Starting a private consulting for doctors and surgeons is exhilarating as they have greater freedom and higher chances of earning more than working for other affiliations. Having your private practice allows you to decide how many patients you want to see and the treatments that you can offer to them.
As empowering and liberating as it may seem, opening your private office comes with endless necessary conditions, regulations, and legalities. However, you will have the sole responsibility of running it. You will no longer have to depend or report to someone higher than you because you are the boss. You can now work according to your terms.
Tips on starting private consulting
Before you can even begin the process of opening your private consulting, you will have to note a few things. With that said, we are listing down some of the essential tips that you should consider when starting your self-owned practice.
- Determine and establish your expertise
Private consulting is about determining your areas of expertise. Once you already know your competencies, you can then create an analysis of how you are going to apply them in the highly competitive marketplace. Then, you can now establish your expertise.
Rule of the thumb, identify the places you usually spend most of your time. The proficiencies you showcased in those sectors determine the areas of your expertise. Most of the time, you could have more than a couple of skills, which gives you more advantage.
- Create your business plan
You then need to create a business plan or self-assessed quotes for your private consulting. This phase is the planning stage where you will have the necessary detailed procedural requirements, laid-out schemes, and estimates of your soon-to-open practice.
During this stage, you will also identify the location and entire expenditure required to build your private consulting. Additionally, you should also list down the expected projections of your revenues and debts based on actual practice.
- Obtain financial assistance
Your business plan or pro forma should be strong and realistic, as it is where bankers are usually going to base if they can trust and invest in your private consulting. So, how will you obtain financial assistance for your capital?
First, you have to look for a specialist in the bank’s medical division. Next is to submit your business plan and request for loan application. Don’t settle for one bank. Look around and find other banks where you can submit your application.
- Working on legal matters and other requisites
You can start working on relevant legal matters and other necessary requisites for starting your private consulting while waiting for your loan application. Apply for Tax Identification Number (TIN) or Employer Identification Number (EIN).
At this stage, you can sign the lease, hire a contractor, make renovation plans, and other liabilities involved in buying a property or space. You should also secure malpractice insurance, which is necessary for private consulting.
- Purchasing equipment and medical software tools
It is at this step that you are going to buy all the stuff, such as equipment and medical software tools, you need in your private consulting. There are a whole lot of tools that you can choose for system applications that you can purchase. We listed below some of the software tools you can get to automatize the transactions of your practice.
- Electronic Medical Records (EMRs) or Electronic Health Records (EHRs)
- Medical Billing Services
- Background Check System
- Medical Practice Management System
- Medical Transcription Software (MTS)
- Payment processor
- Organizational structure and staffing
Now, you must establish your organizational structure. You should consider the employees or staff you need in your private consulting. During this time, you should also include the tasks that they need to carry, their salary, and the benefits.
Most of all, you should already have your employee’s handbook for the policies that they need to observe while they are under your employment. You should also include the allowable number of days for the employee’s vacation and sick leaves.
- Hiring the right people
Once you have your organizational structure and staffing needs, you can now then hire the right people to work for you. It would be best to acquire the services of people who already have experience in medical or surgical private consulting.
It is advisable to hire a consultant for your private consulting. So, someone will handle your practice’s government and legal matters.
Moreover, hiring a highly-skilled office manager can also save you more time and money in your daily business transactions. By doing so, you will be free from all the stress that comes with the day-to-day functions, and you will have more time to focus on your patient’s needs.
- Complying with the law
You should now obtain a legal entity document and TIN or EIN. Also, you must work on the physician credentialing process during this stage. Furthermore, compliance documentation alongside the procedures and policies should get established at this point. There might also a need for you to work with corresponding insurance providers for the patient’s coverage.
- Opening and marketing strategies
At this point, you have your private consulting operational. It is also the time for you to work on your marketing campaign strategies for your practice to get heard and noticed. Networking through personal affiliations and online platforms are the best ways to boost your presence.
Acquiring advisors, such as attorneys, insurance agents, investment advisors, and others, is also a valuable help. Some doctors and surgeons running a private consulting opted to outsource other tasks, such as the accounting and payroll system.
Lastly, the key for the smooth and fast transactions is the digitization of the processes from the electronic medical or health records to medical billing services as well as processing payments through payment processor using credit or debit cards. With all that said, it is highly favorable and recommended to get additional assistance from licensed professionals, such as compliance officers and advisors to help you through with your private consulting.