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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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How to Relax After a Stressful Day!

Body

Nowadays, hard-working people do run the world. They can always be reached, met, or asked for help. And it seems they never get tired. However, they do. The problem is that the life pace of such people is extremely intense, and there is almost no time for rest in their schedule. But it is proven that having a nice rest is the key to great efficiency.

 To Work or Not to Work?

 A lot of always-busy people think that if they make a short pause in work, it will be very difficult to start again. One should keep in mind that all recourses tend to run out, and it is vital to allow oneself to relax well, especially after some stressful working days. Otherwise, problems with concentration, sleep, and health may occur.

 Relax of Good Quality

 Having done all the working stuff, a person should get down to rest. It is desirable to completely switch to another activity. It enables you to turn attention and become less stressed. 

  • If you have a hobby, it is the best moment to do something you like. It can be embroidery, drawing, reading ­ anything that makes you relax. 
  • Meditation and yoga have also proven to be effective in making a person feel nice after stress. With their help, you can relieve tension after working days and restore the lost energy. 
  • One can go walking, running, or doing some sports outside. Studies have shown that fresh air does improve memory, sleep, and concentration. It especially is important for those who always work in the office.
  • Getting a massage is a perfect way to relax too. After a nice professional massage session, people often have a feeling of complete renewal. It is a perfect way to have not only physical but also mental rest. Playing different games helps a person to rest after a stressful day as well. It can be board, video, and ball games. Or, for example, card games, such as baccarat or poker. Now, there is no need to go to the casino to play such games; you can easily do it online right from your home. These things absorb people so much; they switch attention and reveal tension. Moreover, scientists have come to the conclusion that card games are very useful for stimulating brain activity since a player always has to memorize cards and perform calculations in mind.

Choose the most suitable way! Spoil yourself with a relaxation of good quality, and you will surely get your second wind.

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.