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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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Improve Your Health Using Technology: Here’s How

Improving your health using technology focuses on areas where technology, diet, and nutrition have a direct influence on the health and wellbeing of an individual. Oftentimes, we feel that improving our overall health takes a long time, but it’s really a matter of making small changes in our everyday habits. 

A lot of researches have shown the impact that technology can have on individuals wellbeing and health. With information right at our fingertips, we can all do something to improve our quality of life by simply making smarter decisions about what we eat and how much activity we are getting. Here are some vital tips:

Register with a private GP online

Patients can ask questions to speak to a GP online in the privacy of their own place and at their own time. This is extremely useful for those who are too ill to be able to make it out to their local surgery or for those who don’t have the time take a trip to the doctor in person unless absolutely necessary.

Use fitness and nutrition tracker

The importance of fitness and nutrition tracking technology in improving your health is the ability to have devices that will make it easier to understand what you’re eating and their nutritional value. This way, you can track how much you’ve consumed and nutrition you’re getting, plus your heart rate, your blood pressure, and even your sleep cycle. 

With this technology, you will be able to see the progress you make over a period of time and know exactly how to approach things to step by step to improve your overall health.

Utilise preventative healthcare

Preventative healthcare is the second most effective way to improve your health. Preventative healthcare helps to prevent illness and detects medical issues early enough so they can be treated before they become serious conditions. Remember, the point of using technology to improve your health is to assist you in being proactive towards your health. 

Get yourself a wearable device 

Wearable technology is a new and innovative way of presenting information, allowing you to obtain real-time feedback on everything from your heart rate to your physical activities.

A wearable device can continuously monitor your vital signs such as heart rate, blood pressure, body temperature, etc., and sync this data with a smartphone or other mobile devices using Bluetooth technology. Wearable technology with proper applications will assist you in keeping healthy and fit.

Register for Online Personal Training

Online personal training can help you improve your health in ways you never thought possible, leveraging technology. An online programme lets you achieve healthy living while staying in the comfort and convenience of your home, making it much more efficient than traditional programmes. 

No matter why you want to improve your health and wellbeing, technology is a key part of health in today’s society. This article has outlined some of the many ways this can be of great benefit to you.

Alcoholic Answers: How Long After You Stop Drinking Beer Does Your Body Heal?

If you could stop drinking beer for a while and reset, how long would it take your body to heal?

Many people who drink have wondered about this topic, especially when finding their drinking habits slipping beyond their control. We know about the harm alcohol can do to the body, but this often isn’t enough willpower to fuel a cold-turkey reboot, even though our bodies would thank us for it.

Here are the facts: Alcohol Use Disorder (AUD) affects over 14 million adults in the U.S. alone. Knowing this, it’s safe to assume that quitting is an incredible challenge, but a worthwhile endeavor nonetheless.

Keep reading to learn more about what happens to the body when you stop drinking beer.

What to Expect When You Stop Drinking Beer

Whether you’re a recovering alcoholic or just a semi-regular beer drinker, you might notice some significant changes in your body as well as your mood when you stop drinking beer. Depending on your previous intake, these will vary in levels of intensity.

1-14 Days After Quitting

The first two weeks after you stop drinking beer are said to be the most difficult. This is because the body begins going through an acute withdrawal phase, with symptoms that might make you want to abandon your sobriety goals.

Here are some common symptoms of alcohol withdrawal:

  • Insomnia and/or trouble sleeping through the night
  • Problems with sexual function and performance
  • Irritability
  • Anxiety/nervousness
  • Depression
  • Intense cravings

Symptoms of alcohol withdrawal can start within 6 hours of having your last drink. They might also last well beyond 14 days. Again, this depends on how much you were drinking before, and your individual body’s ability to heal.

30+ Days After Quitting

Once you’ve passed the first two weeks when you stop drinking beer, the positive changes start to take effect. Your body completes the initial detoxification stage and begins to heal.

You can expect the following effects:

  • Steady reversal of liver damage
  • Decreased risk of cancer and cardiovascular disease
  • Improved cognitive abilities
  • Weight loss

The good news is this: many of the negative effects of drinking are reversible. Once you can stop drinking beer, your body is able to heal itself.

Will I Lose Weight if I Stop Drinking Beer?

When compared to hard liquor, beer has a higher tendency to affect your body weight. This is due to it generally being a more calorie-packed drink than most hard liquors.

With that in mind, the short answer here is yes, you will lose weight when you stop drinking beer. However, it’s important to maintain a healthy diet with a moderate calorie intake, as well as get plenty of exercise. If you replace those excess calories by eating more, for example, then you may not experience any weight loss at all.

Knowing When to Quit

The pleasures of drinking beer are undeniable, but too much of a good thing can be harmful. It’s important to evaluate the role of beer in your life and how it has affected your health. Now that you know more about what to expect when you stop drinking beer, quitting can be that much easier.

For more health and fitness topics, please see our other articles.