Practice Startup

Practice Startup

Whether you have recently completed your residency or are starting a new medical practice, joining a group practice, or transitioning from working in a large healthcare system to your own private practice, DoctorsManagement’s expert team offers superb guidance through the complex stages of launching and managing a medical practice.

DoctorsManagement frees up physicians’ time so they can focus on providing excellent healthcare, knowing that their practice’s business performance is in expert hands.

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Our Medical Practice Startup Services

Starting a medical practice from the beginning requires organization and management of even the finest details. We can:

  • Perform a feasibility study.
  • Develop a strategic plan.
  • Acquire financing and real estate.
  • Establish and track practice milestones.
  • Select an Electronic Medical Records (EMR) system.
  • Coordinate a practice management system.
  • Designate the role of an office manager.
  • Manage job advertisements.
  • Perform employee background checks.
  • Create employee job descriptions.
  • Provide access to our PowerBuying, connecting you to low-cost suppliers for office and medical equipment.

Accounting

Finances are crucial for the growth and success of a medical practice. Together, we can:

  • Define the new business structure.
  • Provide expense classification.
  • Manage bank account statements and credit card payments.
  • Manage monthly accounting and management reports.

Credentialing

DM will be responsible for obtaining credentialing and new enrollment services on you and any other billing providers in your practice. Our dedicated specialists will credential and enroll the site and/or provider(s) with your desired insurance carrier(s). DM will also provide you with ongoing status reports so you will know exactly where you are in the credentialing and contracting process.

Credentialing services will include but are not limited to:

  • Preparing initial insurance enrollment forms for insurance carrier(s).
  • Confirming receipt of applications with each payer.
  • Conducting regular follow-ups with the insurance carrier until the application has been processed through the contracting department with an effective date.
  • Providing ongoing status reports.

Compliance

Our team walks you through what the following will look like for your medical practice:

  • OSHA and HIPAA Compliance Manuals
  • Custom human resource employee manuals
  • Human resource reference manual
  • Laboratory compliance, if applicable
  • OIG Compliance Manual
  • Staff compliance training

A Proven System for Success

Our team has refined the process to help ensure a successful practice startup. Whether you just started or are somewhere in the middle, we can help you in any stage of your startup, including:

  1. Conducting a feasibility study.
  2. Identifying practice and financial objectives.
  3. Determining parameters for facility size and location.
  4. Evaluating and establishing your site location.
  5. Identifying practice and financial objectives.
  6. Assisting with securing financing.
  7. Obtaining credentials and contracts.
  8. Discussing areas such as malpractice insurance, liability insurance coverage, and Medicare and Medicaid reimbursements.
  9. Establishing operations, compliance, and human resources procedures.
  10. Assisting with your marketing plan and patient loyalty development.
  11. Providing a practice management and business plan overview.

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Benefits of Working With Practice Startup Experts

Over the years, we have helped several startups gain footing and become successful. While this can take time, the DoctorsManagement team is committed to partnering with you to see it through.

Reduce Stress

Organizing all the details of a practice can be overwhelming on your own. We will work to better understand the specifics of your practice’s vision and take care of these points so you can focus on the bigger picture.

Access Established Resources

Through our experience, we have accumulated several resources and connections for our clients to access. These networks and resources can jump-start your startup and continue to foster growth.

Achieve Early Profits

In addition to knowing and overseeing the multitude of details necessary to launch a healthcare practice, success hinges on completing tasks in the proper sequence. Knowledge about which tasks are necessary prerequisites for others can serve as a catalyst for growth, as this keeps your startup workflow on track. Armed with the necessary knowledge, you can avoid costly delays and make timely decisions that impact early profits.

Go From Feasibility to Profitability

No matter where you are in the process, you have the flexibility to choose the level of service you need. Equipped with the knowledge of medical practice startup procedures, our professional team knows how to power through these processes efficiently. We also work with clients after the initial startup procedures to ensure higher levels of professional success. Our team has served thousands of physicians across the country and is ready to lend our expertise to you too.

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The Real Cost of a DIY Medical Practice Startup

Opting to put most managerial tasks on your shoulders instead of relying on outsourced services and consultations may seem appealing when starting a medical practice. It is possible to establish a practice without paying for outsourced services, but you can miss out on crucial growth opportunities.

Bogged down by managerial tasks and fumbling through the new responsibilities necessary to run a successful practice leaves little time to focus on profitability. Outsourcing frees up time to implement a robust marketing plan that draws in more patients — enabling you to see more patients in the first few years of your startup practice.

A “do-it-yourself” approach can also lead to a significant loss of revenue if you do not get credentialed with the appropriate insurance provider. This can result in missing out on two potential patients each day, resulting in a loss of $300 every day and up to $6,000 per month. These losses can happen even if you have an effective marketing strategy in place.

A standard practice startup checklist might bring the hidden costs of starting a medical practice to your attention. These costs include:

  • Implementing practice management procedures
  • Enhancing patient experience
  • Staffing
  • Procuring equipment and supplies

Being aware of these costs is the first step to creating a robust business plan, but experts like us who help erect multiple profitable medical practices can offer saving-savvy procedures to deal with hidden costs and help you achieve your financial objectives.

Medical professionals who rely on expert outsourced services and consultants have more time and energy to offer personable, compassionate patient care that sets them apart from other practices. With a reputable reputation, your practice can flourish.

DoctorsManagement is more valuable than a comprehensive list on paper. We are real people with real experiences who enable you to avoid costly mistakes and handle time-consuming tasks. We will help you determine the timing and order in which certain tasks must happen and guide you through the process with our experience setting up medical practices in almost every healthcare specialty.

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Frequently Asked Questions

It is normal for our clients to have several questions or concerns about starting a medical practice. Here are some of our top questions — we are available to provide more information as needed.

Is Private Practice Viable?

The answer is an overwhelming yes — a private practice still works and will work tomorrow! We have the privilege of working together with more than 40,000 healthcare practitioners nationally, including over 800 private medical practices. Many of these physicians are experiencing tremendous success in private practice! Despite this truth, there seems to be a growing narrative that doctors can’t succeed in their own medical practice.

Even if private practice isn’t your thing, you should still pay attention. In negotiations, it’s well-known that you can only reach the point of your next best alternative, so sharing how successful you could be in private practice will serve you well.

More importantly, many of the tools we introduce are transferable to any small business owner structure — hospital, healthcare system, or supergroup. If appropriately implemented, our tools and solutions are designed to enable each healthcare provider to focus on patient care, enabling you to achieve mastery, increasing your autonomy, and making your career more fulfilling.

Speak with a DoctorsManagement representative today to learn more.

Is Medical Practice Acquisition Risky?

Physicians considering the acquisition of a medical practice should not assume it will be “low risk,” as many young doctors incorrectly believe. Nothing could be further from the truth.

You may not consider many additional concerns, such as the current EHR (electronic health record) system, credentialing process, health insurance, medical equipment age, payers, real estate, staffing, and more. We recommend speaking with an expert and completing a thorough analysis to ensure you and your practice partners comprehend the full undertaking. Taking this lightly can lead to feeling trapped with costly, messy surprises.

Things to look out for following purchase are:

  • A large volume of patient loss. The industry average claims a practice will lose 10-20 percent
  • Unplanned repair costs of older equipment
  • Staff turnover is expected
  • High cost of facility improvements
  • Issues with rental properties or leases

Any of these can be devastating financially and emotionally as well. With DoctorsManagement, you will be prepared for practice acquisition, and we will assist in helping you avoid these surprises.

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Talk With a Medical Practice Startup Consultant Today

Learn how our team can help eliminate the headaches of opening a private practice so that you can enjoy the personal and professional satisfaction of this exciting stage of your career. Please contact us today to begin your journey toward a successful future.

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