* Develop Business Plan and Strategy- This should involve a detailed business plan identifying a need in your community, anticipated payer mix(primarily Medicare, Medicaid, Commercial, etc), common CPT Codes with the expected reimbursement, billing efficiency, anticipated growth rate, marketing strategy, referral strategy, business development plans and overall business objectives. Top things to consider when looking at office space are: Sq. footage, ppsf, lease agreement(3-5 year), purchase price, local referral sources, competition, market saturation, accessibility, parking, option to expand, 3-6 months free rent, road frontage, landlords, does county require business license, and local demographics.
* Credentialing- Physician Credentialing involves more than just seeking out contracts for your specialty. Credentialing when starting a new practice should be done concurrently with State license applications, DEA numbers, Malpractice insurance, NPI registration, and Corporate formation.
* Banking ; Merchant Services- Oftentimes, if you open your business account with a bank then you will also be eligible to receive substantial discounts on merchant card services.
* Medical Supplies ; Equipment-Selecting your Medical Supply partner and ordering the necessary equipment and supplies needed before opening is obviously one of the most critical aspects for a new practice.
* Website ; Marketing-Websites are no longer just an option for a practice but are critical for the success of every practice. There are many opportunities like this in Business Journals, Medical Journals and local health publications.
Starting a New Medical Practice - Foundations For Successful Private Practices
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