It is not uncommon for medical professionals to want to start their own private practices. But when is the right time? Some questions to ask yourself to help find the answer include:
#1: Do I have enough experience?
You went to school, got the degree, and are ready to start seeing patients. But do you know how to organize records, schedule appointments, and run a business? The experience needed to start a practice requires more than just medical knowledge. If you are not prepared for business operations, consider partnering or outsourcing certain tasks.
It is important to note that the regulations that guide healthcare practitioners are complex. It is not always possible to outsource certain services and partnerships need to be structured very carefully to avoid allegations of a potential violation of federal regulations like the Anti-Kickback Statute (AKS) or Stark Law.
#2: Did I complete enough due diligence?
Any business owner knows that they need to go through a checklist before starting their business. This helps complete thorough due diligence to better ensure the venture’s success. It can include things like market research, reviewing business structure options, ensuring funding, and putting together a business plan.
#3: Am I following all applicable regulations?
We note briefly above that even partnerships can run afoul of federal regulations. This is just one area of the law to review when starting a practice in the healthcare arena. It is wise to get an attorney to help guide you though this portion of the process as a violation can have serious consequences including hefty financial penalties, the inability to bill government programs like Medicare and Medicaid, and even, in serious cases, allegations of criminal wrongdoing.
Attorney John Rivas is responsible for this communication