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7 Tips for Successfully Starting a Medical Practice

America has the highest number of hospitalizations from preventable causes and the highest rate of avoidable deaths.

This staggering statistic shows us there’s no better time to start a medical practice in your community. Whether it’s because you want to provide affordable healthcare or specialize in a certain area, starting a medical practice gives you the freedom to do so.

But perhaps you’re feeling overwhelmed with the process. Sound familiar? Don’t worry, we’ve got your back. Here’s everything you need to know.

Different Types of Medical Practices

Before we dive into how to open a medical practice, it’s important to know the different types. For instance, you can open a solo practice where you take on full responsibility where you decide how the practice operates, and market it.

Or consider a group medical practice where the workload is distributed between several medical professionals. Although you won’t have full control, the startup costs will be cheaper and you can constantly access working capital.

Further, you may want to start a medical practice within a hospital network. If so, you’ll work with the hospital’s fund and marketing resources so you may not be as involved. Further, you must run most decisions by the hospital board so you won’t have much flexibility.

7 Tips for Starting a Medical Practice

Once you’ve decided on a medical practice location, it’s time to learn how to start your practice. Luckily, you can do this with enough passion and perseverance. Here’s what to do.

1. Get Financing

The first step on how to start a medical practice is to create a pro forma, a diluted version of a traditional business plan that covers three years. In this, include your projected clinical expenses, debt, and revenues so the bank can decide whether to take it on.

You must submit your pro forma and request the loan from the medical/dental division of the bank as they understand the healthcare industry along with the risks and expenses. Don’t be afraid to shop around until you find the best deal as they’ll offer a range of terms.

Decide which ones are most important to you (e.g. interest rate) and go with them.

2. Become a Legal Entity

Once you’ve got the funding, apply to become a legal entity so if you’re sued, only the company’s assets will be at risk and not your own. Note that you should research the different entities because each one has certain tax benefits so find the best one for you.

You must also have a clear set of policies and procedures that cover your daily operations from data entry to how your team interacts with patients.

3. Get Insurance

Like regular businesses, you must have insurance starting with medical malpractice insurance coverage. You may also need workers’ compensation, general liability, and liability insurance. The bank that’s giving you the loan will also have their requirements so check with them first.

4. Buy Medical Equipment

A fantastic way to slash overhead costs is getting used medical equipment as everything has been evaluated and verified so it’s safe to use.

Another key component of your medical equipment is getting an electronic health record system so you have digital records. Not only is this efficient but you won’t lose any crucial records. This also means that a patient’s records are connected with prescription orders and communication with other providers. Plus, you’ll need an EHR system so your practice qualifies for federal incentive payments.

You also need a robust practice management system to keep track of your practice’s admin along with a medical billing service. It’s possible to outsource this but you’ll need a practice system for the foundation

5. Hire Medical Staff

Your team is an investment so find candidates who have business and medical experience as it’ll help you stand out from your competitors.

During the hiring process, run a background check to see their employment history, whether they have the right licenses, and if they have a criminal record. Note that if a healthcare employee isn’t credited, it could cause massive problems for your practice.

Further, you must hire an office manager who ensures the practice runs smoothly. You may also want a professional consultant so they can evaluate your practice’s operations and an accountant to help with finances.

6. Consider Ancillary Services

Although not necessary, offering ancillary services related to your specialty will differentiate you from the competition. This includes occupational therapy, pharmacies, nutritionists, and more.

Ancillary services are an investment but your medical practice will get extra revenue and patients will be happier because it’s convenient for them to enjoy these services.

7. Market Your Practice

You’ve opened your doors, congrats!

Now you must brainstorm ways to further your reach. You should create a Facebook page, place social media ads, and connect with other medical professionals on LinkedIn. Further, create a website and regularly post informative content either about your practice or about treatments related to your specialty.

You should also harness the power of email marketing by creating a weekly newsletter, send out webinars you’ve done, and emails with discounts or promotions.

That’s Everything About Starting a Medical Practice

Hopefully, you know the ins-and-outs of starting a medical practice so you can begin your journey today.

It’s important to create a robust business plan, get funding, and apply for relevant insurance to ensure your practice is protected. You should get reliable medical equipment, hire a fantastic team, and continuously market your practice so eventually gain a stellar reputation. Good luck!

Did you find this article helpful? If so, check out our posts on everything from Health to Services.

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Types of Fences for Front Yards

We are going through a huge boom of home improvements at the moment and everyone seems to be getting in on the act of improving their house or garden. Why not? We have spent enough time in them over the last year or so. The first impression people tend to get from your house is the fence for your front yard. All of your home and garden improvements can have a cherry on top by purchasing a practical and new looking fence. Below I have included different types of fences that will help you make your decision.

Timber Fences

If you are interested in purchasing a new fence, the first thing you will need to think about is what materials you would like for the fence itself. The most popular options tend to be timber fences and the type of timber is something you need to consider based upon your budget, how long you ideally want your fence to last and how big you want your fence to be.

A timber fence is most people’s go to, it provides the privacy and restriction needed whilst looking the part. It is a lot easier to customise compared to other materials also, in terms of timber fences Australia really likes to get creative. White or brown? Not necessarily, give your fence a snazzy look by painting it whatever colour you like. Wooden fences do tend to take longer to fit but worth it in the long run as it holds a long sturdy life expectancy.

PVC Fencing

PVC Fencing is an option if your budget is forcing you out of other materials. Granted it isn’t the sturdiest of options for fence material but it does the job that it’s supposed to. The cost is reduced as there is less timber being used on the fence. The PVC sleeves are attached on top of wooden posts and still come in a variety of colours and sizes. Definitely an option for you if price comes into play.

Wrought Iron Fencing

On the other scale of fencing, a pricier option is wrought iron fencing. Coming in many alternative designs, iron fencing offers beautiful and extremely strong fences that will draw the envy of your neighbours. The image and strength also provides a high level of security to your home. The down side of iron fences compared to say timber fences is that they have a fairly high level of maintenance to keep its aesthetically pleasing image.

Chain Link Fencing

This may not be the most aesthetically pleasing fence but a chain link fence can be extremely practical depending on your home or business. The privacy and security they provide is pretty much nonexistent, however they are very low cost, durable and are very low maintenance. It really does depend on what is needed and what you prefer for your home.

And Finally…Get Quotes

If you are still unsure about what type of fence to get, speak to professionals and get a quotation. They will ask you questions about the purpose of the fence and will be able to help point you in the right direction. Typically when it comes to timber fences Australia has various options on what works best for you. Most importantly you will be able to get that all important price.

Why You Need a Carport

Carports are a very popular option for car storage and today we are going to take a look into exactly why this is a construction which you should consider. 

The term carport originally was used to refer to a passageway through which cars would travel through upon entering a building. Genius architect Frank Lloyd-Wright saw something else in this external construction however and since his own interpretation, the carport has grown in popularity and evolved in its design. When it comes to carports Melbourne is full of them, because residents here understand the range of benefits which can be found after building one. 

These lean-to or independently built structures outside the home provide the perfect place to leave your vehicles, and here are just some of the benefits of building one. 

Protection From The Elements 

The key benefit of a carport is to protect your vehicles from the elements. In some cases this means not having to scrape frost and ice off the car in the morning before work, in others it means protecting it from any damage which hail can cause. To most of us in Australia these conditions aren’t much to worry about, but searing heat and flying debris could be, both of which your car will be protected from with a carport. 

Security Increase

Many believe that the car is not any more secure in a carport, because unlike a garage there are no locks or doors. With this being said studies have shown that vehicles stored under a carport are significantly less likely to be stolen than those which are not. Additionally insurance companies may offer a discount if your car is being stored in this way. 

Adding Value 

Carports are considered an attractive feature amongst property buyers, and building one could in fact add some value to your home. Broadly speaking 30% of the spend which you make on the carport, can expect to come back to you when you eventually sell the property

Aesthetically Pleasing 

Thanks to the smart designs which we have, as well as the bespoke options which you have to choose from, a carport can really make your home look more attractive. This adds a simple structure to your property which will help to continue the theme of the home and make the entire place feel more homely and comfortable. 

Low Cost Garage Alternative 

Many would like to have a garage on their property but if there isn’t already one there, the construction of a garage can be expensive. Even if you opted for custom carports, you will find that the overall cost pales in comparison to building a garage on site. 

Planning Permission 

Many fail to realize that they would need planning permission for a garage, which may not always be easy to obtain. Because of the simplicity of the structure and the fact that utilities aren’t required however, the construction of a carport very rarely needs permission — as it is filed under the same category as an external shed. 

This is a low cost and low effort way to make sure that your vehicles are safe, and that you add some value and attraction to your property.