Anything fresh and new is always exciting. To see one’s long cherished dream being actualized can be an out of body experience for many. All those sleepless nights, dreams, constant flow of thoughts, aspirations and asking a million questions before it all became a reality can be a fulfilling experience. Well, it’s almost like giving birth to a new life.
And those who have been at the hospital ward giving birth to their young ones know that giving birth to a child is not an easy business. It involves right the kind of temperament, patience, and understanding and above all, meticulous planning to raise a child after delivery. Thus, we have come up with our own set of rules and prepared few checkpoints that you must consider before embarking on your clinical entrepreneurial journey.
- Why are you Opening a Clinic?
Opening a clinic is more than initiating a business venture. When you commit yourself to a medical route, you commit yourself to humanity and welfare for lifetime. Hence, service like medical billing services, compassion and love should be the genesis of your new idea and should serve as the motivating factor. Money cannot and should not be the driving force to open a new clinic.
- The Administration Side
After getting a clearance certificate from your inner-conscious, you have to get down to business and get your papers together. Sorting out the technical stuff can be painful; however, it is a necessary evil and you should procure documents such as, EIN number, state files, licensing, inspection in place etc. It will prove to be beneficial getting your medical billing process on track without involving penalty from the government.
- Business Plan
No great venture, however big or small, can survive without a sound business plan. A properly laid plan gives you a fair idea about how much needs to be invested in the business and also the number of years in which you will be able to reap its benefits. In a capital intensive affair such as opening a clinic, one barely manages to break even in the period of five years.
- Raise Capital
Once you know the capital amount required for starting the venture, allocate budget for administrative and infrastructural purposes like what software to use for billing requirements or if you are considering outsourcing your billing processes, etc. You may then contact your local bank, financial advisors, government agencies, and other such organizations to raise funds.
- The Art of Networking
Your clinic will be as successful and nice as the people who are running it. Therefore, network, connect and invest in recruiting the best team, who will help you realize your dream project. After all, healthcare business comprises of people in every department however automatize your information technology may be. Also, pay close attention to medical billing as it is directly proportional to your revenue management and cycle.
Longevity of a healthcare business largely depends upon your connectivity with people. Get in touch with professional billers and coders like MedicalBillersandCoders.com who have a well woven network of their services spread across all the states of US. Their website gives detailed information about their services for different specialties. They have been in the outsourcing business for over 14 years and are amongst the most trusted billing partners for new startups.