How to Start a Successful Medical Practice

Over the last few years, the medical industry has seen many consolidations as notable physician medical groups have acquired or merged with smaller private practices at an alarming rate. While joining a big-name hospital may seem appealing on the surface, these medical group mergers have decreased competition and left control of the industry in the hands of a select few.

There are many benefits to starting your own practice in Illinois. For example, it increases the amount of competition and the distribution of profits throughout the industry. Additionally, it allows you to be your own “boss” while serving local communities that might be underserved.  

Here are a few tips to help you get started with opening your practice:

Business Basics

Starting a private medical practice requires the same preparation as starting a small business. Here is a list of legal, financial, and professional requirements that must be met before opening your private practice. Please note that these requirements may vary depending on the state your practice operates in:

  • Select legal structure (i.e. corporation, partnership or limited liability company)
  • Obtain a business license
  • Obtain federal tax I.D. number
  • Set up a financial structure (bank account, bookkeeping, payroll, employee benefits)
  • Obtain insurance (general liability, property, worker’s compensation, business interruption, professional liability)
  • Obtain DEA registration
  • Apply for participating provider status
  • Apply for a national provider identifier number
  • Establish policies, procedures and compliance documentation
  • Select an electronic health record system

Hire Employees

The quality of your staff will play a major role in determining the success of your practice. For this reason, you must conduct thorough criminal background and credential checks when hiring your employees. In general, every practice will need a receptionist, billing person, records clerk, office manager, and medical assistant. Depending on your services and the size of your practice, you may need to consider hiring additional employees to ensure that your practice will run smoothly.

Managing Your Practice & Evaluating Performance

Once you have opened the doors of your practice, managing the daily operations of your practice and evaluating its performance will become vital to maintaining its success. From tracking the quality of your services, monitoring cash flow, analyzing your online presence, and performing other essential functions, managing your practice may become a lot to do on your own. Hiring a professional medical practice management service can help you streamline your operations, improve customer service, and monitor the performance of your practice.  

If you’re looking for help with starting a medical practice in Illinois, you can reach out to us for more information on our practice franchising program by calling 219-200-2888.

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