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Written by Vijayaraghavan

Establishing your own consulting practice is an exciting way to progress in the field of medicine. However, it is also difficult and challenging. In order to succeed, it is important to have a clear and comprehensive plan at the beginning that could enable to keep things progressing as per schedule.

Between establishing a team, securing finance, procuring equipment, starting your own consulting practice is already a big responsibility. Add in other aspects and medical practitioners have greater challenges in their hand.

The impact of mega enterprise systems and corporate hospitals over healthcare providers has risen as control of the sector has become concentrated in less hands. For several medical practitioners, working for these conglomerates seems to be the practical choice, considering the money spent and time taken while attending medical school. Why would anyone want to take the risk of starting a consulting practice, when one can simply take up a well-paying job, where business operations are established and there are hardly any overhead costs?

For starters, when smaller, consulting practice commence, it indicates more competition and greater distribution of profits across the sector. It also means that more healthcare providers are given greater autonomy, thereby having the freedom to determine their own workflows. Another major advantage of encouraging consulting practices is that they support the expansion of healthcare access to regional areas that might currently be underserved.

The Initial Phase

There is no general formula for starting a consulting practice. It would be prudent to seek advice from a professional who has expertise in starting medical practices and is aware of the probable downsides. It is also critical to take into consideration laws and regulations and other variables before planning the launch.

Securing Finance

Creating a business plan with revenue and debt forecasts would be helpful in taking the consulting practice forward. An accounting and finance professional could help you in this. Documenting all expenditures (The costs to set up the practice, rent, electronic health record system expense, medical supplies and office supplies), expected revenues, debt would enable you to secure finance.

Procuring Equipment And Hiring Staff

Hiring your team and procuring the equipment is easier said than done. It would be advisable to conduct a detailed research. However, with effective planning and the correct information, setting yourself up for success is just a matter of time. Having an effective E.H.R is critical to maintaining patient records and managing an effective practice.

Compliance Requirement

Incorporating as a legal unit, securing a tax ID, completing the credentialing process, setting up policies, procedures and compliance documentation, and purchasing insurance is vital when planning to start your own consulting practice.

Assessing Practice Performance

Accountability is the key in the medical field. Hire an accountant with experience in medical practices to monitor the medical practice and review your operations. The revenue generated must be accounted for. Benchmarking your practice and ensuring there's oversight would help in sustaining the practice over a longer period and improve your goodwill.

Starting your own consulting practice could seem like a challenging task. Genamet help’s medical professionals find freedom in healthcare. For more details, please visit our website www.genamet.com.

 

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