The Brief Guide That Makes 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.