How to Open Your Own Medical Practice

Being a medical practitioner gives you a lot of opportunities. If you want, you can even go so far as to open your own medical practice. Having your own medical practice is a great way to build up a solid reputation while doing what you love. However, opening one can be a bit of a challenge if you don’t know what you’re doing. Here’s how you can open your own medical practice.

Begin With a Plan

No business randomly comes into existence. Opening one requires patience, dedication and diligence. This is especially true when it comes to opening something as important as a medical facility. Becoming allowed to administer and provide health care to the public requires more effort than you may think.

You need to consider things such as filing for the appropriate licenses and permits, finding a way to finance the facility, acquiring an attorney, and coming up with a business structure. Even finding the right office space will take time and planning. It should go without saying that you need to spend a lot of time planning all these out. If one thing goes wrong, it could cause some unnecessary setbacks. You want everything to go smoothly, so try to space out each important task evenly to prevent yourself from being overwhelmed. You also need think about malpractice insurance. As a medical professional, you can’t offer care without it.

Expand Your Medical Knowledge

If you’re planning on opening your own medical practice, chances are you’ve already obtained a degree. While a rudimentary degree may be enough, you want to have the most optimal credentials people look for in a doctor or specialist. And the only way to expand your knowledge in the medical field is to go back to college and get your graduate’s degree.

As you’re probably aware, a degree in medicine is one of the most expensive degrees you can get. The average cost of a master’s degree in this field is around $120,000. Depending on where you attend medical school, you can expect to pay as much as $250,000. The best way to afford your graduate’s degree in medicine is to take out a student loan from a private lender. Private lenders are ideal, especially for medical students, because their reduced interest rates give you the financial reprieve you need to focus on your studies.

How You Can Fund Your Practice

Your education isn’t the only thing that needs funding. Any business, including a medical office, requires investment before it can take off. Funny enough, opening a medical practice is actually more affordable than the cost of medical school and college. The average cost can range from $65,000 to $100,000 depending on the circumstances. While taking out a small business loan seems out of the question due to your education debt, it’s how most businesses start off. Granted, it’s not the only way you can get funding, but it’s the most efficient and convenient way. If you’re looking for an alternative, small business grants can give you the funding you need.

Pick Your Business Structure

In order to get registered with the state, you’ll need to decide what structure your medical office will be. You can choose to be a limited liability company (LLC), partnership or sole proprietorship. For newcomers, your best bet is becoming an LLC, so you won’t have to worry about all the risks. If you and another medical professional open a facility together, you can then work as a partnership.