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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.

How to Use Poker as a Mindfulness Practice

Most common mindfulness practices are fundamentally simple. Things like deep breathing, counted breaths, and short breaks and walks can help to calm us, clear our minds, and generate simultaneous states of relaxation and awareness. As much purpose as these small, simple practices have though, there are also some more involved activities that can assist with the development of greater mindfulness. And it may surprise some to learn that the game of poker is among them.

Gaming and Meditation

It is first important to understand that a link has been established between gaming and meditation in general. For a long time there were a lot of misconceptions about gaming as an active, almost violent practice meant solely for young people. But perceptions have changed over time. We now understand that people in all age groups play games of all kinds, and we further accept that a lot of these games have meditative qualities. Gamer testaments and a few scientific studies alike have indicated that the right game can have a soothing effect on one’s mental state.

This is the case with poker as well. A passion for many around the world, it’s a unique game that doesn’t necessarily fall under the umbrella of traditional “gaming” as we tend to think of the term. It is nonetheless similar with regard to mindfulness, however. Approached with intention, it can be a calming, almost meditative hobby for players.

Mental and Emotional Calm

When considering the game of poker specifically, one tends to think first of strategy, luck, and mathematics. In some sense, these are the building blocks of any given game of poker, and it will of course be important for any aspiring player to learn how they all factor in. However, what really helps successful players to win at poker is a sound mindset. The manifestation of a sound overall poker game requires that players learn to accept defeat and to avoid getting too high from a win. It demands reasonable approaches to betting and competition, clear-eyed social interaction, and the ability to operate without ego.

Add those factors up, and what success in poker really demands is mental and emotional calm. Players need skill and strategy to be sure, but above all else they need to be able to clear their minds of various pressures and shut out hasty impulses. This in and of itself is nearly a form of meditation, and certainly serves as a sort of training for mindfulness practice.

Focused Meditation

Beyond helping players to establish a general sense of mental and emotional calm, poker also leads to an ability to focus that, in its own way, is meditative. Generally, a focused meditation is described as the practice of focusing on something intently as a way of staying in the present moment and slowing down inner dialogue. It more or less means zeroing in on one subject to the exclusion of all else for the purpose of clearing one’s head — which is pretty much exactly what one has to do in poker! Even the slightest distraction can be a problem, and while the game demands a lot of attention it still makes for such narrow focus that one can clear one’s mind in a useful and soothing way.

Even given all of these benefits, poker does not comprise an entire mindfulness or meditation routine. For those interested in working on these aspects of personal wellness though, it’s always good to have one more option! Some will find this simple, popular card game to be legitimately beneficial.

If you enjoyed this article, you might also like our piece on how to boost your energy, especially useful as we enter a new year and search for fresh motivations!

Earfree Nitebuds: For Better Sleep

Earfree Nitebuds, the two-in-one speaker and pillow that plays calming music, improving the quality of your sleep, is launching on Indiegogo.

The idea for the Nitebuds sleep pillow came from people who used to sleep with earphones in. Many of us who have trouble sleeping at night use earphones to listen to calming sleep music, but sleeping with earphones in is just too uncomfortable. Using earphones while you sleep can cause pain and inflammation in the ear; plus, earphones tend to fall out in the middle of the night. But the adverse effects of earphones on ear health is undoubtedly the most critical of these issues.

Nitebuds puts music IN the pillow to solve the problems caused by conventional earbuds. All you have to do is lay your head down on the pillow to be serenated with lovely music. There’s no earbuds involved – so you can roll around in bed all you like without having to worry about damage to your ears or earbuds falling out.

Nitebuds are simple to use. Just place the speakers in the special sleep-aid pillow, then use Bluetooth to pair your smartphone and begin your music therapy. Once your music is playing, Nitebuds’ crater-shaped design enhances the acoustics, making you feel like you’re listening in on a concert hall performance. This design also prevents the sound from leaking out, giving you the same quality of sound at a 30% lower volume, so as not to bother whoever’s sleeping next to you.

The Nitebuds app also provides free ASMR music and ambience, soothing the brain and easing any anxiety. This white noise works has great benefits on mental health and attentiveness, making the sleep music from the Nitebuds app particularly effective at inducing a natural sleep.

Nitebuds uses 3D mesh material for full, fluffy comfort. The mesh also helps the music play through the pillow without getting muffled, plus high-quality microfiber cotton is also used to give the perfect amount of depth and coziness. The microfiber cotton is also a renewable, biodegradable material, which means Nitebuds is eco-friendly, too.

Even though Nitebuds is electronic, the speaker and pillow are fully separable, meaning the pillow can be washed without issue. If you want, you can even use the pillow by itself without the speakers, or even place other items inside the pillow to help you sleep.

For instance, if you find yourself sweating a lot in those hot summer nights, you can place ice-packs in the pillow to help cool off. Or, when you’re stressed out and in the mood for aromatherapy, the CYPRESS insert can be used for some phytoncide healing.

Also, if you have a preference for a specific pillow height, just use the COTTON insert to adjust the pillow’s height to your preference.

You can back Earfree Nitebuds – the high-tech pillow that serenades you to sleep – by finding their campaign on Indiegogo.