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The Economics of Owning a Medical Practice

Owning your own medical practice is quite the big undertaking. While the freedom to make decisions about the care, treatment, and the way things are run in your own practice is liberating, it also comes with a handful of responsibility and exasperating expenses. There are many options to consider when starting up your own practice. For example, it is difficult to decide whether owning your own building for your medical practice or renting a medical office space in Los Angeles is more beneficial, as there are definitely advantages to both. There is also the looming statistic that most new businesses don’t have what it takes to stick it out after 5 years and end up folding altogether. Here are some expenses to keep in mind when making the decision of starting your own medical practice.

Start-up Fees

Initial fees to register a small business vary by state but can easily climb up to $800. Physicians are also required to pay government fees in order to practice in each state, another added expense.

Insurance

Another fee for starting your own medical practice is malpractice insurance, or professional liability insurance. This protects doctors from claims made against them by patients or damages from a civil lawsuit. All physicians are required to have this insurance before starting their own practice. Expenses for this insurance vary by state and focus or specialty. For example, a surgeon in California can expect to pay anywhere from $22,000 – $34,000 a year.

Other types of insurance also build the list of expenses. A physician’s own health insurance is one that is highly important, as well as any insurance being offered to their employees. In addition, property insurance for a medical office space in Los Angeles can range depending on location and size.

Equipment

Owners of their own medical practice are also responsible for purchasing all their own office furniture and equipment. This can range from basic stationary like paper, printers, fax machine, filing cabinets, phones, etc, to very expensive computers, patient scheduling programs, and medical tools, which are probably one of the biggest expenses.

Staff

In addition, physicians must keep in mind salaries for their employees. Medical assistants make a median salary of $34,785 and a nurse anesthetist’s median salary in 2019 is $180,100.

Hiring a consultant to help you start your practice is also very costly but may help you save money in the long run. They estimate that starting a private practice can add up to more than $100,000. This does not include continuing costs of owning a private practice to maintain and keep it running.

Owning Vs. Renting

Owning your own office building is another huge expense. Leasing can be a financial nightmare as well. There are, however, ways to maneuver around this, like renting from a medical office space in Los Angeles. Renting with a medical office space takes some of the stress out of starting your own medical practice and is possibly the best option. For example, Boulevard Medical Properties helps negotiate your lease step by step. They will walk you through each step of the way and put together a lease that fits your unique needs.

In addition, Boulevard Medical Properties’ consultants will help you negotiate the design and construction of building your own medical practice. Their specialists will meet with you to discuss your design ideas and take the construction off your hands from there with a hired team of professionals, leaving you with one less task to worry about. Boulevard is also highly conscientious of its energy use and takes the time to practice eco-friendly habits.

Medical Office Space in Los Angeles

If you’ve been considering starting your own medical practice, you may want to consider renting a medical office space in Los Angeles. Working with Boulevard Medical Properties will take some of the more troublesome aspects out of your hands so you can focus on the practice itself and all the other expenses you have to keep in order. Contact us today to learn more about your renting/leasing options.

Hiring Staff for Your Practice

Opening a new business is an exciting and often stressful procedure. With help from Boulevard Medical Properties, you can find out how to hire the right staff for your practice and how to ensure that your business starts off on the right foot with the community through the new doctors, nurses, technicians and front desk management. Before you worry about finding the perfect staff, make sure you have the perfect office when you use Boulevard Medical Properties to help you find the best medical office space in Los Angeles. Discover how you could start your dream business in an office space that you love when you call our offices today. Make sure you are hiring the best staff for your practice by following our helpful tips from below!

Hiring New Doctors

If you are a doctor hiring for your own business, the most difficult part of staffing your practice may be the process of hiring and managing other doctors. The tricky part is that other doctors must be willing to follow your management and accept the standards that you present to them. If you are looking for doctors to be your partners and help you make significant business decisions, then be sure to ask them during the interview process if they are comfortable taking on this large of a role, and interview candidates who have management backgrounds to ensure that they will be good at that aspect of the job. If you are searching for doctors to mainly support your patient load and provide extra care during office hours, then be certain that you use language in your job posting, and throughout the interview process that clearly outlines the role you are searching for specifically to your future employees.

The key in every interview process is to make sure you communicate your goals and intentions clearly with the candidates for each position. It is also important to feel confident about the candidates you are strongly considering. You want to be able to build at least professional relationships that are strong and joyful in a concentrated effort to avoid any workplace drama or tension. Consider testing your new hires with a series of trial runs, where your office is open for a set number of hours to see a select few patients, and gauge how you work with the doctors you are considering hiring through their behavior in a professional setting. Before you start drafting that job posting, make sure you have found the perfect medical office space in Los Angeles with the help of Boulevard Medical Properties!

Hiring Support Staff

Hiring support staff is slightly less complicated than hiring new physicians, as these hires are less complicated to evaluate, and the interview process follows a more conventional and expected set of guidelines. As with the doctor’s interview process, be certain to have clear communication through the wording of the job posting, and throughout the in-person interviews, so that you and your candidates know exactly what you expect of each other should they be hired on. Your support staff will be the more underrated group of workers, and because of this it is important to acknowledge how much work they handle. Employees at any job want to know that they are valued, and the medical world is no different. Technicians, nurses and front office personnel will be more excited to work with you, and more likely to stay for a while, when they know they will be valued members of your workforce.

During this interview process, you want to be sure that each candidate has the right certifications and work experience, but, just like hiring your new doctors, you will also want to be sure that they match your personality, and that they embody the same values that you and your practice do. Finding employees that match your business etiquette and level of respect is a great way to gauge their character and determine if they are the right fit for your business.

Medical Office Space in Los Angeles

Don’t wait to find the perfect staff then find out you have a sub-par office building! Call Boulevard Medical Properties today and let us help you find the right medical office space in Los Angeles today!

Launching Your Medical Practice

There’s a lot to take into consideration when launching your first medical practice. Before you begin, you might want to think about the steps involved in launching your practice successfully.

Budgeting, financing, finding the right medical office space for lease, and legal document signing are just some of the many steps you’ll need to take on the road to having your own practice. Whether you already have a business plan in mind or not, it doesn’t hurt to look at the steps below to use as a guide.

Our experts at Boulevard Medical Properties want to make sure you are fully equipped with the knowledge and tools that you’ll need for success when opening your first medical practice. Though there are many steps involved, by following each one carefully, you can prevent yourself from becoming overwhelmed.

Step 1: Think About Financing

Budgeting is never a fun topic, but it’s a necessary one if you want to open a successful practice. First, you’ll need to develop your pro forma – which is similar to your business plan. A good pro forma gives you better opportunities for investments and financing. Your pro forma allows you to plan how you are going to obtain your initial revenue, and what kind of revenue you expect to project over the first year or so of your practice.

Don’t hesitate to shop around for the best loans and financing structures. Don’t rely on just a single lender or the first bank you see – ask around and get estimates so you know you can get the best deal around. There are waiting periods you can take advantage of too, so that you are able to prepare for the next steps.

Step 2: Think About Equipment and Staff Members

Now that you’ve obtained the proper funding and financing to start up your medical practice, you need to invest in the proper equipment and staff members so that your medical office will function smoothly. You want a talented team by your side, helping you to accomplish the day-to-day tasks as well as handle the immediate needs of patients and other clients.

Once you’ve got a healthy team of staff members underway, you also need to start considering what equipment to buy. Many practices find benefit from investing in an electronic health record system, which is a great way for keeping records and documents safe on digital files. Systems such as medical billing services and transcription software are also necessary in this day and age.

Plus, you’ll have to consider all your ancillary services as well. For example, do your patients enjoy being able to get bloodwork and other specialty tests done on-site? If you’re a specialty practice, you might want to make sure that you have all your specialty equipment and services available in your office. This will make customers happy as they can rely on you to complete every step of their medical needs.

Step 3: Consider the Final Tips Before You Open

You’re almost ready to open your medical practice! Lastly, you’ll want to make sure that your practice is insured – this is an absolute necessity – and that your physicians and staff members have their proper credentials and payment methods set up.

Next, you’ll want to clearly line out the policies, procedures, and practices that are integral to the well-being and functionality of your office. Make sure each staff member and representative are aware of the dos and don’ts of your practice, including how to deal with patients, what treatments can be given, and what billing steps need to be taken. Once you’ve gotten all this underway, it’s time to open your doors!

Medical Office Space for Lease

You’re finally ready to open your first medical practice. With your financing options locked in, your staff members hired, your equipment ready to go, and your insurance and company policies laid out, you have everything you need to get started.

Remember to stay true to your practices and to always seek advice if you have any further questions. If you’re in need of a medical office space for lease, or if you need more tips about how to successfully start on your own, you can contact our Boulevard Medical Properties professionals online or you can give us a call at (818) 882-5700 at any time.