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How to get a DEA license

How to Choose a Medical Legal Firm

Group Practice vs Private Practice

Business/Casualty Insurance

Employee Benefits

Events

Retirement And Estate Planning For Physicians

What is a Medical Commercial Building?

How to Find a Medical Management Firm

Document Imaging

Merchant Services – ACH Payments

How to Choose a Medical Bookkeeper

How to Find a Medical Legal Firm

Building a Team of Experts

How to Prepare a Cash Flow Analysis

The Mystery Of Medical Transcription

How To Choose A Medical Doctor’s Insurance Company

What Is Money Factoring?

The Mystery Of Doctor Credentialing

The Best Software for Doctor’s Offices

Private Practice vs Hospital

HIPAA & OIG Compliance Plans

What is HIPAA Compliance?

OIG Compliance

Life Insurance

Advertising

Direct Mail Marketing For Your Medical Practice

Capital Funding Needs: Pre-Opening, Opening

In-House Human Resources vs Outsourced

Long-Term Care Insurance

Promotions

Equipment Selection Process

How to Find a Medical Practice Lender (resources)

Medical Office Structure, Layout And Design

How To Choose A Medical Collection Company

How to Find a Medical Bookkeeper

Recruiting

How to Choose a Human Resources Company

The Mystery of Doctor Credentialing

Build Or Buy: In-House Medical Coding Vs. Outsourcing

How to Purchase a Commercial Building

HITECH Act of 2009

College Savings Accounts

Patient Experience

HITECH Compliance

Medicare And Medicaid Audits

What Is A Marketing Mix?

The Pros And Cons Of Money Factoring

HMOs vs PPOs

What Is A Merchant Processor?

Leasing Medical Equipment Vs Buying

Types of Commercial Loans for Buying a Commercial Condo

What Is A Commercial Condo?

In-House Human Resources vs Outsourced

Determining Location Options

The Medical Coding Company That Could

The Mystery Of Medical Coding

Information Systems and IT for Doctors

In-House Doctor Credentialing VS. Outsourcing

The Medical Coding Company That Could

What is an NPI, difference NPI 1 VS 2?

Purchasing a Commercial Condo

Overhead Business Expenses

Capital Funding Lenders

How to Create a Draft of the Employee Handbook

How to Determine a Timeline to Open Your Medical..

What is Fraud Investigation?

What Is Practice Succession Planning?

Patient Education

Practice Publication Marketing

Practice Social Media

Communication Vs Branding

How To Choose A Merchant Processor

Leasing Medical Equipment

How To Choose The Right Corporate Structure For Your Medical Practice

How to Find a Medical Accounting Firm

The Mystery of Medical Staffing

Doctor Credentialing With Hospitals And Insurance Companies

Must-Have Medical Doctors Insurance

How To Choose A Medical Transcription Company

Setting Up a New Practice

Your Medical Practice Opening Check-List

Practice Direct Mail Marketing

What is Money Factoring?

How To Choose A Medical Accounting Firm

Setup Your Practice

Advertising

Asset Protection

Mission, Vision, and Values

Logo Development

Life Insurance

Estate Planning

Physician Profile Development

How to Choose a Medical Practice Lender for …

What is Medicare, Medicaid, etc?

Merchant services – credit cards

Commercial Condo vs. a Commercial Building

How to Find a Medical Collection Company

How to Choose a Potential Office Location

Unlocking the Mysteries of Medical Billing

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Starting a medical practice?

Start building your practice today! Follow the 14 steps below to set up your practice!

It’s not only doable, but it also offers many advantages, such as autonomy and having the ability to make business decisions affecting the practice independently. Despite all the changes occurring in healthcare, owning your own practice is still the best way to go. Let Doctors Business Network help you set up your practice! Below we have grouped the actionable items needed to open your practice in steps 1 to 14. Within each step, you will see actionable items you need to complete before opening your doors. Many of these steps have a detailed explanation linked to them, in video and written format. Follow the link to watch the relevant video on that topic. Over the years, through successes, failures, trials, tribulations, gambles, and experience, we have devised steps to assist in starting a medical practice. Don’t wait!  Start building your practice today! All you need to do is follow the steps below! You can also visit our Practice Setup Channel for a comprehensive list of actionable items for setting up a practice.

Organizational and Support

Location Analysis and Space Planning

  • What are your location options
  • Conduct location analysis
  • Determine space requirements
  • Select location
  • Negotiate lease terms
  • Office lease reviewed by legal counsel
  • Execute office lease
  • Design office layout
  • Evaluate space plans
  • Prepare construction documents
  • Obtain competitive bids
  • Review Owner-Contractor Agreement
  • Construction administration
  • Complete room by room fixed asset needs list
  • Interior Design
  • Coordinate Move-in
  • Coordinate Signage

Credentialing and Privileging Issues

  • Determine present participation in plans & hospital privileges
  • Submit applications for hospital privileges
  • Obtain managed-care provider applications or notify of change on provider status
  • Submit credentialing application to desired commercial & government insurance entities
  • Prepare Medicare and Medicaid provider application
  • Complete and mail managed-care provider applications or notify for existing practice
  • Obtain membership in state medical association
  • Obtain membership in county medical society
  • Obtain/transfer state medical license
  • Obtain/transfer state narcotic license

Mediacl Office Insurance

  • Purchase malpractice insurance
  • Purchase group health insurance/dental insurance
  • Purchase liability insurance Purchase Workers' Comp insurance
  • Purchase Employee Practices Liability
  • Purchase disability coverage
  • Purchase employee fidelity bond coverage

State and Federal Compliance

  • Develop OSHA compliance
  • Develop CLIA compliance
  • Develop HIPAA compliance
  • Develop Stark compliance
  • Develop environmental and occupational safety program
  • Coordinate Employee and Physician compliance training

Financial Planning, Accounting and Billing

  • Prepare cash flow projection
  • Prepare furniture & equipment budget (see location planning above)
  • Determine loan financing requirements
  • Prepare loan request summary
  • Select banks to submit loan request
  • Determine banking services needed
  • Present loan summary to banking institutions
  • Negotiate loan/services
  • Prepare and review personal financial statement
  • Open practice checking account
  • Coordinate merchant credit card account
  • Purchase credit card machines
  • Set up accounting system and related training
  • Set up practice internal controls
  • Decide on petty cash policy

Fees and Coding

  • Review usage of evaluation & management codes
  • Develop office charge ticket
  • Develop hospital charge ticket, if applicable
  • Development of practice fee schedule
  • Conduct CPT and ICD-10 training

Computer/Software Selection or Billing Service

  • Define hardware & software requirements (e.g. PPM, EMR, imaging)
  • Select qualified billing service company
  • Select qualified vendors
  • Prepare requests for proposal
  • Coordinate demonstrations
  • Evaluate proposals
  • Negotiate purchase agreement
  • Negotiate service agreement
  • Coordinate installation
  • Coordinate conversion
  • Coordinate system set-up (e.g. Payer codes, payer classes)
  • Finalize computer training schedule and implementation timeline
  • Make sure all employees are adequately on new computer system

Telephone System Selection/Communications

  • Define hardware needs (e.g. voice mail)
  • Determine lines/features needed (e.g. cable modem/DSL)
  • Obtain telephone number
  • Coordinate remote call forwarding
  • Coordinate installation of lines
  • Select vendors for bids
  • Evaluate bids
  • Order equipment
  • Select answering service

Other Equipment Planning

  • Review Needs
  • Prepare furniture & equipment budget
  • Determine acquisition schedule
  • Submit major items for bid
  • Evaluate bids
  • Order office furniture
  • Order medical record filing systems
  • Obtain quotes and order photocopier/fax machine
  • Obtain quotes/order transcription equipment
  • Obtain quotes/order examination room equipment

Marketing Planning

  • Draft medical office marketing plan
  • Develop office branding and positioning
  • Develop logo and marketing material
  • Create and purchase letterhead/business card design
  • Select open house date
  • Plan details of open house
  • Create and submit grand opening announcements
  • Create PPC copy and banner ads
  • Develop website & submit to search engines
  • Create social media accounts
  • Submit office details to online directories

Operatoins, Procedures and Policies

  • Prepare office policy and procedures manual
  • Prepare bank deposit procedures
  • Prepare daily financial close-out procedures
  • Prepare daily/monthly financial reporting
  • Prepare appointment scheduling procedures
  • Prepare billing and accounts receivable follow-up guidelines
  • Prepare upfront collection guidelines
  • Prepare adjustment guidelines
  • Prepare periodic audit and office assessment schedule
  • Prepare accounts payable procedures

Human Resources

  • Determine clinical and administrative staff positions
  • Create job descriptions and salaries
  • Implement payroll services
  • Create human resources policy manual
  • Develop the recruiting process
  • Create employee benefit package

Good luck and enjoy your new practice!

Doctors Business Network is here for you every step of the way!  Come back and enjoy the coupons and discounts, competitive marketplace, CME class discounts or if you just have a questions visit out Viseo Q&A Library.  When The Practice Of Medicine Becomes The Business Of Medicine. Remember Doctors Business Network!

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Let DBN help guide you to success!

Doctors Business Network offers everything new and existing health care providers need to establish and build a successful career! Sign up with DBN today and let us help you succeed!