will be. Research the legal regulations that will impact your practice, from malpractice insurance to facility regulations. This lets you plan for all those requirements along the way so you don’t make any expensive missteps.

2. Create a Business Plan

When you have a few of your legal obligations, it’s time to create a business plan. This will be essential while you try to secure funding and get your practice off the ground.

Your business plan will include information like your specialties, which patients you want to target, your goals, and more.

If you don’t have experience in this area, consider hiring a healthcare business consultant who knows more about practice assessment and running a practice. Healthcare is a unique field and you need someone who knows the ins and outs of the business.

3. Secure Funding

With that business plan in hand, it’s time to secure your funding. As far as businesses go, a medical practice is on the more expensive end when it comes to startup costs.

Create a detailed list of all your bare-bones must-haves to start the practice. Add on a list of nice-to-haves that you can use to grow. Instead of a rough estimate, research prices for facilities, equipment, and your other expenses.

Your first step should be to look for grants. There are many business grants that are specifically for medical practices, especially if you’re serving an area with a serious need for healthcare.

If you can’t get everything you need from grants, investors will likely be your next step. If possible, find investors who specialize in medical practices. They may have connections that can help you get your practice on its feet.

4. Get Credentials to Accept Insurance

For many of your patients, your ability to accept their insurance will be a dealbreaker. To be able to accept insurance, you must go through the credentialing process for each insurer.

This is where patience comes in. Credentialing can feel like a drawn-out and exhausting process, but it will make or break your practice.

If you don’t accept insurance, it does more than make you unaffordable to most patients. Some patients assume that insurers refused your credentials so you may not be qualified to provide the treatments you’re offering.

The only exception is if your medical facility will only offer cosmetic treatments, like a medical spa or plastic surgery clinic.

5. Find a Facility

You know what they say about real estate: location, location, location.

To avoid zoning issues, start by looking for spaces that are already designed as medical practices. As an added bonus, these spaces are often around other medical practices which gives you more credibility.

As you tour facilities, keep in mind that as a new practice, you’re trying to earn patients’ trust. You need a location that makes them feel comfortable and one that feels like a “legitimate” medical practice.

Setting up shop in a sketchy old building might be cheaper but it will chase away enough patients that you’ll lose money on the deal.

6. Go Shopping

When you have your facility lined up, it’s time to buy all the supplies you need. Head back to that list you made when you were calculating your funding and start shopping.

As eager as you may be to get started, avoid buying large equipment before you’ve moved into your new space. There is always the possibility that something will fall through at the last minute. You don’t want to spend thousands on furniture or machines and have nowhere to store them. 

7. Market Yourself

As we mentioned with regard to your location, as a new medical practice, you need to earn patients’ trust. That’s difficult to do when you don’t have a reputation behind your practice’s name.

In your early days, market yourself instead of the practice. Emphasize your experience and your specialties. Patients are far happier to hear “physician with 10 years of experience” than “be the first patient at this brand new practice.”

It’s also important to use your connections within your local medical community. Tell your contacts about your new practice in the hopes that they’ll recommend patients who could use your services.

As your practice grows and develops its own reputation, you can market the practice’s name as well. For now, though, you are the practice’s biggest asset.

The Learning Process Before You Start a Medical Practice

Working to start a medical practice is an adventure and a half. And the end of it all, your goal is to have a thriving practice that is helping people all over your community or beyond. The key is what you do before you open.

Even more than in other industries, the success of your practice depends on how well you do your homework in advance. The tips above can help you jumpstart your business and put you on the path to that thriving practice you’ve dreamed about.

For more tips about starting your own business or mastering life in general, check out other articles on our useful tips blog.