Here’s what you need to do to organize operations at your new practice:
Get malpractice insurance
Malpractice insurance is important, but it shouldn’t cost you an arm and a leg. Some insurers will regularly provide discounts that can save you up to 86% on your premiums. While you’re shopping around for medical liability insurance, ask carriers if they also offer corporate, health and disability, and/or personal life insurance coverage.
Set up a fee schedule
Another key task for organizing operations is to develop a fee schedule, which is a simple list of all the services you’ll offer and the amount you’ll charge for each. One of the best ways for medical professionals to do this is to see what other healthcare providers in their area are charging.
Ask your colleagues for a copy of their fee schedule to get some ballpark figures, then see what adjustments you should make to make ends meet. Check out the AMA and CMS websites for additional resources.
Get your credentials
To wrap up the planning phase, you may have to prepare a Medicare and/or Medicaid provider application.
Additionally, you must submit applications with individual insurance providers to be authorized to receive reimbursements from them. This process can take 90 days or more, so begin submitting applications to private health insurance companies well ahead of your business opening. (Note: Direct primary care practices and some concierge practices don’t require these additional steps.)
Regardless of who you’re applying for credentialing with, it’s wise to gather all the documents you’ll need, convert them into PDF files, and store them on your computer. That way, you’ll be able to access and share all of your important business paperwork quickly.
