While the medical training leading to a doctor’s license can be challenging to obtain, it teaches you very little about opening your own practice. Nevertheless, many physicians find that having their own medical practice and working on their own terms could be more fulfilling in the long run. It is particularly beneficial if you wish to diversify in your specialties, or practice on your own schedule.
However, obtaining financing isn’t always a straightforward process, nor are the physical logistics of opening your own offices. Here are a few tips to get started.
1. Funding Your Practice
Obtaining funding is often the most challenging task ahead when a doctor considers opening their own medical practice. However, plenty of safe options are available. You can either obtain a small business loan to place on top of your own capital, or buy into an existing practice through a financing arrangement.
But before you begin to seek funding, you will need to have the numbers crunched. Work with an accountant to assess exactly how much your infrastructure, equipment, staff recruitment and pay etc.
2. Earning Your Credentials
Your medical license alone is not enough to open and operate a medical practice. Your practice will need to obtain credentials that will allow you to receive private and government insurance payments. This process can be stressful, as it generally takes months to be completed. However, it generally only requires minimal paperwork, and the contracting of malpractice insurance.
3. Choosing A Legal Business Structure
Once you open your medical practice, you become a small business owner. However, this business can be filed as anything from an S to a C corporation, depending on the tax structure you’re looking to adopt. You will need to enlist the services of a tax lawyer to devise the tax strategy and business structure most beneficial to your business.
4. Obtaining Your License
Your medical practice will also need to be licensed appropriately. You will need to follow the regulations specific to your federal government and state. Your medical practice will require:
• State licensing
• A national provider identifier
• A DEA registration
• An in-office laboratory certification from the Clinical Laboratories Improvement Amendment
For tailored guidance on starting your own medical practice, you will want to work with experienced professionals. At Eagle Bend Capital Financing, we are dedicated to providing ambitious doctors with the opportunity to practice on their own terms, by starting a business they will be proud to call their own.