Launching a successful medical practice requires careful planning and the right team of experts by your side. By working with external healthcare-specific professionals you can navigate the complexities of business setup, compliance, and financial planning with confidence. Each expert plays a crucial role in ensuring a smooth launch, from securing funding and negotiating leases to establishing a strong digital presence you can set yourself up for long-term success.

You know you want a change and, with it, a sustainable plan for a bustling practice. You hear from colleagues who made the leap and they share glowing reviews of their renewed lives. But how do you get started? How do you overcome the fear of the unknown and take the plunge? 

Start at the beginning and think of the end goal—a solid foundation will set you up on a course for practice longevity, while being fiscally disciplined from the get-go and aligning your practice with your financial goals will breathe life into your practice for the long game. 

1. Advisor

Begin with a trusted, hands-on, experienced consultant. Consider partnering with an advisor like Drake & Co. to learn how you can take the necessary steps and precautions to make the most efficient use of your time and money. Being proactive will set you up for success.

2. Lawyer

A healthcare lawyer will set you up on the right path for registering your business and offer you legal proof patient forms, so nothing slips through the cracks. Your professionalism and compliance are nothing to cut corners on. Your healthcare lawyer should be available when questions arise—a short 15-minute call for advice or clarification will definitely outweigh any poor and costly decisions made after the fact. 

3. Accountant

A trusted CPA is valuable to setting up your books, organizing your expense categories, and providing direction on tax law, wages, disbursements, and cash flow. No question is a bad one! Always keep a close eye on your expenses, negotiate with vendors, and never hand off all of your account and bank reconciliation to a third party completely. Always have oversight! 

4. Healthcare Banker

One issue that repeatedly rears its ugly head is financing hold ups. Your timeline to open is hinged upon this critical item. All too often, physicians feel they need to up front personal money to get the ball rolling when, in fact, they can secure business funding by completing a bit of paperwork and submitting estimated expenses.  A banker knowledgeable in healthcare can guide you through the process while helping you keep business and personal expenses on their own sides of the line. 

5. Real Estate Broker

Landlords are notorious for slow progression, bumping projects out, or stalling them altogether. Consider working with a broker who knows the nuances of medical office leases and can be your advocate to keep moving your project along on a timeline that works for you. Broken promises and stall tactics can end up costing you time and money—don’t accept unreasonable answers for delays. Your patients are waiting to see you and need medical care! 

6. Website developer & designer

Finally, once your business name and EIN are established, financing is secured, and your office location determined, interview website and design developers. Before you get too deep into designing a logo and establishing a practice name, have your lawyer (here's to teamwork!) do a Trademark search. This can help you avoid stepping on toes of another business resulting in a costly cease and desist order. 

Website developers will discuss your practice vision, mission, and create a customized design board to present to you. They should also be in the healthcare space and understand HIPPA compliance. Your potential patient list is your future practice and revenue stream. Keep that in mind as you begin to introduce you practice to your community, both online and in real life.

Get Started! 

Carefully assembling a team of professionals early during the process of launching a new practice is essential to success. If you're not sure where to start, reach out to Hint Ecosystem Partner Drake & Co. Medical Practice Consulting Group to discuss our Kick Start Launch Kits and advisory services. We’ll walk with you every step of the way. Let’s get started!

Want to learn more about starting your new DPC practice?  Hint customers are now offered a free DPC Launch bootcamp, including modules on marketing foundations, clinic setup, finances and compliance guidance, and more!