From creating a business plan to launching a website, The Inscriber Magazine on Oct. 16 shared six guidelines for physicians dreaming of opening and running their own healthcare practices.
Six starting points:
1. Create a comprehensive business plan that includes income and expense projections, competitor analyses and a defined target market.
2. With a business plan in hand, secure funding from a business partner, other physicians or a financial institution.
3. Consider market density and target populations when selecting a location for your practice.
4. Invest in equipment and talent.
5. Determine whether to outsource medical billing or handle it in house. Conduct extensive research and consider acquiring a lawyer, especially if choosing not to outsource.
6. Establish an easy-to-navigate website and digitally market the practice.