3 Things to Consider When Going Into Private Practice

What you need to know to help you start a rewarding and lucrative journey.

Starting your own practice as a healthcare provider is exciting. You can set your own hours, choose your patients/clients, and use the methods and techniques in your field you think work best in your hands. Being your own boss can feel liberating, but it also takes some business know-how. You’ll need to consider factors like finding a location, setting up your office with basic services, payer credentialing, liability, and more.

MedCoShare offers physicians and other healthcare providers office space that adapts to their changing needs through coworking spaces and service support. Our goal is to help you launch your private practice as quickly and painlessly as possible. In this post, we are going to give you some pointers so you go into your new journey as prepared as you can be.

An image of healthcare professionals looking for a coworking office in Philadelphia

Finding a Location

Right now, general commercial real-estate is inexpensive, but healthcare office space is still hard to find at affordable prices. It is even harder if you don’t have a full slate of patients yet, and would like to get started practicing part-time. Ideally, you want a space in an area that has a high proportion of patients who carry good insurance, and that is relatively underserved in your specialty. You also want a space with parking, disability access, and amenities that make patients comfortable. MedCoShare has offices in Philadelphia now, and plans to open locations in South Jersey, and Bucks County within a few months.

An image of a healthcare professional getting help from MedCoShare

Regulations and Insurance

Before starting your practice, there are a few regulations you should consider. These include:

Business licenses — You may need to obtain a business license to grant you the right to operate your practice in your municipality. For example, in Philadelphia, every business must apply for a Commercial Activity License (CAL).

Payer credentialing — Health insurance companies formally assess a provider’s qualifications before the provider can bill for their services. This can be time-consuming, and requires the provider to submit extensive background information. In the past, every individual health plan had its own credentialing process, but there are now centralized databases (e.g. CAQH) that allow a provider to submit documentation once, and use it for multiple insurance carriers. The timelines for this should be built into your planning, unless you provide mainly cash pay services (such as cosmetic or wellness procedures) that are not billed to insurance.

Malpractice insurance — Whether you are a physician or a non-physician healthcare provider, you need to get the appropriate professional liability insurance before you start seeing patients. Different types of providers have different insurance needs. To determine what your practice needs, you can connect with your specialty’s national or state professional society. Generally, liability insurance companies cover many types of providers (not just MD specialists, but podiatrists, chiropractors, optometrists, and others), and can advise you on your needsA young healthcare professional getting assistance from MedCoShare

Operational Needs

In addition to the space itself, you will need to set up various service contracts for your practice. This means basics like utilities, internet, specialized medical waste removal, and cleaning/sanitizing services, but can also mean more specific needs like coding, billing, administrative staffing, and medical assistants. MedCoShare will take care of many of these for you, and we truly want to help you get started, so if there is some service we don’t already provide, please talk to us and we can discuss how we can support you.

Get in Touch With MedCoShare Today

Are you starting your practice journey and need an office? Reach out to MedCoShare and learn more about what we can offer healthcare providers in the greater Philadelphia region.

Date: July 15, 2021

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What Our Providers Have To Say...

Joining MedcoShare has been a true dream for a first time business owner like myself. Having the peace of mind of a consistent overhead month to month, while also having the freedom to sign up for as much or as little time as I need, has provided a wonderful combination of flexibility and simplicity.

- Andrew Gross, DC | Gross Sports Chiropractic

The facilities at MedCoShare are clean, professional, and what you would expect from a high-quality medical office. My patients agree, commenting frequently on how nice the office space is. I have had the opportunity to interact with many members of the MedCoShare team... They will do what they can to help your practice grow and minimize the headaches of leasing medical office space.

- Dr. Kavalek | Co-owner/Co-founder of Blue Ocean Health Direct Primary Care clinic

Overall, if you're a physician interested in starting or growing your practice, I highly recommend MedCoShare. They take care of the administrative tasks, offer flexibility in office hours, and have a supportive and responsive staff. They have truly been instrumental in my journey, and I'm confident they will be for you too.

- Dr. Michaela Mocanu, MD | Hypertension and Kidney Health LLC

We joined MedCoShare about a year ago and I can say with great confidence that's it's been a great experience for us so far. It's been exciting to enter the Philadelphia market. Patient feedback has been positive. There's an easy check-in process, wait times have been minimal to non-existent, and the lobby has a medspa type of vibe. We look forward to growing with MedCoShare.

- Nick Anziedo | Physician

The MedCoShare team has been very responsive and easy to work with when my schedule changes.  When my clients arrive, they feel safe, comfortable, and the aesthetics have an excellent image for my business.  I don't have to worry about maintaining the facilities and can focus on my equipment and patients.

- Marybell Rodriguez

Being a new small business owner in the midst of a pandemic, MedCoShare has been a blessing.  Where else could I start a business, build clients, and have a flexible membership with no long-term commitments for peace of mind during the uncertainty?!  If business speeds up or slows down then I can adjust my membership accordingly.

- Marybell Rodriguez