Starting your own Practice

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I have a few questions about starting your own practice.

1) If it takes 6 months or so to get onto insurance plans and what not, are you unable to see any patients for that period at all?

2) Generally, how much money does it cost to start your own practice?

3) If you are an associate somewhere for say 3 years and then decide to start your own practice, can you apply and get on insurance plans so that when do you open your practice door you are ready to go?

4) What are other considerations or rec. for somewhere looking to start their own practice?

Originally Posted by Dmayor22

I have a few questions about starting your own practice.

1) If it takes 6 months or so to get onto insurance plans and what not, are you unable to see any patients for that period at all?

You can see all Medicare patients during this time, since they will retro your start date to whatever date you want. Medicare claims can be sent out up to 18 months AFTER you have seen the patient. Most of the private insurances and medicaid plans do not allow this.

Originally Posted by Dmayor22

) Generally, how much money does it cost to start your own practice?

It does vary and it also does come down to how much "bling" you want into your practice. I started my own practice three years ago and used about $100K, but I also started with EMR from the beginning.

Originally Posted by Dmayor22

) If you are an associate somewhere for say 3 years and then decide to start your own practice, can you apply and get on insurance plans so that when do you open your practice door you are ready to go?

Usually it's an easier process, because you can transfer your insurance provider IDs from the old tax ID to the new tax ID (which is what I did), so I was up and running about a month after leaving the old practice.

Originally Posted by Dmayor22

) What are other considerations or rec. for somewhere looking to start their own practice?

Location, location, location. It always helps to be around other podiatrists who will cover call for you, or you can cover call for them (not always necessary). Spend the first year pounding the pavement advertising and getting to know the internists, family practice, pediatricians and other specialist who will refer to you.

PM me if you want any other questions answered.

First start calling all insurance co. in the area where you want to work. Ask if the panal is open for new Podiatrists. There will always be one or two that will never open up. Therefore, you can work for someone for several years first and get on all the plans. Remember, the group may require you sign a non-compete clause so if you leave you cant open around them. THen there is rent to consider. If you goto a condensed area, it may be hard to find space, and rent just keeps going up, so watch the overhead. As far as equipment, Ebay. I got most of my stuff including 2 chairs for cheep and had them referbished. If you can find a friend, try to start together so you can have coverage and actually take a vaca once in in while. good luck