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Start Your 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.
– Joseph S
When I committed myself to opening my own practice, I was honestly a little naive to the details and complexities of the process. It can be overwhelming, financially risky, and daunting. Which is why you need a team that has the prior successes, experience, and professional contacts to have your back. Reid, Justin and Betsy have all of that and more. They are more than consultants, but true friends throughout the process who are invested in you succeeding. I cannot thank them enough for everything they have done for my practice and family!
– Brian Berrett
I am a physician and worked with Reid Lancaster and Physicians Thrive to start my outpatient psychiatric practice. Reid was worth every penny. I am the type of person who wears duct tape boots for years to save money so it was hard to invest in myself and my future; however, this has been one of the best decisions I have made. Business is hard, there are so many factors to consider, including all the technical and legal steps, dealing with psychological doubt, risk calculation, when to hire, who to hire, how to delegate, what system helps us move forward. Reid and his awesome team helped me with every step of the way. I had previously been doing it alone for about 5 months and was about to give up my dream of owning my own practice until I found Reid. Now we are thriving and even got an offer from an external company to purchase our business. We ended up keeping Reid on our team after our first year because he just really helps things turn into Gold. On top of this, Reid has gone above and beyond his business obligations and has helped me as become a better person. Thank you for all you have done for me and our practice!
Get Clarity.
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.
Save Time.
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 packages 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.
What’s included in Physicians Thrive medical practice start up services
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 the various services available.
- Private Practice Task List
- Video conference with a start-up expert
- Recommendations to physician-specific service providers
- Business incorporation
- Assistance applying for a line of credit from a financial institution
- Application for Credentialing and
- Enrolling/Contracting
- Human resources plan and protocols
- Employee benefit development
- New hire documents
- Payroll services
- Strategize employee job descriptions and wages
- First year accounting services
- Unlimited access to an advisor, startup consultant, and accountant during your first year of practice
- Human resources administrative guide
- Patient, employee, and business document templates
- E&M Coding Guides
- CPT Codes
- Unlimited email communication with your consultant throughout the start-up process
- Fee structure development
- Weekly check-ins with your start-up team
- Quarterly practice check-up video conference
- Assistance determining location supply/demand
- Negotiate contracts with hospitals for income guarantee, start-up expenses
- Payroll and bookkeeping services
- Advertising and marketing assistance
- Assistance with locating office space
- Arrange utilities
- Apply for NPI numbers, type 1 and 2
- Application for DEA number
- Initial Registration for CAQH
- Arrange business internet and phone service
- Arrange clearinghouse service
- Arrange to accept credit card payments
- Order business cards and prescription pads
- Develop website and internet presence
The Complete Private Practice To-Do List
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:
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.
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.
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.
Professional Resources
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.
- Attorney
- HR Professionals
- Business Development Professional
- Insurance Agents
- Financial Analysts
- Accountants
- Bookkeeping and Payroll Services
- Information Technology
- Website Designer
- Physician Practice Consultant
- Contract Negotiation Specialist
- Residential and Corporate Realty
- Credentialing and State Licensing Specialists
- Business Plan Developer
Get ongoing assistance
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.
46% of physicians are in private practice.
Across the country, physicians are leaving large healthcare systems to start their own private practices. Create a career that provides the autonomy you prefer.
Why Choose Physicians Thrive?
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.
Personalized
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.
Straightforward
Physicians Thrive is here to simplify the complex process of starting a practice. You pick the amount of assistance and additional support you want.
Support
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.
Ready To Get Started?
Lay the groundwork to start your own practice. At Physicians Thrive, we’re here to help you build a private practice with confidence.
