Getting involved in the world of medicine is a noble goal, but perhaps you’re looking to branch off the typical norm of working in a hospital or urgent care. Maybe you want to open your own medical practice to make a name for yourself. If you choose to go this route, you’re going to have quite the journey ahead of you. Opening your own medical practice requires a few extra steps, which may be a little jarring for newcomers. In this article, we’ll be covering everything you need to open your own medical practice.
Get Your Medical Degree
Before you can even consider starting your practice, you must first obtain the necessary education. What type of medical professional are you striving to be? There are niches you can choose from, but it’s possible you may feel a little overwhelmed with deciding. It doesn’t exactly make a difference what college degree you get. If you complete an accredited four-year program, like a BA of communications, you’ll be one step closer to being accepted into medical school. However, there are certain degrees that can boost your chances of being accepted.
The best degrees to get in this case is a bachelor’s in biology or biological sciences. These degrees slightly differ when it comes to course material, but both go over the consensus of topics such as genetics, evolution, and biochemistry. It functions as a catalyst to what you’ll learn in medical school. Medical school takes around four years to complete; coupled with your undergraduate’s degree, you’ll be in school for at least eight years before you can open your practice. If you’re aspiring to be a doctor in a specific field, like oncologist or podiatrist, you’ll have to spend at least three years in residency.
Now that you have a basic understanding of what to expect in your education, let’s tackle the financial aspect. The medical sector is one of the most expensive fields you can study in. So much so, established professionals are still paying off their debts to this day. Due to the sheer cost of the field, you’ll most likely need help financing it. There’s no better way to so than by looking into Earnest student loans. Earnest is a private lending company that aims to help students easily get everything they need for their education. They offer lower than average interest rates, which can reduce the stress that comes with paying the loan back once your grace period ends.
Start Building Your Business Plan
The process of opening your own practice is almost no different than any other business. It all starts by coming up with a comprehensive business plan. Your business plan should go over the following:
- What is your business going to be about?
- What model is it going to have?
- What business structure will you choose?
- Who are your competitors?
- How much is your budget?
Having this information sorted out while you’re still in medical school can make this process go a lot smoother. If you change your mind about something, like choosing a different business structure, don’t hesitate to do it. Your plan can be altered however you want before anything goes into effect.
Obtain the Necessary Licensing and Certification
Suffice to say, your practice won’t be opening until you get the mandatory licensing and certifications. You need to get the standard medical license, which is proof you’re eligible to administer the most basic form of care. However, medical practices typically require more than just the standard licensing.
You’ll need to acquire a national provider identifier number, which is a 10-digit code that’s used by the government to easily find you. Another type of license you’ll have to apply for is from the U.S Drug Enforcement Administration (DEA). This is what allows practitioners to legally prescribe medication. If you plan on integrating an in-house laboratory, you must receive a certificate issued by the Clinical Laboratories Improvement Amendment.
Secure the Proper Funding
Opening a business of any kind requires a lot of money, but since you’re already in debt because of your student loans, you might be wondering how you can go about this. There are plenty of ways to finance your practice by taking out business loans or catching the eye of investors.
Read also: Why Medical Practices Should Consider Going Paperless With EMRs
