Startup Requirements for Medical Businesses

    Starting any business can be daunting, expensive and scary. But also exciting, lucrative and formulated, if you’ve done it before or have a trusted advisor or consultant working with you that has. Starting businesses is one of the most popular activities in the modern world for millions of people, whether starting their first or their twentieth. With the power of big data, big finance, the Internet and expansive networks of people and resources, it’s easier than ever, in some ways, to get started into a new venture. Let’s take a look at some foundational requirements for your medical practice:

    1. Office space. No, not the movie. The actual physical location of your business matters, both in its geographic location and relativity to other businesses and traffic flow, as well as the design and size of the space you rent or lease. Ensuring it’s up to all codes, is clean, well lit and comfortable for patients to come into and feel good about spending their time in, you will have a very basic foundation of getting your business off the ground. Having appropriate decoration, furniture and equipment for your patient base and niche is a secondary focus, but almost as important as the space your business is in.
    2. Employees. Whether it’s you as the sole provider of your business, or many people in a variety of positions, you’ll most likely need to hire staff, at least an office manager or receptionist, if not a full staff. Utilizing services that specialize in this to help you get started, such as Fusion Medical Staffing, can be a great help, as they’ve already got a pool of candidates that specialize in the medical industry. Starting a new business is slightly less scary, and less risky, if you have the right people with the right knowledge and background in the right roles. 
    3. Equipment, materials and insurance. This is the less exciting stuff, but also the very necessary for keeping any business running smoothly, both proactively and reactively. Every business, no matter the industry and focus, requires at least some basic equipment such as laptops and phones for communication, while many more require a wider variety of specific items like medical supplies, office supplies, marketing materials and the like. Insurance is not exciting to shop for and purchase, but is a requirement for a variety of coverage reasons, and it’s not something you want to skip over or let payments lapse on. 

    No matter your business, there are several basics you’ll need to get started, and it’s always more than you can think of just on your own. Using resources like others experienced in your field of practice, medical business consultants, networking events and trade shows can shed light on an exhaustive list of the do’s and don’ts when starting out, as well as what to prepare for, acquire and set up to get your business up and running in a shorter amount of time than if you were to go it alone.

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    • Tom La Vecchia

      Founder of New Theory & X Factor Media

      Founder and Publisher of New Theory Magazine and Podcast. Serial Entrepreneur who loves wine, cigars and anything that allows to people to connect and share experiences.

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