Starting A New Medical Practice Simple
Create a Business Plan A pro forma, aka a lighter version of a business plan, is essential to starting a new medical practice. This document will include revenue and debt projections and how you plan to account for all medical practice expenses. Bankers have a good eye when it comes to deciding which projections are realistic. Back up your numbers to ensure you’ll receive the investment revenue you need. A strong business plan offers at least a three-year projection. Without a solid business plan, you won’t get the capital you need to become a small business owner. Obtain a Legal Identity To obtain a legal business identity, you’ll need to complete several logistical steps. Here are some of the more important things to finish before preparing the rest of your business: Become a legal entity Obtain a tax ID Credential physicians and payers Establish procedures and policies Purchase insurance These steps are crucial to starting a business and can protect you legally.