What Is Required While Starting Medical Practice Business
When someone is out of college after getting a medical degree or had decided to open
his own clinic after working for someone else, starting a new medical practice is not an easy job. One thing that is missing from the college curriculum is that they dont teach you how to run a business because, starting a new medical practice is similar to starting a new business. Its not as easy as you will just hang a sign on a door and patients will start coming. A lot of paperwork is required prior to establishing a clinic.
There are several little things to do before starting a medical practice. After you decide the place for your clinic the next thing you need to decide is whether you want it to be your sole property or you want it as a corporation. To make this decision you should first consult your accountant or lawyer.
If you decide to be the sole proprietor of your clinic, then you need to decide whether you want your social security number to fulfil your tax purposes. You will need a tax ID number if you do not want to use your social security number or you are starting a corporation. Getting a tax ID number is an easy job. You can apply for it online or call the IRS and apply. But before applying for the ID you must have an NPI number.
Your next consideration should be whether or not you want to participate with an insurance company. If you do want that then you should file for the universal credentialing form, CAQH. All the insurance company look for a complete CAQH application before providing their insurance facility.
After credentialing process you need to fill a W9 form and a photocopy of your license. In the midst of so many forms there is one form that is the most important one being the patient intake form. Other forms like the encounter form which is used to keep a record of the services performed and the diagnosis of the problem.
You should provide the patients with a notice of HIPAA Privacy Practices. You should notify the patients about these practices and get a form signed by the patients validating that these clauses were taken care of by the clinic.
You must have a Medicare ABN or Advance Beneficiary Notice if you are providing services to Medicare patients to notify them about the services that may or may not be provided. Besides these there are several other forms are required based upon your speciality.
You can also provide your patients with help regarding these forms and the clauses they are signing. This service will be of great help for the patients as they will be comforted by the thought that someone else is taking care of their work. Moreover it will help you in getting good feedbacks.
So if you keep the above points in mind and make arrangements prior to starting a new medical practice, running your clinic will become little smoother. Moreover always do your job with a little personal touch and avoid becoming a greedy businessman.