Feeling overwhelmed by the idea of seeing patients on your own? Here is a guide you might find helpful to follow:
Step 1: Start with your vision. Why do you want to work in private practice? This can be any reason or number of reasons; the important thing is that they're your reasons. Knowing why you're choosing this journey will give you strength when things don't go the way you hope or expect (this happens - it's a normal part of the process), and will also help you prioritize the actions you take toward building your vision. Remember, this is your private practice and no one else's.
Step 2: Create a business plan that describes which population you want to serve and that population's need for your skills and services, the payment models and pricing structure you want for your services, the types of documents you need to file or obtain, and how much it might cost you to get started. Audit your professional licenses and certifications to make sure you have everything you need to begin seeing patients independently.
Step 3: Decide whether you want to provide services as a sole proprietor or through a business or partnership. Depending on which option you choose, you may need to apply for an Employer Identification Number (EIN) with the IRS. If you decide to provide services as a business, choose a business name that reflects the services you will be providing. This makes it easier for people to think about your business whenever they think about those services. It's also a good idea to create a logo and website so that your business has an online presence and can reach more people.
Step 4: Register your business with the IRS, as well as with your state and county to conduct business in accordance with applicable laws and regulations.
Step 5: If you choose an insurance payment model, start the credentialing process with the payors you'd like to participate with. It's a good idea to begin this process as soon as possible because some credentialing applications can take up to 120 days to be completed by the payor.
Step 6: Set up your practice operations, including creating policies and procedures that you will follow and that you would like your patients or clients to follow from the start of care onward. This process depends on how you will be providing services, however in general, you will need to describe how you will protect your patients' data and follow the laws related to the way you provide your services.
Step 7: Set up your patient intake, evaluation, and treatment process, including identifying the forms or documents you will need to share with them, as well as the forms or documents you will need to collect from them. Identify the clinical resources you will need to provide care, including assessment tools and clinical documentation templates, and decide how you will use them in your daily practice. You will also need to determine how to store and manage your patients' medical records in accordance with applicable laws and regulations.
Step 8: Set up your administrative processes, including creating policies and procedures that you will follow for scheduling, billing and payment collection so that you can communicate this to your patients ahead of time. You will also need to determine how to store and manage your patients' data and other information related to their care. EHRs are often used for this purpose and can be a great option for keeping everything organized and in one place.
Step 9: Start marketing your services by building relationships with referral partners who are already serving the types of patients you are looking for. Use your website and social media to spread awareness of your services to your community.
Step 10: Stay connected to trends in your specialty, changes in the law, and any other factors that might impact the services you provide or the way you provide them. Update your business plan or policies and procedures based on what your practice needs as it grows, as well as any changes in the law.
You can do this!
