The following are five common mistakes a physician can make when opening his or her own private practice.
- Do not rush because you need external help, who most likely will not share the same urgency you have. Make sure you have at least 6 months to devote to starting your own practice. If you want to open a concierge practice, the credentialing process may take a while.
- Undercapitalization is the leading issue for why businesses fail. Make sure you know your lender. It is important to develop a financial ProForma (a method of calculating financial results) to determine how the business will initially run. Estimate your expected revenue and expenses. Moreover, project the best, the most likely and the worst-case scenarios. Compile your last two years of tax statements, in order to make your own Personal Financial Statement.
- Recruiting and hiring is a skill that one needs to learn, and you want your staff to be as highly motivated and invested in your practice as you are. You want to be certain about a candidate before you make them an employee because it is a costly decision.
- Make sure you pick an EHR that is suitable for your practice and meets all the requirements. Find out if there is an EHR that is popular in the area around you. Your choice of a Practice Management system is linked to your EHR decision, so make sure you can communicate through the two of them easily.
- Medicine is now a business. It is advisable that you work with a healthcare business expert.
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