Get The Logistics Down
The logistics of forming your own business will include everything from staffing your practice, to budgeting for your launch, to choosing your location. If you have a business plan in place, youâll be in a much better position to manage all these moving parts and keep yourself organized. Plus, as Patel notes, your business plan can also help guide your expenses.
You should also protect yourself from the get-go with business insurance and malpractice insurance. Patel also suggests considering cyber insurance in the event your computer system gets hacked. For staffing your practice, she recommends knowing when youâre ready and financially able to bring staff members on and consulting an attorney and tax professional to help you set up employees legally with the right classifications.
S To Opening A Private Practice As A Nurse Practitioner
Patel is in the midst of opening her own dermatology practice and, as a result of this experience, has become a resource and inspiration for other NPs looking to do the same. Through her website, Letâs Practice, she offers nurses and NPs a free toolkit that assists them in creating innovative business models.
The toolkit, which she estimates about 150 NPs have used, is useful for any NP looking to start their entrepreneurial journey, with sections on marketing, credentialing, handling finances, leasing vs. buying space, and even links to sample business plans. And while the specifics will depend largely on what type of practice youâre looking to open, Patel has provided a loose list of general steps that any NP can expect to take when establishing their own practice.
See What Others Have Said
Chris Woods, FNP: SoI bought the courseand I implemented everything to the letter. Im happy to say that I will launch in about a month and Im getting calls every single day to book appointments! MASSIVE thanks to @theelitenp and the material. The stuff works folks. Just follow the recipe!
Andy G, ANP: I purchased The Mens Health and Testosterone Clinic Course yesterday and Im already on section 9. I cannot get enough of it! Justin has done an amazing job of creating this course and supplying valuable information for a successful practice.
Cory Corbin, FNP: Just finished listening to the course, this was awesome. So much info broken down to make it easy to understand. I am so glad I bought it. You will not be disappointed. Thank you Elite Nurse Practitioner.
Heather Baird, FNP: Justin was kind enough to allow me to preview his course as a pre-launch offer. All I have to say is WOW! This course will undoubtedly assist any medical provider wanting to start a TRT clinic. He goes over everything you need to know. I have toyed with the idea of opening my own practice and I am now seriously considering this niche practice as he terms it in his blog.
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Choose A Business Structure
Start by selecting the right business structure for your clinic and register it in your state. Speak with an attorney to determine which entity is right for your clinic, and check with the secretary of state or other appropriate state division for more information and to learn if you can file the paperwork online.
The business structure you choose for your nurse practitioner clinic will determine how much you pay in taxes, your personal liability responsibility, and what type of stakeholders or investors can participate in your business.
The Essential Resources For Opening Your Own Np Clinic
December 5, 2017 | CM& F Group | In
If youve always had an entrepreneurial spirit and youre ready to take the next steps in your career, consider opening your own Nurse Practitioner clinic. Margaret Jean Wear, FNP-C and owner of Adolescent Healthcare Associates in Glenwood Springs, Colorado, gave us the inside scoop on the best entrepreneurial, intellectual, and technological resources for new NP clinics.
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Are You Ready To Thrive
There have been many hurdles along the way. Setting up a business structure was the first one to overcome. Some nurse practitioners want to go into practice in part to own their own business. But, finding people to help in this process and letting them play a role in the business has been important for me. In my case, I have a long time friend who has worked as a pharmaceutical rep for years. He is an awesome person and salesman who is also able to help initially support the practice financially. I cant think of a better person to help promote my practice. I have another friend joining with me. She is a nurse, knows medical coding inside and out and is very proficient in the credentialling department. These two individuals have been a part of the process from the beginning and are a major part of the business. I could not have accomplished opening my own practice alone!
Many states require physician supervision or collaboration for nurse practitioners. Did you have to set up an agreement with a physician to open your own practice? If so, how did you go about finding a collaborating physician? What kinds of details did you need to work out?
Many ThriveAP readers are currently NP students or are early in their careers. You have a lot of NP experience. At what point in ones career do you feel that nurse practitioners are experienced enough to go out on their own? Are there any tips you have on becoming more confident and independent in your practice?
Starting A Nurse Practitioner Clinic: Legal Considerations
Partner with business experts to ensure success.
Takeaways:
- As states continue to roll back barriers for nurse practitioners to practice independently, NPs can play a vital role in meeting the healthcare needs of every community.
- A successful clinic requires partnering with experts in law, accounting, billing, and insurance.
To meet patient care needs, nurse practitioners are essential to healthcare delivery, and clinics run by NPs are popping up in states that allow NPs to practice with or without a physician on site. In April 2019, the Association of American Medical Colleges projected a shortage of over 122,000 physicians in both primary and specialty care by 2032. As states continue to roll back barriers for NPs to practice independently, NPs can play a vital role in meeting the healthcare needs of every community.
If you want to start an NP clinic, youll need to consider several factors, including financing, community need, location, staffing, and marketing, but this article will focus on the basic legal nuts and bolts of an NP clinic.
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Pick A Location For Your Clinic
You can now start looking for a location for your new clinic. This is where your dream starts coming to life.
There are a number of factors you need to consider when picking your location. One of the most important is your target patient. Your clinic has a better chance of thriving if its located close to your clients.
You also need to consider the aesthetic of your office. Providing an inviting atmosphere is very important and will increase your patient retention. Also, keep in mind this is where youre going to spend a lot of your time too.
Make sure you also consider things like ample parking and office space. The property you choose needs to facilitate a smooth workflow.
When starting out, its probably a better idea to rent. If you like the property, you can opt to purchase it down the road.
What Other Types Of Businesses Can I Open As An Np
If you live in a state where practice is restricted, you can still make use of your nursing knowledge in a thousand ways. Below are some of the most common:
- Getting into consulting
- Opening a medical spa
- Becoming a health coach
- Going into private or concierge nursing
A great business idea might be at the intersection of two or three of these options. For example, you could become a specialized health coach, working only with a certain type of patient, or a certain type of illness. Health coaching for athletes, health coaching for people with diabetes, etc.
Having one clear idea is important, but you have to be open to changing it, expanding on it. Thats part of the development process. Sometimes youll have to take a step back to see if your idea is really doable.
Some of these ideas also apply to people who want to open their own practice. You can expand the range of services you want to offer by taking some of them into consideration.
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Support For Running A Practice And Managing A Business
With everything else stripped away, impacting the health of your patients and the health of your community is fundamentally dependent on the ability of your practice to pay the bills and keep its doors open. There is no health care if there are no health providers or health care locations. The American Association of Nurse Practitioners® offers a range of tools to support your practice, from quality improvement to reimbursement to business management.
Not only nurse practitioners who want to start a practice, but NPs who are employed also need to understand the business of health care and how that impacts the work that they do. If an NP really understands the business of health care the economics of health care they really can make a bigger impact on patient care.Barbara P., MN, GNP-BC, FNP-BC, FAANPMissouri
Job Roles And Responsibilities
Clinical Director
- Oversees all other employees within the clinic.
- Align with the board of directors and other health workers to determine if the clinic is in accordance with goals and policies.
- Charged with encouraging business investment.
- He also promotes economic development within communities.
- In charge of directing the clinics financial goals, objectives, and budgets.
- Implements the clinics guidelines on a day-to-day basis.
- In charge of Hiring, training, and terminating employees.
- In charge of developing and implementing strategies and set the overall direction of a certain area of the clinic
- Collaborate with the board of directors to develop the policies and direction of the clinic.
- He makes sure that the members of the Board of Directors have the information necessary to perform their fiduciary duties and other governance responsibilities.
- Direct staff, including clinical structure, professional development, motivation, performance evaluation, discipline, compensation, personnel policies, and procedures.
Nurse practitioners
- Diagnose, treat, and manage acute and chronic illnesses.
- In charge of health promotion, disease prevention, and health education and counselling.
- In charge of conducting, supervising, and interpreting diagnostic and laboratory tests.
- Helps patients make better lifestyle and health choices.
- Serve as researchers and patient advocates for the clinic
Medical Assistants
- Administering medications
Admin and Personnel Manager
Nutritionist
Cleaners
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Sole Proprietorship Or Partnership
A sole proprietorship is an individual doing business as him- or herself. Because it isnt a separate business entity, your personal assets and liabilities arent separate from those of the business. This is simply you doing business as yourself without any formal structure.
A partnership is formed by two or more people, and its typically recognized by the state as a formal business entity. Depending on the type of partnership formed, the partners may have personal liability similar to that of a sole proprietorship.
Because of the personal liability involved with both of these business structures, theyre generally not recommended for a medical clinic.
How Do You Become A Nurse Practitioner
Nurse practitioners obtain their RNs and maintain their nursing licensure. They also need to earn at least a masters degree in nursing.
In the future, a higher degree will likely be needed. Many of the countrys nursing associations recommend that nurse practitioners earn a doctoral degree in nursing.
You can read more about the steps to becoming a nurse practitioner below.
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Complete Your Nurse Practitioner Education
Nurse practitioners are advanced practice registered nurses who hold a post-graduate degree in nursing.
If you’re a BSN-prepared nurse, then you can obtain a:
- Master’s degree
- Doctorate
- Post-master’s certificate.
Each path has its advantages. Spend time researching them and decide which one will help you accomplish your career goals.
As you consider which nurse practitioner program to pursue, you’ll also need to choose your specialty. Nurse practitioners can specialize in one of several areas, including acute care, pediatric health and family health.
You can open a nurse practitioner private practice in any specialization area, but the U.S. has a particular need for primary care providers.
By 2032, there will be a deficit of up to 55,000 primary care doctors. As a family nurse practitioner, youll be equipped to fill the gap by providing primary care to patients of all ages.
Establish Your Billing System
If youâll be seeing patients and billing with reimbursement through insurance, make hiring a good biller a top priority . After all, Patel says, your passion and the most lucrative part of your business strategy is to see patients, not handle bills. Plus, NPs are only reimbursed from insurance companies at an 85% rate , Patel says, so the business absorbs the 15% remainder of the cost of the visit.
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Create The Business Plan
Its essential to create a good business plan for your clinic. It may seem a little strange to think of a clinic as a business, but thats what youre attempting to open. Creating a good business plan is vital for a few reasons. For example, having a clear objective helps define your clinics purpose. With a clear view of your purpose, you should be able to figure out the rest.
Figure out what you expect to be making at the beginning and the kind of personnel necessary for your clinic to make it happen. A good plan will also include the next big step youre going to have to take.
University Of Houston College Of Nursing To Launch Midtown Clinic For Homeless
Nurse-Managed Health Clinic Opens Sept. 13 at St. Pauls United Methodist Church
By 713-743-8454
The University of Houston College of Nursing is opening the doors of its Nursing Health Clinic, a new nurse-managed facility in Midtown that will meet the health needs of homeless people. The clinic will begin seeing clients Sept. 13 in the Abraham Center of St. Paul’s United Methodist Church.
The nurse-managed clinic will be initially staffed by nursing faculty and students. Dr. David Buck, associate dean of community health at the UH College of Medicine, will work as a collaborating physician. Patients will be treated by Patricia Obulaney, certified adult nurse practitioner and UH clinical associate professor. The clinic will offer services from treatment of minor injuries and illnesses such as colds and flu, and other services including immunizations and screenings. Telehealth will be used for referrals.
The best way to provide the homeless with health care is to take it to them, said Shainy Varghese, associate professor of nursing, nurse practitioner and clinic director. The clinic will draw patients from the Emergency Aid Coalition, an interfaith organization committed to helping those in need, which is housed at St. Pauls church.
WHAT: Opening of University of Houston College of Nursing Health Clinic
WHEN: 8:30 a.m., Monday, Sept. 13, 2021
WHERE: Abraham Center of St. Paul’s United Methodist Church, 5401 Fannin, Houston, TX 77004
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How Is A Nurse Practitioner
NPLCs provide the same comprehensive family health-care services as other family practice models. The key difference is that nurse practitioner leadership at all levels of the organization is embedded into the structure of the organization and patient care. This brings the comprehensive perspective of nurses, especially the focus on wellbeing, health promotion and disease prevention, to the day-to-day delivery of care for patients. In this model, nurse practitioners and registered nurses work to their full scope of practice.
Where Can A Nurse Practitioner Have Their Own Practice
While you can open your own practice as an NP, the exact operating rules vary by the state in which youâll be operating. Some states still require you to open your practice with a collaborating physician, while other states allow NPs to open and practice independently without a physician. So, if you don’t know what your state’s requirements are, your first step in the process should be to figure this out.
The American Association of Nurse Practitioners lists the three practice authority designations for each state as full, reduced, and restricted. Hereâs how it breaks down:
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Tips For Fnps Starting A Private Practice
May 22, 2020
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Family nurse practitioners have the legal authority in some states to open independent practices to act as primary care providers, managing patients from birth through adulthood. In opening private practices, FNPs must also utilize business acumen to develop a strategy for a successful company.
Opening an FNP practice takes more than successfully completing a Master of Science in Nursing program. Nurse practitioners who open practices have to create business plans, iron out legal and financial issues, and evaluate funding options, among other things.
There are many reasons to become a family nurse practitioner and open a private practice, but taking those initial first steps may be challenging.
Barbara C. Phillips, FNP, said practitioners who want to open an independent practice should understand the business side of medicine. Phillips, founder, and CEO of the Nurse Practitioner Business Owner consulting agency said inadequate experience and poor planning could sink a practice before it starts.