Starting your own medical practice is an exciting opportunity for many physicians. In today’s healthcare environment, a start-up practice faces many operational and financial challenges. Starting any new business can be overly complicated, challenging, and become a daunting task. HPS Solutions consultants have guided our clients through this process resulting in the successful development of several hundred new medical practices.
The HPS Solution
HPS Solutions is experienced with solo, group, single-specialty, and multi-specialty practices. We offer development support as a full-service, turn-key option or on a project/task-based basis.
Our practice start-up services begin with a detailed project plan that identifies the key tasks that are specific to your unique practice. This plan serves as the foundation for successful new practice implementation. Some of the activities addressed in the start-up plan include:
- Organizational planning and development
- Facility development
- Financial planning and budgeting
- Capital financing
- Revenue cycle planning
- Staff recruiting
- Staff benefit development
- EHR selection and implementation
- Equipment procurement
- Operational policy development
- Licensure applications
- Compliance plan development
- Risk management planning
- Payer contracting