Opening your own medical practice is an exciting event, but it is also one that can be stressful in various ways. Financial concerns are common when starting a new business, so accurate budgeting is essential. As you prepare a working budget for your new practice, you understandably may be including obvious expenses such as office rental space, utility expenses, staff salaries and more. There are also a few other mandatory expenses that you should not overlook and that must be properly budgeted for in order to have a complete budget.
You must remain properly licensed to legally practice in your area at all times. Licensing fees can be expensive, and many practitioners fail to budget for them because this is not a regular monthly expense. Depending on the services you use, you may be paying quarterly, biannually, or annually, which may add some complexity to your budgeting. Look at companies’ websites, like medproid.com, to see what options you have and pick one that works best for you. Then find a practical way to work quarterly or annual expenses, for licensing fees or anything else with unique billing options, and keep those in mind as you structure your standard monthly costs.
Your medical practice may need to maintain multiple insurance policies, and the premiums for these are regular, recurring expenses. Insurance premiums may be for property insurance, malpractice coverage, health insurance for your employees, workers compensation coverage and more. As you prepare your new practice’s budget, take time to shop around for these various types of insurance. This effort may help you to save money on a recurring basis.
Medical facilities must be pristine and sterile. Requiring your skilled and well-educated staff members to scrub and sterilize all corners of your facility regularly is not realistic or practical, and it may not create the level of cleanliness that you need. Paying for professional cleaning services is a veritable necessity regardless of the type of healthcare practice that you are running. You may need to schedule service several times per week in order to maintain a sterile environment, so take time to gather quotes for the frequency of services that are needed before you finalize your budget. Keep in mind that you should use the services of a cleaning crew that has experience in cleaning medical facilities.
As you review the budget that you have already created, you may discover that you have not included these important expenses. Operating a medical practice without insurance, licensing and HCP affiliation data services, and proper cleaning initiatives can be both dangerous and illegal, so be sure to double check. Remember that you can shop around for some of them to find savings and lower rates.