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Learn everything you need to start your own private practice.
Physicians Thrive offers the guidance and assistance physicians need as you balance starting your own business and caring for patients. We’re here to help you stay on track, provide you expertise, and assist you as you build your practice.
Choose a Service to Learn More
The Physicians Thrive Private practice team will help you answer these questions:
Why go into private practice? Is starting my own private practice going to be worth my time, effort, and money? What steps do I take to actually start a practice? What are the requirements for starting a private practice?
Schedule an introductory call and get answers to these questions and more.
They say it takes 10,000 hours to become an expert. Our team estimates is takes approximately 282 hours to accomplish the necessary requirements to open a private practice. Physicians Thrive offers services that will connect you with the professionals you need as well as the option to have our team take on action items on your behalf, saving you valuable time
Choose the services that meet your needs, from providing insight to DIY practitioners to building your practice from the ground up. Below is a summary of our various services available.
Included with every Physicians Thrive private practice package, the Private Practice Task List will guide you when you’re unsure of what the next step is. The Task List details 58 action items and outlines when they should be completed in the process of starting your practice. Here is a sample of what is included in the Task List:
Hiring and managing employees can be a daunting task considering the vast range of items necessary: determining what kind and the number of employees you need, developing job descriptions, advertising, interviewing, performing background checks, determining the hourly wage and benefits that will be offered, hiring, completing I-9 and W-4 forms, developing an employment agreement, creating an employee policies handbook, establishing payroll services, determining the managerial structure of the office, addressing department of labor requirements, regular employee performance reviews, and other issues.
These items require legal and professional considerations that compound the complexities. You can work through these considerations on your own if you want to do the work. At Physicians Thrive, we have dedicated Human Resource specialists, Attorney, Business Developer Professional, Financial Analysts, and Consultants who have already worked through all of these issues to provide you with everything you need for every employee from the start.
Every medical practice business owner should incorporate for tax and legal reasons. This will separate the business liability from the doctor’s personal liability, as well as create tax benefits. The most common corporations to form are S-corporations and Limited Liability Corporations. There are legal and tax considerations for each of these which should be discussed with an attorney and accountant. Most states have website portals to allow individuals to incorporate on their own instead of going through an attorney.
However, there are documents that will need to be created for your business such as Article of Incorporation and an Organizational Agreement that most people will have difficulty developing. At Physicians Thrive, our attorney and accountant routinely deal with these issues. They can determine what is best for your situation, and develop the documentation you will require.
Do you remember all of those documents that are necessary for patients to read and sign? Those need to be created. When patients check-in for the first time they have to complete a New Patient Registration and sign a Financial Agreement. They have to read and sign a HIPAA Disclosure. You may need a form giving Permission for Treatment of a Minor.
There are Consent for Procedure forms, the Medical History form, Records Request forms, Collection Letters, School/Work Excuse forms, and more. These documents may carry legal implications. You will need to research and develop each of these documents in conjunction with your attorney. At Physicians Thrive, we have developed templates for all of these forms. If you want to utilize our resources all you will need to do is put your Practice Name at the top of the form.
After your practice is up and running, Physicians Thrive can provide ongoing Practice Management and Consulting Services to ensure your practice continues to operate efficiently.
Every Private Medical Practice will require a team of business professionals for the variety of services that will be needed. If you start your private practice on your own, you will need to find these professionals on your own. The following is a list of the professionals on our team at Physicians Thrive. Your practice may not require all of these professionals, but if you choose to work with us and you need it, we have it.
Across the country, physicians are leaving large healthcare systems to start their own private practices. Create a career that provides the autonomy you prefer.
Get ongoing education and advice on everything related to your private practice. Our medical practice start-up services include a comprehensive to-do list, guidance on selecting accounting, legal and insurance services, and access to our start-up support team.
Our team won’t make blanket recommendations based solely on the desire to build a private practice. Every plan is personalized to each client’s unique financial situation, goals, and need for assistance.
Physicians Thrive is here to simplify the complex process of starting a practice. You pick the amount of assistance and additional support you want.
When you choose to work with Physicians Thrive you gain a team of professionals who want to see you and your business succeed. Eliminate uncertainty and gain confidence in your practice.