Step By Step Guide to Starting a Direct Care Practice.

You have completed your residency and have caught the entrepreneurial bug. You have heard your attendings grumble about how they are reimbursed less and less. You have had job offers but decided would rather work for yourself without the confines of insurance.

Starting a direct care podiatry practice from scratch can be a rewarding endeavor, allowing you to focus on providing quality care to your patients without the constraints of insurance companies. Here's a step-by-step guide to help you set up your practice:

1. Business Plan: Begin by writing a comprehensive business plan. Define your target market, services offered, pricing structure, and marketing strategies. This plan will serve as a roadmap for your practice's growth and success.
2. Identify Your Ideal Practice: Do you want to be home for your kids after school? Do you want to work 3 or 4 days per week? Your practice should support your life but not become your life.
3. Legal Structure: Choose a legal structure for your practice, such as a sole proprietorship, LLC, or corporation. Consult with a business attorney or accountant to determine the best option based on your individual circumstances.
4. Business Name and Registration: Select a catchy and professional name for your practice. Prospective patients should know what you offer based on your name. Check the availability of the chosen name and register it with the appropriate authorities in your state.
5. Business Bank Account: Open a business checking account in the name of your practice. Choose a bank that offers favorable terms and services for small businesses, ideally with no bank fees. Don't be afraid to shop around and ask questions.
6. Payment Processing: Set up a payment processing system to accept payments from patients. Options include credit card terminals, online payment gateways, and mobile payment apps. Choose a provider that offers secure and affordable transaction fees. You will need to link your business bank account to your payment processing.
7. National Provider Identifier (NPI): Apply for a National Provider Identifier (NPI) through the National Plan and Provider Enumeration System (NPPES). This unique identifier is required for all healthcare providers in the United States. Your patients will need the NPI on the superbill to submit to their commercial insurance.
8. Tax ID Number: Obtain a Tax Identification Number (TIN) or Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This number is used for tax reporting purposes and is necessary for opening a business bank account and filing taxes.
9. Insurance and Liability Coverage: Purchase professional liability insurance (malpractice insurance) to protect yourself and your practice from potential lawsuits. Again shop around for different rates. Consider other insurance coverage options, such as property insurance and business interruption insurance, to safeguard your practice against unforeseen events.
10. Website: Create a professional website for your practice to showcase your services, provide important information for patients, and allow online appointment scheduling. Consider hiring a web designer or using website-building platforms to create an appealing and user-friendly site.
11. Phone Number: Obtain a dedicated phone number for your practice. Choose a local or toll-free number that is easy for patients to remember. Set up voicemail greetings and call forwarding features to manage incoming calls effectively. Some voice-over internet providers offer speech-to-text emails making it easier to read messages.
12. Marketing and Promotion: Develop a marketing strategy to attract patients to your practice. Utilize online and offline channels, such as social media, search engine optimization (SEO), local advertising, and community outreach events, to raise awareness about your services and establish your reputation as a trusted podiatrist.
13. Compliance and Regulations: Familiarize yourself with relevant healthcare regulations, including HIPAA (Health Insurance Portability and Accountability Act) compliance requirements for patient privacy and data security. Implement policies and procedures to ensure compliance with these regulations.
14. Patient Forms and Documentation: Create intake forms, consent forms, and other necessary documentation for patient registration and treatment. Customize these forms to reflect the specific services offered by your practice and ensure compliance with legal and regulatory requirements.

By following these steps and putting in the necessary time and effort, you can successfully launch and grow your direct care podiatry practice. Focus on delivering exceptional care to your patients and building strong relationships within your community to thrive in this rewarding profession.