Every business, even Sim Hoffman’s Advanced Professional Imaging Medical Group, had to start somewhere. Starting up a new radiology practice can be a daunting and complex proposition, but can be successful if done correctly. With the following considerations, you can start your own radiology practice and get things right from the beginning. To ensure that nothing is left to chance here is a detailed checklist you can follow that will guide you through the key tasks of the process.
Before you form your new practice, there are things that you must consider during the pre-assessment stage. You will need to look at the risks and potential target market for your business, the potential volume of the business, and what you will need in terms of staffing. You will then need to find an attorney and a certified public accountant. These members will handle the legal and financial aspects of the formation of the business.
Once you have the governance structure established, there will be a number of decisions that will have to be made regarding every aspect of the operation. During this phase of the start-up, you will have to decide on the structure of your compensation plan, health insurance, a retirement plan, and making sure tax returns are filed before you can start up your business. After these decisions have been decided upon, you have to manage the day-to-day operations of the practice, including billing, getting credentialed through Medicare and Medicaid, create malpractice policies, among other things.
Starting up a new radiology practice is a long and daunting process. As Sim Hoffman knows, you have to stay flexible and maintain the ability to make changes as you go in order to be successful.
Also can read: Sim Hoffman – Understanding CT Myelograms