Tag Archives: starting

Most Important Things to Consider When Starting Your Practice

After you have spent enough time working in the medical field for someone else, it is natural to start thinking about opening your own practice to create business for yourself. Before you give your notice, however, there are a variety of important things to consider when starting your own practice. With this helpful guide, you can read all about what important questions you need to answer for yourself and what decisions you will have to make before you can make real steps towards opening your own practice. Find prime medical office rent in Los Angeles for your new practice when you partner with our experts at Boulevard Medical Properties today!

What Should You Know Before Starting a New Practice?

It’s common to be passionate about seeing your own patients and running your own schedule while working under another doctor or even team of doctors making these decisions for you. However, if you are planning to practice the same type of medicine that your current office offers in the same general location, you may be competing for the patients that are loyal to your competitor’s practice. If you feel that you have enough patients willing to follow you when you leave, then you can consider opening your own business in the same area. Alternatively, if you are planning to move away from your current practice, or are switching medical specialties, you will not be competing for patients, and you may even be able to work out a referring partnership with your original practice.

Starting any new business is an expensive venture, but businesses in the medical field can be exponentially more expensive because of the extra equipment that is needed to properly stock the office. On top of startup costs, you will have to cover the cost of your medical office rent in Los Angeles, equipment costs, staffing costs for a receptionist and any other doctors, and you will have to be able to run your business for a significant amount of time with no true profit. If you have not yet saved up the amount of money necessary to cover all these expenses, it may not be the right time for you to start off on your own.

When choosing a new office space for your medical practice, you will have to decide whether you prefer buying an actual building, or to rent office space. Both options have pros and cons, but most practices prefer to rent their office spaces to cut down on extreme costs, and for the flexibility of expanding or downsizing whenever they need to. Purchasing a building is preferable for businesses that are planning on staying in the same area permanently, and businesses that will want to lease or sell the building after they are done using it. Owning the building you practice in also gives you the freedom to operate your business however you’d like, whereas a leasing option would require you to answer to a landlord. However, if your business does not have the means to purchase a building, or the need for one, choosing to pay for medical office rent in Los Angeles is a much more beneficial offer. Your startup costs will be substantially lower, and your landlord will be required to maintain the full building for you, so you will never have to finance a cleaning or security crew. Choosing to rent also comes with the power to leave your office space should your landlord not agree to maintain the property to your liking. Find out what all your office space options are for your new practice when you contact Boulevard Medical Properties today. Let us help you find the perfect office solution for your new medical practice now!

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.