Once you’ve graduated medical school or begun working as a physician, you might come to realize that your aspirations reach beyond your current circumstances and that you wish to start your own physician corporation.
Starting your own medical practice or physician corporation can be an incredibly exciting path that allows you to take the practice of medicine into your own hands and develop a culture in your practice that reflects your values.
However, starting your own physician corporation can be complicated and time consuming. At Mollaei Law, we help guide the process of establishing your own medical corporation by assisting to develop detailed plans and schedules to ensure that every necessary step is taken. Below, we detail the 5 key steps to creating your own physician corporation. Don’t hesitate to email us at firstname.lastname@example.org or book a consultation call at https://calendly.com/mollaeilawconsultation/professional-corp to start the process of building your Physician Corporation.
Step 1: Establish your Physician Incorporation
Develop Business Plan for Physician Corporation
One of the most important steps when establishing your own physician corporation is to develop a business plan. Your business plan should include projections of your practice’s revenue and debt, medical expenses, employee expenses, lease costs, set up costs, etc spanning at least three years into the start of your practice. A strong and realistic business plan is essential in being able to obtain financing for your physician corporation.
Create a Finance Plan to gain Physician Incorporation Benefits
There are multiple routes you can take in seeking financing, and you’re not limited to seeking traditional loans from banks. In general, there are a few pointers to seeking financing when you plan on starting your own medical practice:
- Submit your business plan along with a request for a loan to at least five different banks. This will give you options for loans that have different terms and will allow you to choose which terms best suit you.
- Submit your business plan along with a request for a loan to medical or dental divisions of banks. These divisions understand what the risks and benefits are of opening physician corporations because they specialize in the healthcare industry.
After years in Medical School you understand the impact that taking out loans have. You spent years working hard to get where you are today. Don’t let a mistake cost you time and money down the drain.
I’ve helped hundreds of professionals start their Physician Corporation, let us do all the hard work so you can focus on your patients. Please email us at email@example.com or book a call here: https://calendly.com/mollaeilawconsultation/professional-corp
Step 2: Prepare your Medical Practice
After you receive your loan, the real work of setting up your medical practice truly begins. The staff that you choose to hire and the equipment you purchase can define the success of your business, so you should not take this step lightly. This step of establishing your physician corporation can be accomplished with doing in depth research and planning ahead.
Purchasing Equipment for your Physician Corporation
An important tool to utilize in your practice is an electronic health record system (EHR). These are becoming increasingly necessary as we progress into the age of technology, since digitizing records is becoming more of an asset in modern healthcare systems. Additionally, in order to be eligible for federal incentive payments, you must have a streamlined and functional EHR system. This is a tool that you should research before determining which EHR system is best for you, because each system meets different needs.
Along with an EHR system, a practice management system is essential in remaining organized and functioning properly as a physician corporation. A practice management system works with your EHR system to keep track of your billing, revenue, claims, and all records that are essential to the function of your practice.
Staff Your Medical Corporation
When it comes to hiring, the staff that you decide to employ serves as the foundation for the culture that will exist in your medical practice. You should be utilizing background check services that can verify healthcare credentials, criminal history, and employment histories so that you know you are hiring people you can trust. Your future patients will literally be entrusting your employees with their lives, so hiring staff that are qualified and trustworthy is insurmountably important.
Step 3: Ensure Your Physician Corporation is Compliant With Medical Practices
Physician Corporation Compliance with OSHA and HIPAA
Compliance with Occupational Safety and Health Administration along with the Health Information Privacy is critical in a healthcare system that is so reliant on technology. As mentioned in Step 2, the functioning of your office as well as patient records will most likely be managed by an EHR system and a practice management system which are both vulnerable to data leaks. Additionally, the sanitation and safety procedures of your physician corporation are required to make sure that your practice is not putting your patients at risk.
It can be challenging to know where to start when ensuring that you are compliant with HIPAA and OSHA guidelines, so Mollaei Law helps guide the process of checking for compliance. Please email us at firstname.lastname@example.org or book a call here: https://calendly.com/mollaeilawconsultation/professional-corp to hire a consultant that will ensure that your medical corporation is compliant with OSHA and HIPAA regulations.
Step 4: Prepare to Open Your Medical Corporation
The steps that you take to prepare your medical practice for opening can be time consuming and very logistical. As a result, you should consider taking this step in conjunction with Steps 1 and 2 so that these actions are properly carried out in time to open. Some of the logistic steps you should take during this phase of establishing your physician corporation include:
- Incorporating your medical practice so that you are protected in case of a lawsuit
- Obtaining a tax ID as either an llc, S-corp, C-corp, or general partnership so that you receive tax benefits
- Obtaining credentials for your healthcare providers so you can submit claims to payers you will work with
- Purchasing medical malpractice insurance, liability insurance, etc to protect you, your employees, and your business
- Developing policies and procedures including daily operations, billing, communication with patients, etc.
Step 5: Open Your Medical Practice
Once you’ve reached this step, you should be proud of the tireless work you’ve put into establishing your physician corporation! You’ve accomplished a feat that many healthcare providers do not reach in today’s healthcare industry.
Ensure Your Physician Corporation Runs Smoothly
Once your medical practice is up and running smoothly, you should focus on developing a strategy to make sure you and your employees are being held accountable. Hiring a consultant to monitor your medical practice and report back with possible improvements or changes is the best way to make sure your corporation is running smoothly and always focused on improvement.
The opening of your medical practice can determine the success of your business. Do not make the mistake of rushing through this process, or it could cost you your physician corporation. Mollaei Law has handled the opening of many medical practices, so email us at email@example.com or book a consultation call at https://calendly.com/mollaeilawconsultation/professional-corp to ensure your opening runs smoothly.
If You Are Looking to Open a Physician Corporation, Speak With Mollaei Law Today.
The important thing to understand is that there is no formula that applies to every situation when it comes to starting your own physician corporation or medical practice. Because of this, Mollaei Law is dedicated to you as your professional consultant. We understand the challenges and hurdles associated with beginning your medical practice and we can inform you about potential legal ramifications associated with owning your own physician corporation, like medical malpractice or worker’s compensation.
Every physician corporation has different needs depending on when and where you plan on opening your medical practice, and we are dedicated to guiding you through the process of opening your medical practice. Please email us at firstname.lastname@example.org or book a call here: https://calendly.com/mollaeilawconsultation/professional-corp to start the process of building your Physician Corporation.
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