How to Start a Florida Private Medical Practice

How to Start a Florida Private Medical Practice

How to Start a Florida Private Medical Practice

While countless medical professionals in Florida find great purpose and fulfillment working as a part of a larger healthcare operation, it’s not necessarily the path that everyone wants to follow. Many others would rather start a Florida private medical practice of their own. This could be because they want to deliver more personalized care, or to finally be their own boss. Whatever the reason, it’s a dream worth pursuing for those with the passion and ability to make it happen. Here’s some advice on how to start a private medical practice in Florida.

Startup Costs

It’s critical that you understand the challenges that you will face along the way when you start a Florida private medical practice. Your most immediate obstacle is likely to be financial in nature. The cost to get things going can be a little intimidating at first. There are a number of initial fees involved with starting a business on top of all the special bells and whistles that a doctor will need, such as office space and medical equipment. Malpractice insurance can also be quite the money sink for private medical practices in Florida, ranging anywhere between $50,000 and $70,000.

Your Other Obstacles

There are, as is usually the case in business, more considerations than just money. A solo practice requires a great deal of personal responsibility and steel-nerved dedication. You’ll need to stay on top of any changes in health care and insurance legislation. It’s up to you to be the middleman between the patient and their insurance company, too. You should also be prepared for the additional workload that comes with essentially filling two major roles: that of a medical professional and that of a business owner.

Owning and operating a private practice also requires sound judgment skills, and not just when diagnosing patients. Your inventory, your staff, your medical equipment are all your responsibility now. If you run out of supplies you’ll have no one to blame but yourself.

Credentialing: What Is It?

In order to be qualified to take health insurance, you’ll need to undergo a process called “credentialing,” which can take up to several months. Credentialing is important because it verifies a medical professional’s education and experience while also making sure that they have the required licenses and insurance. While it obviously protects consumers from mediocre doctors and outright fraudsters, it is a good thing for honest, hard-working medical professionals everywhere because it serves to protect their image as trustworthy authority figures.

Electing a Legal Structure

The legal structure of a private practice is just as important as it is to any other small business. Also known as business entities, legal structures detail the specifics of how businesses are taxed and managed, plus the extent of the owner’s personal liability. Such structures include professional limited liability companies (PLLCs), corporations, sole proprietorships, and general partnerships. A local business lawyer can be a big help when selecting the best entity for your medical practice. They can also assist with filing the needed paperwork and ensure that you are legally compliant.

Licensing and Other Regulations

The medical field has perhaps even more licensing and regulatory requirements than any other industry or career path. This is understandable, seeing as the lives and well being of patients are on the line. You will need to get licensed with the Florida Board of Medicine and obtain a national provider identifier number from the National Plan and Provider Enumeration System online. If you plan on prescribing any controlled substances, then you’ll need to contact the U.S. Drug Enforcement Administration (DEA) for a DEA number. Different medical specialties have their own special requirements, so consult with a lawyer if you have any doubts.

Is the Risk Worth the Reward?

The healthcare industry is one of the most lucrative businesses in Florida today and offers the type of satisfaction that only comes with helping others. Owning a private practice means being your own boss, too, and all the freedoms that come with it. Ultimately, for medical professionals, a private practice offers up opportunities that a big hospital job just can’t provide. It’s up to you (and your lawyer) to figure out what will be best for you.

Looking to start a Florida private medical practice or grow your current business? Contact FL Patel Law today by visiting our website or calling 727-279-5037.

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FL Patel Law PLLC is a boutique business law firm dedicated to entrepreneurs and companies.

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