If you’ve pushed through years of medical training and settled into a traditional employment role, you probably have one goal in mind: Opening your own private practice.
A private practice grants you the freedom to take control of your schedule, treat patients in a more personal way, and ultimately create a far better experience for you and your patients. However, it’s not easy to do.
You may think that you just need simple office space, your degree, and a bit of marketing power, but there’s a lot more to it than that.
Let’s go over some of the costs you may not be anticipating.
The Basic Costs of Opening a Private Practice
The basic startup costs can climb upwards of $100,000 on average in the United States. This fluctuates depending on business registration costs, property prices, and expected wages in each state.
You should expect to pay for:
- Registering your business with your local municipality and state
- Finding an office space
- Hiring an initial office assistant who can aid with medical and office-type tasks
- Equipping your office space with everything necessary to run a business
- Marketing
Most medical professionals expect to pay for all of their registration costs, an office space, an assistant, and basic essentials, but it goes deeper than that.
Let’s look at the more often forgotten expenses.
1: HIPAA Compliance
Your private practice will be subjected to HIPAA guidelines, and maintaining the privacy of your patients is not optional. So, you can’t have an office space that allows neighboring businesses to listen in on your doctor/patient conversations, entryways, and rooms that don’t provide absolute privacy and other major issues.
You need an office space that matches HIPAA’s guidelines, and that can increase costs as well as make finding a space more difficult.
2: Communications and Office Essentials
Being able to take calls, forward them to different lines, store patient data safely, and carry out data and communications tasks effectively is key.
Unfortunately, this is not possible with just your smartphone and a laptop. You will need to enlist the services of a business-oriented service provider and invest in the proper technology to facilitate these necessary processes.
These systems can cost a few thousand dollars to set up, and they have heftier monthly fees than just a personal phone bill. IT services will also be more costly.
3: Furnishing
When you first buy or rent an office space, most companies don’t provide a fully furnished space. This means that your desks, filing cabinets, medical equipment, and everything else will have to come out of your budget.
While you may be expecting to pay for specialized medical equipment, the costs of all the basics will quickly add up and potentially outweigh that of your more important machinery and necessities.
The Solution
Some of the expenses we’ve mentioned are completely unavoidable. They’re just part of starting a private practice. However, there is one way to minimize your initial expenses: Texas Med Healthcare Solutions.
At Texas Med Healthcare Solutions, you can rent a fully furnished office space that comes with all your basic necessities for one simplified monthly rate. These HIPAA-compliant office spaces are built to contain all the necessities for budding private practices, but there are no hidden initial costs or startup fees.
Check out Texas Med Healthcare Solutions to make your dreams of running a private practice come true.
