Establishing a solo medical practice takes several steps. Requirements vary by state, but you must have a valid medical license, insurance, equipment and supplies. Your state's health department and medical associations can provide helpful information when you're ready to set up.
Buy medical equipment, such as exam tables, along with office supplies, such as a computer and telephones. Software programs can help you manage patient records efficiently. Select an appropriate location and workplace space (for example, with three exam rooms) and negotiate lease terms.
Obtain adequate financing, which can be difficult if you lack assets and carry significant medical school debt. The cost of starting a new practice can depend on your specialty. If you need a business loan, prepare a business plan that details a start-up budget along with expected revenues.
Contact your state medical association and various insurance companies about malpractice insurance rates. As with automobile or home insurance, several factors will affect your rate, such as your specialty, years of experience and any disciplinary actions.
Review state and county licensing regulations. You must be licensed to practice medicine in the state before you can register your practice. If you are licensed in a different state, you must provide information about your training and qualifications to a board of medical examiners.
Hire sufficient employees, such as a medical assistant, receptionist and office manager. Set an office schedule (open three days or one day a week) and prepare an employee manual, which you can expand as your practice grows. Address your fee structure, document management system and client communication method (telephone reminders, emails), among other things.
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