1. Take stock of the local market, looking at real estate prices and the demand from the local population. Determine whether it’s best to lease or purchase a property.
2. Secure licensing and credentials in the state the practice will be in. This process can take several months.
3. Have a strong idea of how running a business works. Seek advice from professional advisors.
4. Identify payers to contract with and decide on a payment model. Work with a healthcare attorney to navigate payer negotiations.
5. Consider insurance options available to businesses and business owners, such as business overhead insurance and disability buyout insurance.
6. Partner with a vendor to purchase equipment and medical supplies, and create a procurement list of everything you need.
7. Consider your full-time staffing needs, including administrators, receptionists, human resources and managers, using industry benchmarks to determine need.
