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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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Preferred Metal For Your DIY Project

When it comes to buying metal for a DIY project, the two most common options are stainless steel and aluminum. In terms of the preferred option, it is aluminum that offers the clearest range of benefits for just about any DIY project under the sun. No matter if you are using aluminum sheets, tubes or planks, this is by far and away the smartest choice you can make when buying metal for that DIY project.

In terms of buying aluminum Melbourne trade suppliers have all you can possibly wish to buy, and here is why this is the preferred metal for a DIY endeavor.

Strength to Weight Ratio  

Strength is not the only factor to bear in mind here, as steel is in fact much stronger than aluminum. What we should be looking for is the ratio between strength and weight, as this is a far better indicator as to what the metal can support. In the case of aluminum, it is almost 1/3 of the weight of steel, making it a far better option where high strength is not required.

Corrosion  

One clear area of focus here should be looking to choose a metal which is not going to corrode over time. Stainless steel is made up from iron, chromium, nickel, copper and manganese. It is the chromium in this alloy which is added to prevent corrosion, and it does this to a high degree. In this regard stainless steel is preferred over aluminum. With this being said, there are many options which have coating that will reduce the corrosion over time, so speak with your aluminum suppliers to find the best choice.

Cost  

Simply put, aluminum sheets and other supplies made from this metal are cheaper than those made with stainless steel. Given the benefits which it can offer too, this is why so many buy aluminum instead of stainless steel.

Workability

One of the main reasons why those doing DIY projects will opt for aluminum over stainless steel is that this is far easier to work with. Whether cutting, bending or shaping, there is no doubt that aluminum is far more malleable than stainless steel is.

Resistance

Assuming that you get the right grade of aluminum for your project, you will find that this is a much more resistant and durable metal choice than stainless steel. This makes aluminum the perfect metal for those working in DIY, who want a strong and abrasive resistant option for their project.

Wider Range of Precut Options

When shopping for aluminum parts for your project you are increasingly more likely to find the right sheets, tubes of planks, which have been already precut to your specifications. Although stainless steel is popular, many are left to create their own shapes and cuts with the metal, whereas aluminum comes in a range of shapes, sizes and parts. This just helps to lighten the load when committing to a DIY project.

Before you get started on your next DIY endeavor, be sure to highlight how much metal you need, and then look for aluminum as your preferred choice metal.

Is Melbourne Good For International Students?

All of Melbourne’s universities count on a high volume of international students. In fact when it comes to uni accommodation Melbourne has a high percentage of that which is dedicated towards international students only. There is a clear reason why this is the case and that is the fact that this is a city which is absolutely perfect for students coming from anywhere in the world.

Not only is Melbourne a city which boasts world class education, this is also a city which international students love, and here is why.

Melbourne – Most Livable City

In a survey conducted by the Economist, Melbourne has been voted the most livable city in the world for the 6th year in a row! Most people who have been surveyed point to the easy way of life in the city and the laid back approach of the lifestyle here. With a statistic like this, there is no wonder that international students love it here.

Melbourne’s Employment Opportunities

Having a job whilst you study is critical in making sure that you are able to afford a great lifestyle whilst you are going through uni. This again is another reason why so many love Melbourne, because there are a range of job opportunities. Beyond this many international students actually stay here once they have finished their studies, because of the range of internships and post-grad jobs which they are able to find.

High Quality Living

When it comes to student accommodation in Melbourne offers way more than just what you can find on campus. In fact there is an enormous range of budget and luxury student accommodation in the city which gives students perfect access to all of the fun which the city can offer.

Arts and Culture

Those students looking to find some arts and culture to explore can find an abundance of it right here in the city. From classical art museums to regular cultural festivals and more there is always something going on in this city which international students can enjoy.

Dining Out in Melbourne

Of all of Australia’s cities this is the one which is considered to be food heaven, and that again is something which is sure to entice international students. Even for those who are living on a budget, for markets provide some of the best budget options which taste absolutely amazing. No student here in Melbourne should go hungry, the food is just too abundant and too delicious.

Great Support

One thing above all which Melbourne universities are known for is the high level of support which they offer to students. This is ideal for international students who may be having issues with their integration to the new country and city in which they are living. All students need to feel comfortable in order to be at their very best and that is exactly why this support is in place for them.

Simply put, and with all things considered, there is no greater city in the world for international students to live and study in.