Tips for Starting a New Medical Practice
Plan the financing, location, staffing, tech, marketing and credentials for your new practice
Perhaps you’ve been working for hospitals or established medical practices, but now you’re itching to be the boss and build your own specialty practice. You’re not intimidated by the challenge of running a business — you’re exhilarated by it — and you think you have what it takes.
When you’re ready to take the plunge, draft a summary business plan. Like any good story, it starts by answering the five W’s — and how:
Who is your target market, and whom will you need on your team?
What products and services will you offer, and what will be your special niche?
When will you begin implementation, open the practice, and evaluate your key performance indicators of success?
Where will you practice, and what’s the competitive landscape there?
Why are you doing this?
How may be the most important question to answer. How will you differentiate your practice from so many others? How will you market, create an identifiable brand, and build a solid patient list. How will you control costs and finance it all? Read on.
In This Blog Series
Five blog posts examine major areas you’ll need to master.
Financing a New Medical Practice
Locating a New Medical Practice
Staffing and Tools for Your Practice
Sources
ModMed 2022 Patient Experience Report: What Patients Really Think, ModMed research report (2022 July)
“Checklist for New Practice Start Up,” MGMA Health Care Consulting Group (2000)
“New Practice Start-Up Checklist,” Kareo (2020)
R. Rohit Dhir, “5 Things I Wish I Knew Before I Started My Career in Urology,” The Scope of Practice blog (2021 January 21)
This blog is intended for informational purposes only and does not constitute legal or medical advice. Please consult with your legal counsel and other qualified advisors to ensure compliance with applicable laws, regulations and standards.
