Opening up a private practice has been the dream of numerous nurse practitioners. However, this does not mean that it isn’t a daunting process. With tons of regulations and piles of paperwork, you may feel as if you don’t even know where to start. If you are getting discouraged, don’t worry. Here is a list of things to keep in mind when opening your private practice.
Know Your State’s Requirements
Every state has its own unique set of rules for private practices. For example, some states allow for nurse practitioners to open a private practice, but only if a physician is also on site. This is not required in every state, however. It is important that you learn all of your state’s guidelines as a first step. In every state nurse practitioners need to apply for an NPI number though. You can go through the process easily on Medicare’s website.
Write a Business Plan
Your private practice is a business, and before anyone opens any kind of business they need to write up their business plan. This includes things like picking your clinic’s location, deciding what equipment you want to have, and figuring out how much staff you need. You should also clearly state your goals for both the near and distant future. This provides an outline on how you want your business to grow over time. In the beginning, you may also want to think about how you are going to advertise and get the word out that your clinic is now open.
Get Everything With the Insurance Companies Squared Away
This includes insurance for your patients and yourself. Anyone who owns their own private practice should have malpractice insurance. You also need to decide which insurance companies you want to work with for your patients.
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