3 STEPS TO TAKE WHEN STARTING YOUR OWN MEDICAL PRACTICE
Updated: Nov 3, 2022
After years of education and hard work, you have a medical degree and a license to practice medicine in Florida. For many physicians, the next step would be to look for a job at a nearby medical practice. However, being someone else’s employee may not be your long-term goal.
You may not like the idea of having such a heavy patient load that you don’t know people’s names or being subject to corporate productivity requirements. Starting your own medical office can be a way to generate income using your degree while still being your own boss.
Unlike accepting a job at an existing medical facility, establishing your own practice will require a lot of planning, and you must take action to adequately protect yourself. What steps do you need to take if you intend to start your own medical business?
LOOK INTO INSURANCE COVERAGE
Malpractice insurance is expensive on an individual basis, but it is a cost that medical businesses have to worry about. After all, your support staff could make a mistake just as easily as you could.
Additionally, having your own facilities brings liability that demands insurance coverage. You can have premises liability claims against your office if, for example, someone slips on a puddle of rainwater in your foyer. You may need general liability coverage, premises liability coverage, and even business interruption insurance so that you can pay your staff if you unexpectedly have to close your office. Knowing what kind of insurance you need is a crucial step.
ESTABLISH AN ESTIMATED BUDGET
You will need to see a certain number of patients or provide a certain number of treatments to cover all of your operating expenses. The more staff and machinery you need for your practice, the greater your daily operating costs will be. Everything from taxes and insurance to payroll and single-use supplies will influence how much it will cost you to run the business and how many patients you need to see.
ESTABLISH PAPERWORKFOR YOUR PROTECTION
As a physician, your main concern will be providing the best level of care possible to your patients. However, you also have to protect yourself from the risk of someone suing you. You need contracts with your employees and disclosures for your patients. Having the right documents in place will minimize the risk of a patient or employee bringing an expensive lawsuit against your medical practice.
Trying to handle the practical aspects of starting a medical business scan drain your energy and take your attention away from what you care about most. Partnering with the right support when starting your medical practice will help ensure that you comply with the law and minimize the risks involved in your venture.