Key Considerations Before Opening Your Practice

Opening your own practice can be one of the most rewarding decisions of your career. However, before starting on this journey, it is critical to do your research so you can create a detailed plan that can help you get things moving before you even welcome your first patients.

Make Sure To Understand Your Niche

Understanding your talents can help you to invest your resources wisely. This includes buying suitable equipment, promoting your business effectively, building strong connections with other professionals, and becoming proficient in insurance billing. Identifying your niche can also help you distinguish yourself in your local market and fill a gap in the community’s needs.

Learn More About the Legal Requirements of Opening Up a Practice

As a small business owner, you will need to choose a legal business structure for your practice. This structure will help determine how you will have to pay taxes and to what extent you will be personally liable for any losses, debts, and lawsuits. You will also need to obtain a National Practitioner Identification (NPI) Number and determine if you want to bill as an individual or group.

In addition, you will need to go through “credentialing,” which is a process that sets you up to accept private health insurance or government health insurance from patients. This process can take several months, so it is crucial to go over these requirements with a skilled health care attorney as soon as possible.

Create a Business Plan

You will want to create a comprehensive business plan to help you build a solid foundation for your practice. This plan should answer questions such as:

• What does the practice do?
• How does the practice accomplish its goals?
• Who does the practice help?
• What type of value does the practice bring?
• How will the practice employ practitioners and staff (yourself included)?

If you need assistance with this business plan or want further information about what the plan should entail, working with an experienced business attorney can help you get the answers you need.

Figure Out Funding

If you are planning to open your own private practice, it is crucial to establish a budget. This means understanding both the startup costs and ongoing expenses that you will have to incur. These expenses can include everything from fees related to setting up your legal entity to office space-related costs such as rent, utilities, furniture, and payroll. You will also need to figure out how to fund these initial expenses, whether that means obtaining a loan or a line of credit or entering a joint venture with other partners. 

Licenses, Permits, Certificates, and Policies

While most Virginia businesses require a Business License requirement, your healthcare company has certain license and permit requirements for equipment, lab or pharmacy services, updates to your professional licenses, and professional and general liability insurance. Providers must also comply with state and federal requirements, including HIPAA and Medicare and/or Medicaid billing and participation policies from which other businesses are exempt. Creating and then maintaining a thriving compliance program is essential to your practice’s growth, health, and survivability.

Need Help Opening Your Practice? Contact Goodman Allen Donnelly Today

At Goodman Allen Donnelly, our skilled legal team provides comprehensive support to clients looking to establish new business entities. With years of experience, we are fully equipped to provide our clients with a full range of services, including handling and structuring different transactions required of business owners. We also help our clients identify potential legal risks associated with their health care operations and provide guidance on how to comply with current and future regulations. Above all, we work closely with our clients to develop practical and effective legal solutions that help them achieve their practice objectives, maximize profitability, and turn their entrepreneurial dreams into reality.

For further information about opening your own practice and how our team can help you, contact us today to schedule a consultation.