Starting a medical practice is a thrilling experience. It gives you the chance to have your own business and practice medicine on your own terms. Whether you’re fresh out of residency or moving away from existing medical practice, there are various factors to consider during and after you have launched your practice.
Addressing the Initial Challenges of a Medical Practice
One of the vital things to consider when starting any business is the possible challenges one might face.
For example, some of the common challenges that most medical practitioners face are cash flow, payer vs. patient collections, work-life balance, time management, setting up systems, and marketing and advertising budgets. Some of these challenges are more complicated than others and much of that variance depends on your network and level of experience.
A good practice would be to create a business plan for your medical practice and outline your strengths and weaknesses early on so that you can delegate work that is outside of your purview.
Obtaining Proper Equipment for the Medical Practice
Once you have decided on a location and your finances are in order, you’ll need to source all the equipment needed to operate your practice. The equipment and furniture you need will depend on the type of medical practice you’re setting up.
Here is a simple checklist of medical supplies and equipment needed to start a medical practice:
1. Office and Administration
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Necessary leases
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Staff (front office and nurses)
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Furnishing for
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Exam room
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Back office
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Reception
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Occupancy certificates
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Safety inspections
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City inspections
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Fire inspections
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Interior decoration
2. Basic Supplies
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Magazines for the waiting room
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Filing cabinets
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Clipboards for the reception desk
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Medical reference newsletters and journals
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Clipboards for the front office
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Box for petty cash and change
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Telephones and televisions
3. Basic Supplies for Patient Care
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General wound care
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Gloves
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Array of vaccines
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Syringes and needles
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Electrodes
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Sterilization
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Infection prevention
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Specialized equipment (spirometer, fetal monitoring)
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Stainless equipment
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Stethoscopes
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Step stools
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Procedure tables
4. Suppliers and Vendors
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Law firm
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Accounting software
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Arrangements for medical waste management and disposal
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Marketing and advertising services
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Staffing services
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Maintenance and janitorial services
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Necessary contracts for lab, X-Ray, or MRI
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Collection service
5. Finance and Billing
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Ascertain setup costs and expenses
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Calculate overheads
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Outsourced services and billing software
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A standard document for loans and cash flow projections
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Determine a patient financial policy
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Merchant services/credit card processing
6. Technological supplies
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Internet access
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Intercom
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Fax machine
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Copier and scanning machine
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Computers and printers
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Patient portal software
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Digital forms
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Practice management systems
7. Documentation
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New patient registration
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Existing patients history
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Release of medical records
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Hospital round records
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Prescription forms
8. Insurance
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Business insurance
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Malpractice insurance
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Disability insurance
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Health insurance
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Workers compensation
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Life insurance
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Medical liability
9. Staffing and human resource
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Identify various roles and their job descriptions
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Explore personal sourcing methods
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Review medical office salary data
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Chalk out their compensation and benefit package
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Payroll software and services
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Personnel management plan
10. Advertising, Marketing, and Business Development
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Public announcement of the practice’s inauguration
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Ads in local newspaper and media
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Special invitations to referring physicians
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Website development and maintenance
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Marketing collateral such as pamphlets, brochures, flyers, and more
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Community outreach through newsletters and digital ads
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Identify and reach out to potential referring physician contacts
Finding the right supplies, equipment, and support is crucial when you’re building a successful medical practice. When planning for supplies and equipment, keep a key differentiator in mind:
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When it comes to supplies, you can always repurchase them or change them for something better or newer.
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Medical equipment, on the other hand, consists of instruments that don’t necessarily need to be repurchased (unless they break).
Therefore, look for a comprehensive medical equipment supplier and other vendors who can support you all throughout.
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.
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