• I’m Hiring
    • Our Recruitment Services
    • Recruit By The Week
    • Hire the Best Virtual Assistants
      • Hire Your Own Virtual Assistant

        V.A. Hiring Guides

        How to hire a virtual assistant?

        10 types of virtual assistant

    • Recruitment Process Outsourcing Services
      • Recruitment Process Outsourcing (RPO)

        Guides to RPO

        Types of RPO

        How does RPO help in high-volume recruitment?

        Understanding the costs of a recruiter

    • Retained Executive Search
      • Retained Executive Search

        Insights & Guides:

        Retained Search vs. Contingency Search

        Benefits of retained recruitment to corporations

        Payment structures for executive search services

    • Find Healthcare Candidates for Your Team
      • Healthcare Recruitment

        Healthcare Recruitment Guides

        Top Telemedicine Services to Try

        Healthcare Pioneers and their extraordinary contributions

  • I’m a Job Seeker
    • All Jobs
    • Healthcare Jobs
    • Accounting Jobs
    • Legal Jobs
    • Hospitality Management Jobs
    • Jobs with Family Owned Businesses
    • New Candidates
  • Blog
    • All posts
    • Posts on Talent Sourcing and Recruitment
    • Recruitment Process Outsourcing Guides
    • Retained Executive Search Posts
    • Virtual Assistant Posts
    • Career Insights and Advice
  • Get to Know Us
    • Who We Are
    • Our Specialized Staffing Philosophy
    • Contact Us
  • 1-877-411-4358
My cart

No products in the cart.

  • I’m Hiring
    • Our Recruitment Services
    • Recruit By The Week
    • Hire the Best Virtual Assistants
      • Hire Your Own Virtual Assistant

        V.A. Hiring Guides

        How to hire a virtual assistant?

        10 types of virtual assistant

    • Recruitment Process Outsourcing Services
      • Recruitment Process Outsourcing (RPO)

        Guides to RPO

        Types of RPO

        How does RPO help in high-volume recruitment?

        Understanding the costs of a recruiter

    • Retained Executive Search
      • Retained Executive Search

        Insights & Guides:

        Retained Search vs. Contingency Search

        Benefits of retained recruitment to corporations

        Payment structures for executive search services

    • Find Healthcare Candidates for Your Team
      • Healthcare Recruitment

        Healthcare Recruitment Guides

        Top Telemedicine Services to Try

        Healthcare Pioneers and their extraordinary contributions

  • I’m a Job Seeker
    • All Jobs
    • Healthcare Jobs
    • Accounting Jobs
    • Legal Jobs
    • Hospitality Management Jobs
    • Jobs with Family Owned Businesses
    • New Candidates
  • Blog
    • All posts
    • Posts on Talent Sourcing and Recruitment
    • Recruitment Process Outsourcing Guides
    • Retained Executive Search Posts
    • Virtual Assistant Posts
    • Career Insights and Advice
  • Get to Know Us
    • Who We Are
    • Our Specialized Staffing Philosophy
    • Contact Us
  • 1-877-411-4358
My cart
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Home » All Blogs » How to Start your Own Medical Practice

How to Start your Own Medical Practice

04-10-2023 | By Devore Recruiting Blog Posts

Private Practice 101: How to Successfully Establish and Manage Your Own Medical Practice

This guide covers everything you need to know to establish and manage a private practice, including the importance of developing a business plan and partnering with healthcare recruiters.


For many physicians, establishing a private medical practice is the dream — on top of the financial perks, managing a private practice can help provide greater autonomy and control over patient care, making the profession more fulfilling.

However, starting and managing a private practice can be challenging, especially for those who are relatively new to the business side of healthcare. If you are thinking of having your own medical practice someday, here’s a one-stop-shop guide that can give you a bird’s eye view of the process of establishing one, the benefits, and the challenges that may come your way.

What is private medical practice?

A private medical practice refers to owning and operating a healthcare practice as an individual or group of individual practitioners. Rather than being owned by a hospital or a bigger healthcare organization, you and your group will be responsible for managing all aspects of the practice, including administrative tasks such as billing, scheduling, and hiring healthcare staff.

A private practice can be a multi-specialty group composed of several physicians and staff, this means that private medical practices may specialize in a particular area of medicine or provide general medical care to patients.

Steps on setting up your own medical practice

Setting up a private practice requires commitment and hard work — it can be daunting to think of having to start from scratch but once you have determined your goals, everything can easily fall into place. Below is a general guide that can help you in your journey in establishing your private practice:

Conduct Market Research

As with starting a business, understanding the market can provide the rudiments needed to set-up your practice. You will need to consider your potential customers first (in this case, patients and clients) and identify their needs in terms of healthcare.

Market research is vital as it can help you determine not just the demand for your healthcare practice but also the areas where you can possibly thrive. It can also help identify the potential competition and what services they offer.

Develop a business plan

A comprehensive business plan is essential to establish a successful medical practice. It should outline the practice’s mission, goals, target market, services, pricing, marketing strategy, and financial projections. A business plan can also be helpful when seeking funding from potential investors or financial institutions.

Get the necessary licenses and certifications

Medical practices require several licenses and certifications to operate legally. These include state medical licenses, Drug Enforcement Agency registration, National Provider Identifier number, tax ID, and other applicable certifications. Ensure that your private practice is compliant with the law to avoid penalties in the future.

Choose a location for your practice

Location can make or break your plans — it must be accessible and convenient to patients, have adequate parking, and meet all zoning and building requirements.

Obtain funding and get your capital

You can start your practice with your own money or you can get funding from potential investors. Once you have funds, you can then start your lease in the location you determined, purchase necessary equipment and supplies, and start hiring staff.

Hire Staff

While you can operate your practice all by yourself, chances are you will soon need someone who can take care of some of the other tasks for you, especially if your client base continues to grow. You might need administrative personnel, physicians, medical assistants, nurses, or additional physicians to join your team. Hiring staff can be a grueling task — this is where professional recruiters come in. With recruitment solutions and service providers like De Vore Recruiting, you can easily tap into a solid network of talent that can help your private medical practice grow.

Set up billing and accounting systems

Managing finances is another challenging area for any private medical practice. You will need efficient billing and accounting systems to help ensure that your finances are in check.

Make sure that your chosen system is secure, accurate, and compliant with the Health Insurance Portability and Accountability Act of 1996 (HIPAA).

A well-managed billing and accounting system can help streamline operations, ensure timely payment from patients and insurers, and help the practice remain financially stable.

Implement an Electronic Health Record (EHR) System

An EHR system is essential for medical practices to manage patient records and communicate with other healthcare providers. It is requisite to improve patient care, increase efficiency, reduce errors, and comply with regulatory requirements.

Furthermore, having an EHR system provides a centralized and comprehensive record of a patient’s medical history, leading to better care coordination and improved patient outcomes.

Also read: Browser extensions that every HR managers should have

Establish relationships with insurance companies

Insurance groups are among your best friends when you set up a private practice. By developing strong relationships with insurance companies, private medical practices can negotiate favorable reimbursement rates, streamline the claims process, and ensure timely payment.

Overall, a good relationship with insurance companies helps maintain the financial stability of your private practice.

Develop a marketing plan

Private practice is a business and you should be able to put yourself out there to ensure that you get potential clients and patients. In this digital age, you will need to come up with a marketing plan that includes a website and a social media presence. Marketing will be able to help you differentiate your practice from competition and attract new clients.

Common challenges in establishing a private practice

On your journey to building your own private practice, you will likely encounter bumps and roadblocks that can derail or change the direction of your plans. Below is a table detailing the areas where private medical practices can face challenges and the possible solutions:

Challenge Possible Solutions
Securing Funding
  • Seek out financing from potential investors;
  • Partner with other healthcare professionals to share the costs of setting up the practice
Managing Finances
  • Develop a comprehensive financial plan;
  • Implement efficient billing and collections processes;
  • Find a reliable financial management software
Ensuring Regulatory Compliance
  • Assign a compliance officer who is up-to-date with the changes in regulatory standards;
  • Provide regular training on compliance standards
Staying ahead of the competition
  • Develop a solid marketing plan that highlights the practice’s unique services and specialties;
  • Rely on clients to provide positive testimonies
Addressing Staffing Needs
  • Reach out to healthcare recruiters with a wide network of quality talents;
  • Offer competitive compensation and benefits;
  • Provide training and professional development
Keeping up with technology
  • Be in-the-know of the latest technological trends concerning your practice – such as AI;
  • Train staff on how to use technology effectively
Providing quality patient care
  • Explore ways to make patient experience convenient;
  • Seek regular patient feedback and address concerns in a timely manner

Tips for a successful private medical practice

There is no one-size-fits-all solution in ensuring success in your private medical practice — your journey will be unique to your goals and strategies. But here are some general tips that can guide you in your path.

  • Prioritize patient care – Whatever your motivations are in setting up a private medical practice, your ultimate goal is to provide the best patient care. Patients are the lifeblood of any healthcare practice and ensuring their comfort and satisfaction will help you grow your practice even more through positive reviews and referrals.
  • Invest in technology – It is important that you stay abreast about the latest innovation and technological developments in your speciality. This will help you achieve better patient outcomes.
  • Ensure staff satisfaction – Your staff will serve as a backbone that will hold your private practice together. Partner with a group that has the expertise and industry knowledge to make sure that you foster a positive workplace culture to boost morale, encourage skills development, and retain your healthcare personnel.
  • Expand your network – Maintaining positive relationships with patients, vendors, insurance providers, and other key industry players can help give you insights on how to manage your practice more effectively and efficiently. Never underestimate the power of referrals!
  • Establish a strong online presence – The new battleground for businesses is online and for you to stay relevant with your current and potential patients and clients, you will need to set up an active online presence through your website and social media platforms.

It takes time, dedication, and hard work to build a successful practice — however, by following these tips and seeking guidance from experienced professionals, you can establish a practice that meets the needs of your patients while also achieving your financial and professional goals.

If you are ready to take the plunge, start doing your research, develop a solid business plan, and seek out the resources and support you need to succeed. In no time, you will be able to build a thriving private medical practice that makes a positive impact not just on the lives of your patients but also on the community you serve.

Primary Sidebar

Search for a blog topic

Featured Articles:

The Power of Diversity - Hiring Strategies, Best Practices, and Long-Term Success

The Power of Diversity Hiring: Strategies, Best Practices, and Long-Term Success

10-17-2024

How to Improve Your Background Check on Job Candidates

How to Improve Your Background Check on Job Candidates

10-03-2024

Top Challenges in Healthcare Staffing and their Solutions

Top Challenges in Healthcare Staffing and their Solutions

09-17-2024

Browse by Categories:

  • All Blogs (83)
  • Career Insights and Advice (8)
  • Employee Recruitment & Talent Acquisition (49)
  • Exploring New Career Opportunities (14)
  • Others (4)
  • Recruitment Process Outsourcing (RPO) (8)
  • Remote Hiring & Virtual Recruitment (8)
  • Retained Executive Search (8)
  • Virtual Assistant (5)

De Vore Testimonials

★ ★ ★ ★ ★ Rated 5 out of 5 stars

"We were fortunate to use De Vore Recruiting to find our new receptionist. Sean is realistic with explaining how the process works. He and Kim were always very professional wiht their daily updates. We were able to hire rather quickly and they found us an excellent, quailified employee."

Tracy Williams April 18, 2024
★ ★ ★ ★ ★ Rated 5 out of 5 stars

"After many years in management and searching for employees and going through resume after resume just to find the one, I found De Vore. My experience has been nothing short of amazing. They are very responsive and found me quality candidates in a very timely manner. Working with them took so much stress off of me and I felt like they really had my best interest at heart. I will now use them for all of my hiring needs!"

Stacy Westfall June 9, 2022
★ ★ ★ ★ ★ Rated 5 out of 5 stars

"Bita is EXACTLY what our facility needs. We have been working for a while at changing our image. She has joined us at precisely the right time. She is knowledgeable (extremely), hard working and committed to Quality Care. Because she is new, some leadership is challenging her, but she can handle it. The licensed nurses and CNAs LOVE her. She already has had a very positive impact. I am extremely grateful"

Michael Chen June 12, 2020
★ ★ ★ ★ ★ Rated 5 out of 5 stars

"I am extremely satisfied with De Vore Recruiting. Sean and Kimberly are great. Kimberly always checked up on me to see how my interviews went follow up with me and kept me updated. She definitely worked hard for me I can say I'm definitely lucky thank you so much once again. :)"

Emily Rodriguez August 18, 2020

Footer

De Vore Recruiting Logo
  • Who We Are
  • Our Specialized Staffing Philosophy
  • Read Blogs
  • Contact Us
  • Accessibility

Follow us on Socials:

  • Facebook
  • Instagram
  • X
  • LinkedIn

Recruitment Services Offered

  • Recruit By The Week
  • Recruitment Process Outsourcing Services
  • Retained Executive Search
  • Hire the best Virtual Assistants
Copyright © 2025 De Vore Recruiting | All Rights Reserved