Setting up any new business can be a daunting task. Perhaps you have had the idea for ages, and you have finally taken the steps to put it into practice, or maybe you have only just realized the opportunity. Either way, there are some vital steps you need to take to help your new healthcare practice get off the ground.
These basic steps for setting up a healthcare practice should help.
Business Planning
Everything is easier when you have a plan. The better you can plan out your healthcare practice before you get started, the easier the process will be.
Your business plan should set out everything, including how you are going to finance your project, how you will conduct market research, and many other aspects of business. It is like your blueprint, and the more thorough it is, the easier you are going to find it to overcome the challenges that present themselves.
Take Care of the Legal Side of the Business
There are a lot of boxes to tick when you are setting up a business, but this is particularly true when you are working in the healthcare industry. You want to avoid being held up by legal technicalities, so make sure you deal with these early on in the process.
Understand your legal obligations, and work with the right people to ensure that everything is taken care of.
Here are the general steps you need to follow to ensure a proper launch of your healthcare practice and sustainable success in the long run.
Obtain Funding
Health practices are expensive to start. Among the costs involved are equipment, office space, staff salaries, and setting up the required infrastructure for technology. I would have been frustrated with my financial situation without an adequate understanding of my funding needs for success.
- Determine Start-Up Costs: These include leasing or buying office space, medical equipment, supplies, EHR systems, insurance, and marketing, among other resources. It is always recommended that you develop a projected 6-12 months of operating expenses.
- Find Funding: In most cases, the founder will not raise all the funds at once. Instead, he or she can secure funding through loans from commercial institutions, private investors, or government grants for healthcare providers. That is where a good business plan comes in handy.
Legal and Regulation Compliance.
This is one of the most critical steps involved: ensuring that this practice is legally sound and in compliance with local and federal regulations.
- Licensing and Certifications. Ensure you and your practice are licensed to practice medicine. That goes from your medical licence up to your business licence and all those other things that have certifications tied to them specific to your chosen specialty.
- HIPAA Compliance: In the U.S., the security of patient data falls under the Health Insurance Portability and Accountability Act (HIPAA). You will institute procedures and systems to maintain your practice according to HIPAA’s guidelines, ensuring the privacy of patients.
- Malpractice Insurance: It is essential to protect yourself and your practice from legal risks. Malpractice insurance protects you against potential claims to be filed against you, hence acting as a safety net for legal expenses.
Build Your Technology Infrastructure.
Any healthcare practice needs to build its technology infrastructure, which involves patient management and billing processes. Properly leveraging technology not only bolsters patient care but also streamlines operational functions.
- Implement an EHR system. This will be the basic product of your practice’s operations. You may use a system, like Sunrise HealthCare Software, to manage patient records, schedule appointments, and bill. Ensure you select an EHR that can interface with other systems, including billing, labs, and pharmacies. If you use a cloud-based system, like Azure Cloud, you will want to make sure the data held inside your practice is properly secured and ensures HIPAA compliance.
- Telemedicine Capabilities: Offer telemedicine to take advantage of the expanding need for remote consultations. Your technology infrastructure should be secure and sufficient for video calls and established to host remote patient management.
- Practice Management Software: It includes all billing and insurance claims, appointments, and communication with your patients. To achieve maximum efficiency, ensure seamless integration between your EHR and your practice management systems.
Hire and Train Your Staff
Your people will be the foundation of your practice. From your front desk healthcare staff to your nurses, doctors, and specialists, each person is crucial in delivering high-quality care.
- Main Positions: Depending on the size of your practice, you will have clinical staff (nurses, medical assistants), administrative staff (receptionists, office managers), and possibly billing or HR professionals.
- Onboarding and Training: Ensure that your employees receive proper training not only in their specific jobs and tasks but also in the technology your practice will utilize, including EHR and practice management software. This would also include ensuring that the individual understands HIPAA compliance, etc.
- Creating a Positive Culture: Your interactions with patients depend on how your staff interacts. Ensure that the work environment is a positive, supportive one that promotes high job satisfaction and maintains the highest standards of patient care.
Pick a Location
Location is going to play a big part in the success of your healthcare practice. If you are in a location where the market is already saturated and you are up against the established competition, then you are going to find it difficult.
Instead, you need to find a market where the demand is outstripping the supply or where your special skills can stand out. It is a big decision you have got to take early on in your business, and it is going to be a very important one—so make sure you choose the right location.
Get Your Equipment
From your basic diagnostic set to your most expensive machines, there is lots of equipment you need in order to run a successful medical practice. Make sure you are working with the right suppliers so you can get the best quality equipment at the right prices.
Buying equipment takes a big up-front investment, but you want to make sure you are investing in quality and setting your business up for long-term success. If you do this step right and go with quality, then you’ll have a good foundation that is going to last.
Choose the Right Staff
The early days are some of the most important for your medical practice. They are the ones where you build your culture and give yourself a platform from which to go forward.
This period is going to be so much easier if you have the right people working with you to steer the business through. If you focus on the recruitment process, then you can put in place a team that is going to build a great culture and set you up for continued success.
Conclusion
Starting a health practice is both an exciting and complex business. This includes agreeing to the vision for the practice and securing capital to work through the details of regulatory compliance, building a patient base, and much more. Success cannot happen without proper planning and execution. So follow these steps, and you will be well on your way to launching a healthy, thriving healthcare practice that delivers quality care and the patient experience.