Things To Consider Before Opening Your Own Medical Practice

Updated on September 28, 2021
Things To Consider Before Opening Your Own Medical Practice

Physicians from large hospital systems can face certain obstacles in their pursuit of delivering the best care to patients. As a solution, opening a private practice is an option for any licensed physician with the proper resources. If you’re a physician looking to go on your own or with partners, you need to know the essential things to consider before opening your own medical practice.

Get Financing

Getting financial assistance is the foundation for getting your new practice up and running. Without the appropriate funding, you might find it impossible to cover the costs of renting or new construction. For many physicians, this remains an obstacle.

Luckily, medical practice loans are available for physicians through banks and servicers across the U.S.

Encryption Software

Take into account the sensitive information your patients provide. Encryption software is a must-have to protect the privacy of test results and medical records. Patient privacy should be at the forefront of your strategy; hackers are a real threat. A data breach can have lasting consequences, including a loss of business when patients can’t trust your services.

Hiring Needs

Before opening your new practice, you need to determine the appropriate staff size and hire accordingly. Some of the positions you’ll need to fill might seem obvious. They include the following:

  • Nurses
  • Front desk
  • Billing
  • Managers

While these positions are essential to running your office, you might need additional machine technicians and lab workers.

E&O Insurance

Purchasing errors and omissions insurance (E&O insurance) can protect you and your employees from accusations of malpractice. Remember: legal matters can be expensive. If you ignore the importance of E&O insurance, it puts you and your staff at considerable risk. Losing a malpractice case is costly because a court awards damages to plaintiffs who win their case. Liability insurance can help cover those damages.

Leaving a hospital system brings risks and rewards. You might find it easier to connect with patients personally in private practice. Or you might find yourself overwhelmed with all the responsibilities you take on your own. There are countless scenarios to consider before opening your own medical practice. Take your time and make the best decision for you and your future patients.