Opening a new healthcare practice location may require proper planning and execution to avoid disrupting your operations. The new practice location can be a step up and help your business scale by opening you up to a new market. Credentialing services can coordinate with insurers and other authorities to make sure you can still access their benefits in your new expansion. Here are some tips for opening a new location for your medical practice:
Review Demographic and Market Competitiveness Data
A new practice location can allow you to serve a new market’s needs, but you may need to evaluate the competition. Higher demand for your specialty in the target area can indicate potential to grow your business in the new location. You can investigate the competition within the area to determine how to differentiate your services from other providers.
Demographic and market competitiveness data can help identify patterns and gaps you can exploit to improve your practice’s success chances. Evaluate the demographic population best aligned with your specialty and factor in the trends. This can help you position your business to meet the needs of the target population and plan for the future.
Have a Comprehensive Business Plan for Your Practice
While your medical practice may thrive in another location, the same business plan may not work in a new market. A business plan for your new practice location can help outline goals, metrics, and strategies for success. Within the business plan, you can also propose a budget and timeline for the expansion to make sure it goes smoothly.
A proper business plan can help you evaluate your progress throughout the expansion process. You can also use the business plan to secure financing from investors. Business plans can aid with the accountability of resources and obligations for all stakeholders involved in the setting of the new practice.
Select a New Location for Your Practice
Setting up your practice at a convenient location can help avail your services closer to the target population. Accessibility can be attractive for potential patients, helping make your brand a household name within the community. Selecting a great location within a thriving community can help improve your practice’s growth potential in the future.
Healthcare practices are highly regulated, so you can start by investigating if your location meets any set-up requirements for a medical institution. A great location will fit your budget and provide a safe, comfortable, and efficient environment for your staff and patients.
Obtain Relevant Licensing and Credentialing
Before setting patients at your new location, you may need the necessary licenses and credentials. Licensing involves obtaining legal permission to practice within a specific city or state. Obtaining the necessary licenses for your medical practice can allow you to operate legally within federal and state laws.
Credentialing involves verifying qualifications and affiliations with insurers or other health organizations. While setting up your practice in a new location, you may need to inform insurance partners and extend contract terms and agreements to feature the new location. This can help make sure you can serve the insurer’s member and get reimbursed for services rendered. The credentialing process can be lengthy since it involves a lot of paperwork, so hire credentialing services to make it seamless.
Perform Staff Evaluation
Hiring team members at the new practice location can help you serve your patients more efficiently. A staffing evaluation can allow you to determine desirable skills for your hiring position. These will be useful in interviews, helping you land exceptional talent to help your practice grow.
Since staff evaluation can take a long time, you can outsource the services for a thorough interviewing process. Staffing experts can help prevent over- or under-hiring and handle the payroll to keep administrative costs in check.
Hire Credentialing Services
Setting up a new healthcare practice location may require getting the necessary licenses and credentials before serving patients. Credentialing can involve a lot of paperwork since you need to submit documentation to insurers and other authorities. Hiring credentialing services can help make the process seamless since they can handle contract negotiations and follow-ups.