6 Easy Steps How to Start a Medical Practice | | Pain Management Practice Consultant

How to Start Your Own Medical

Practice6 Easy Steps

Brought to you by:Ms. Pinky Maniri, MSc, BSc

Medical Practice Consultant, Business Development Specialist and Revenue Cycle Management Expert

www.mspinkymaniri.com

Opening your own practice can be very overwhelming. Looking for answers and researching on your own can be very stressful.

Brought to you by: www.mspinkymaniri.comProviding Value to the Medical Practice Industry since 2005

http://www.mspinkymaniri.com/

6 Easy Steps



STEP # 1Look for a Promising

Location



O You need a location! Promising means - your practice can exponentially grow because of the geographic area. If possible, open a practice from a location where your specialty is not too saturated. This information can be easily researched from the local business listing.

O Or, you can bravely open a practice in a busy city where there are physicians and big groups of the same specialty as yours every 1 mile - just be prepared to be doing a lot of marketing and getting the word out. Competition can be tough, but anything can be accomplished with a strategic planning.


STEP # 2The "MustHave"

Documents



The following are the important documents that you will be needing for Billing (for you to get paid) and for Credentialing, if you want to participate or get credentialed with the Insurance Companies including Medicare and Medicaid.



OIndividual NPIOGroup/Facility NPIOTax ID Number (and you need the CP575

IRS Letter)OProfessional Malpractice InsuranceOGeneral Liability Insurance for your

PracticeOBusiness Bank Account

STEP # 3Building Patients

Population



O And should you decide of becoming a participating provider with the insurance company, having your name listed on their "Provider Directory" will give you a bigger chance getting found by their members;

O In this digital world, nobody can afford not to be present on the web! So make sure you have a website for your practice. Tip: You can have a website up and running in 24 hours done for you for FREE! Or you can do it yourself!


OBe on Social Media!- Build a Business Page on Facebook and LinkedIn, tweet updates about your practice. Post/share useful health and wellness literatures/articles.


O If you are an employee and is leaving your old practice, how will you handle your old and "established patients"? - Here's the answer - it depends on your contract with your employer. But bottom line, I don't think it will be a "sin" if you let your patients know that you are leaving. But assure them of a smooth transition to another provider within the group. Because your "integrity" is the only priceless wealth on earth!

O And when they know they get so much value in you and highquality care - your patients will follow you.

STEP # 4Setting up your Office

Forms, Policies, Procedures, Services

and Charges



OYou need Office Forms - a lot of them! (Patient Intake Forms, HIPAA Forms, Financial Policy, Superbill and a lot more related forms!)

OMake all your services you are offering and your fee charges on your superbill

OPrepare all your Company Procedures, Compliance Plan and Policies

STEP # 5Buying Equipments,

Furnitures and Practice Management Software



OYou will surely need medical equipments for your practice;

OYou will need computers, printers, scanners and office furnitures;

OYou will need a Practice Management Software (consider EMR, ICD-10 and Billing Integration)

STEP # 6"Hire" your Wife as

your Office Manager!



BBrought to you by: www.mspinkymaniri.comProviding Value to the Medical Practice Industry since 2005

m

At the beginning, most of my start-up male physician would "hire" their wife as its Office Manager and run the practice - and why not? it's cost effective! and your spouse is always a "business partner" to you! Good luck!



Are you thinking of opening a practice?

Talk to Ms. Pinky today!





Date post:	26-Jan-2017
Category:	Healthcare
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6 Easy Steps How to Start a Medical Practice | | Pain Management Practice Consultant

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