After years of working for a someone else, you may be ready to open your own pharmacy or medical/nurse practitioner practice. This is an exciting yet challenging thing to accomplish.
To avoid mistakes, here are five tips for starting your private practice:
- Get your finances in order. You might need to take out a loan. Research lenders near you, find one that offers a fair price and excellent service. Boesen & Snow LLC has worked with a number of different lender programs from those sponsored by the Small Business Administration (SBA) to private business and personal lenders.
- Acquire all necessary licenses. Of course, you will need a pharmacist, nursing, or physician license. You may l also have to register with the Drug Enforcement Administration. Depending on the scope of your practice, you may need other licensing as well.
- Now is the time to start looking for a location.You may want to research areas that have a need for health care services.
- Get insurance. As with any startup, you will need insurance. Malpractice insurance, life insurance and liability insurance may be necessary.
- Buy equipment and hire staff. Once your building and licenses are in order, you will need equipment and staff. Our firm works with contractors, supply vendors, wholesalers, and staffing agencies who can all make it easier to get started.
Possibly the most important step in the process is making sure you are compliant and stay compliant throughout the lifetime of your business.