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Thinking about starting a practice...

Provided by:  Jennifer Kirschenbaum, Esq. 
April 4, 2017
Question:

Hi Jennifer, 

I am thinking about starting a practice. Can you give me some thing to think about to get me started?

Thanks, Dr. P

Answer:

Sure, this is of course a very big topic I could go on and on about, for a starter list - 
  1. Decide whether you are taking a physical space
  2. Decide whether you will accept insurance and if so how you will effectuate credentialing
  3. Decide how you are financing the new practice - consider speaking with a bank because rates are low for doctors
  4. Speak with your accountant and attorney to discuss whether you should form a new corporate entity
  5. Decide how you will handle your billing
  6. Begin thinking about hires - will you start with a receptionist/assistant?
  7. Consider compliance from day one - employee guidelines, HIPAA compliance
  8. Pick your Practice Management Solution - TAKE ADVICE from colleagues currently using PMS
The above is a short list and of course not detailed on how to effectuate.  A new practice is akin to bringing home a new baby - it takes a village - and you want to be very careful who you surround yourself with.  There are a lot of consultants out there who are not lawyers, not accountants, not financial advisors, and not necessarily located in your respective state - be very very careful before you sign a contract with a consultant.  Get them vetted and make sure you have any contract reviewed by your attorney.  Many consultants try to take a percentage of practice revenue - which in many states, including NY, is illegal. 

So, be careful!  Keep your team in the loop.  And, know you are not alone.  There are more and more professionals this year already (2017) making the move to private.  The Practice Management solution is key!  

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Have a question or comment for Jennifer?
Contact Jennifer at Jennifer@Kirschenbaumesq.com or  at (516) 747-6700 x. 302.
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