Checklist for Starting A New Medical Practice
Medical practice is a place where one or more physicians sit and practice medicine. The name “medical practice” comes from the term “practice” as it is used in the medical connotation.
A clinical practice or a medical practice is the activity of caring for the patients, from initially diagnosing them, prognosis, prevention, treatment, which includes tests, reporting, and further investigation until the patient completely recovers from their illnesses.
The sole aim of establishing a medical practice is to care for the patients and look after their health and well-being.
Nowadays, along with hospitals and nursing homes, practices are making their own mark without any major hassles. Though the practice is essentially smaller when compared to the hospitals and nursing homes, it houses all the latest facilities and competent doctors to help the patients get the best possible care and examine and test themselves without any hindrances. These practices are growing more and more each day with the fast-improving facilities and technologies that they are adapting.
Life is fast now and people now have less time, which is why many of them often opt to step into practice instead of rushing down to the nearest hospitals and nursing homes. Thus, the medical practices of today have been noticeably improving the health and well-being of patients.
How Medical Practices Prove to be a Boon for Patients and the Medical Industry!
As the population of the world is seeing a swell each day, medical facilities, hospitals, nursing homes, practices, and healthcare units are expanding at a rapid pace. Medical practices have grown far and wide to help the healthcare industry keep up with the pace that it is growing in.
Moreover, the medical industry is also being a hub for employment on a global scale. Employment in the healthcare occupations is projected to grow by over 16%, thereby adding around 2.6 million new jobs between 2020 and 2030, which is much faster than the average of all other occupations.
The medical practices that are slowly and steadily developing into promising alternatives to the traditional hospitals and nursing homes can be readily attributed to the present growth that the healthcare industry is now witnessing. Furthermore, the practices are also emerging as huge revenue drivers for the industry.
The practices of now are compact, they house the best doctors and are full of cutting-edge medical office software, patient and practice management systems that improve the overall patient experiences. With all these, the practices of today are not only proving to be a boon for the medical industry, thereby helping it scale much but also for the patients at large.
Let’s have a quick look at all the benefits that the patients derive from a practice:
Along with all these benefits that the medical practices offer, they also lead to boosting the overall revenues of the owner/manager of the practice. Therefore, if you are willing to start with a new practice, then it is never too late.
Starting with new medical practice might certainly be the game-changing startup idea that you were always waiting for. These practices have given wings to numerous entrepreneurial minds and are rekindling the hopes of the patients worldwide with each passing day.
Starting up with a Medical Practice!
If medical practice is the way that you want to grow, then that is laudable indeed because it is these practices that are upping the game for the medical industry at large. Starting with a medical practice business is not very hard but it is something that cannot be described as too easy too. However, it is true that the practices have grown to be much profitable today not only for the practice owners and managers but for the doctors, staff, and patients too.
Setting up a medical practice might sound to be challenging for someone who is not aware of the industry and how to set up a medical practice. This is why we have brought some easy and effective ways to start a medical practice with a smart practice startup checklist.
A Smart Practice Startup Checklist to Set up a Medical Practice without any Hassles!
Now, if you are willing to establish a medical practice, then you need to be aware of the practice startup checklist that is approved by the Medical Group Management Association (MGMA).
Medical Group Management Association or MGMA, headquartered in Colorado, the United States, is defined as an organization that has been empowering healthcare providers and practices since 1926, when it was founded, thereby bringing in a meaningful change for the betterment of the healthcare industry. The American Medical Association (AMA) and Medical Group Management Association (MGMA) have created a useful doctors office checklist for starting a new medical practice pdf, which will help the budding practices and those that are in the making to assess the needs and priorities of practice and all that it needs for the practice management system to prosper.
The MGMA checklist for new practice start up would thus be an effective addition to all the budding entrepreneurs and managers of practices too. This checklist would serve as the opening and closing checklist for medical offices. It will not only make them legally compliant but also help them enhance their revenues and witness an overall growth that will be stable and last longer.
So, without further ado, let’s have a quick run down along the fundamental steps that you need to follow to start up a practice:
Step - 1: The first step while setting up a practice is deciding the business plan and the revenue model of the practice.
Step - 2: In the next step you would need to determine the source of financing the startup.
Step - 3: Now, you need to find out a competent attorney.
Step - 4: Next, you need to decide upon an accounting firm that will serve best.
Step - 5 Then, you will have to obtain the capital.
Step - 6: After that, you need to come up with a decent name for your practice.
Step - 7: Then, you need to determine the organizational structure of the practice.
Step - 8: After that, you have to get tax identification numbers for federal, state, and local bodies.
Step - 9: Next, you will have to set up bank accounts for the business.
Step - 10: Then, you have to get sales tax certificates. Note: The sales tax certificates vary from state to state.
Step - 11: After that, you will have to determine an appropriate space and site where you will be setting up a practice.
Step - 12: Then, comes signing the lease terms of the medical office/practice.
Step - 13: A certificate of occupancy is the next thing that you need to obtain.
Step - 14: You would then have to determine fixed work hours.
Step - 15: Now, you need to arrange for the office furniture and decorations.
Step - 16: Next, you would have to embrace cutting-edge software and technologies from reliable medical office software and services providers like GrowPractice, which ought to be foolproof and would streamline the patient experience.
These are some basic steps that you need to go by in order to establish a medical practice that will be stable and would eventually reward you in the future. Now, after setting up a medical practice, you will definitely have to give it some time to grow because every business needs a considerable amount of time initially to grow. However, if you are wondering about some easy tips to develop your medical practice into a successful business, then here are some easy hacks.
Successful Medical Practice Tips and Guide
If you need to grow a successful business out of your newly opened medical practice, then here are some easy tips that you can follow:
Going online is the first step if you are looking forward to making your medical practice successful. Here’s where GrowPractice can significantly help you. With their cutting-edge medical office software and practice management system, GrowPractice promises to give your patients the first priority. It integrates over 65 EHR/PM software that includes the leading names in the industry. Some other benefits that GrowPractice brings your way are:
The above list of benefits is only a short summary of what GrowPractice extends to the private medical offices/practices or urgent care. Reach us to know more about us and experience exemplary patient and practice management and grow your practice effortlessly!