Okay, creating a private medical practice isn't really easy, but it is worthwhile and it can be done. With some new ideas and a few innovations, physicians and other care providers can practice medicine the way they want to. It's challenging, but it can be done.

1. By Mary Pat Whaley, FACMPE, CPC
Start Your Own Independent
Practice in Five Easy* Steps

2. Step One: Space
You will need a space to practice.
Your space could be lots of things. This is a fairly good
business renter's market nationwide, but you can also see
patients in another provider’s office if they have extra exam
rooms to rent out. Don’t overlook non-traditional space or
space not marketed as “medical.” We’ve even known of
specialty physicians with no office of their own seeing patients
in the primary care offices that refer the patients to them.
House calls are making a comeback. Telemedicine is changing
the idea of what an "office" even is. Anywhere you can perform
an assessment and formulate a plan can be a candidate for
your space. If you are going to file insurance, having a physical
address for your practice is a critical step to getting
credentialed.

3. Step Two: Patients
You will need patients.
Your patient panel will depend largely on your specialty and
previous history. If you are seeing patients where you are now,
and believe they would come with you to your new practice then
you have a great start. If you are new to the area, you'll want to
start getting your name out there and letting physicians,
community groups and patients know where you are.
Getting a phone line with voicemail and having some basic
business cards printed up are a great first step. Another critical
step will be creating an internet presence. Website, social media,
and content creation are all going to be critical to not only gaining
patients and being found, but competing for established patients
in your area. If you are a niche specialist, casting a wide net will
be even more critical, as you'll be pulling from smaller, more
motivated population.

4. Step Three: Payment
You will need to get paid.
A nun from a Catholic non-profit health system once told
me "No money, no mission.”
You have to keep the lights on - both in the office and at
home – for your employees and for your family. More than
that, if you close, the patients will have to seek care
elsewhere - if it's available. Private insurance, government
insurance, self-pay from patients, concierge and
membership fees, retail and ancillary service sales, public
and private grants, and charity underwriting are all part of
the financial ecosystem that funds care. You have to
decide which part of the system is going to pay you.

5. Step Four: Equipment
You may need equipment.
This varies widely. In some cases it could just be a desk
and a laptop, or just possibly just a laptop. In some cases it
will mean up-fitting and stocking an entire practice with
everything from stethoscopes, to a lab, to ECG machines.
With that being said, just because you are starting your
own practice doesn't mean you are going to have to take
out a loan to do it (really!) Take a close look at what you
will actually need, consider used or refurbished items, and
think about starting small.

6. Step Five: Help
You will need help.
Help takes many forms, but every practice will probably
need some sort of outsourced service to run smoothly. Find
an accountant you like and trust to talk about your corporate
structure, your taxes and your financial statements.
You may need staff for your office - or your staff may work
from home in a different time zone. There are plenty of
choices to make about "inside versus outside" in terms of
coding and billing, payroll and bookkeeping, triage and lab
services. You may even need help deciding when is the right
time and where is the right place to start your practice.
Understand that you may need a lot of help or a little help,
but you will need help.

7. Thinking about
private practice?

8. WE CAN HELP
Manage My Practice
www.managemypractice.com
marypat@managemypractice.com
919-370-0504