1. Willing to fail 2. Establish the mindset 3. Ask for help in business & life 4. Register the company 5. Insurance to protect yourself 6. Knowing the local health insurance company & plans - Thank you for the great tips!
Amazing video! I appreciate your take on the insurance-based practice. You can also open a cash based practice like a DPC or men’s health. Wishing you all the success ❤
This is exactly why I earned my MBA/MSN prior to my NP/DNP..bc the biz side i could forsee bring soooo problematic. I can and am always upgrade when I graduate with my MD. Being established with help is/was crucial to be. So thankful. Thank you for this! I'm also from CA! GO Golden State! Bless all! Good y'all!
First of all I need to tell you I’m so very grateful that you were in Riverside at the time I met you!!! I loved how you took my medical situation. I was not happy about the Dr I was given from the group you were in. I just want to thank you for taking the phone and telling your office “she’s off my case and your were taking over” I knew I was in great hands. I will definitely refer you to all I know. I am from Orange County and was raised in Irvine and El Toro. My husband and I love ya!!!
I’m a 2nd yr Med student. I’m looking forward to learning more about this and your progress!! Med school really doesn’t cover the finances and insurance aspect at all!!
This is the second of your videos I've watched and they are very informative. I'm a retired nurse and have my MBA, so I know a little of the business end. My kids mom has been an ARNP for about 5 years and we are looking at starting a clinic. I appreciate your insight. Sub'd.
subscribed to your channel because of these videos. Would love to see more videos on how you not only became a physician but also a savvy business person.
Hey Dr. J! My wife and I are looking into starting (taking over actually) a practice of our own. Thanks for the content and for doing what you do! It's always good when one allows themselves to learn from others' experiences. Thank you for sharing yours! Looking forward to watching your other vids! Much love!
THANK YOU for mentioning Mal-practice insurance! A client didn't want to buy it, so I couldn't insure the business!!! Not in Cali, 1/3 sounds low....my state we average 2/4 plus professional plus umbrella plus key holder life insurance
Hi! Thanks for the advice! As a pulmonologist can You explain what is going on with corona patient’s lungs when they get the virus! Also what about NSAIDs is making this viral illness worse?! Rising 3rd year Med student will like to know! :) God bless!
You can start a practice right out of medical school if you want but you should have some training. A few states will allow you to practice as an assistant physician rather than going to residency and you can gain valuable experience that way. If you do this you will need to start a direct care practice as you will find it difficult to credential with insurance. Otherwise straight out of residency you can start a practice, no need to waste your time working for a healthcare system
what kind of doctor are you? I'm thinking on going into internal medicine residency and working as a hospitalist for 3 years & live like a resident & save money to open my private practice. Private practice is the only reason why I want to get my M.D.
Hello Doctor thanks so much for the video, I am a rad Tech in California starting a mobile x-ray business. Do you have any pointers for me as well please?
I have noticed the very topical psychological advice here. When you are going to implement a medical practice, you must be ready to ask for help. Some people hesitate to do it.
I am a FNP and I have completed every step you mentioned in starting my own family practice EXCEPT credentialing because I do not have a practice location. Do you suggest I use my own personal address and start the credentialing process or wait until I find a practice location then apply for credentialing?
Thanks for this inspiration and advice! I'm about to embark on this road as a neurologist, it's exciting and scary. Question: I'm already credentialed with all of the insurances and Medicare in my current job with a big medical group. I'm starting my practice in the same town-- do I need to re-credential with everyone or is the process easier if you've already been a provider for these insurances for 10+ years (like me)?
Medical schools should have rotations where students learn how to manage the business side of medicine. I heard that 38 to 44 % of physicians own their practices. Otherwise , people will be coming out of college and medical school in 500 K of education debt which will in the long run devalue an MD degree.
I am a nurse practitioner and have a small medical practice providing medical nail care and wound care to LTC facilities. I want to do it full time and looking for resources to learn how to create a business plan
Hi Melissa- I was reading your comment and absolutely am a propoent of EVERY licensed medical professional opening their own business. It may change a bit in your own state, but the general specifics are essentially the same. I am also from CA like this gentleman (where everything must be overly complicated); overall, when you know the process it's fairly easy. Not to brag but.... We are All a smart bunch if we made it this far. We just need a little business advice and the rest is easy-peasy. Please feel free to contact me via email if I can be of help in any way. I will include my email at the bottom. Hopefully I can plan on doing a video about it, Specific to RN/NP/PA business as... our requirements are just a tad different vs MD but totally not hard at all when you get the correct advice. And, Is easily the number one reason clinicians don't or are afraid to open their own practice. I know so many RNs who want to do this and should!!! It will benefit you no matter your specialty. To get started, the 1st thing to always do is go to the IRS site and file for an EIN. Employer identification number. Need this even if it is just you because this is what you need to bill... it's also what you need for taxes, and also what you need for a business checking/ credit account. Believe it or not most banks require this to even consider you for a bus account. You will need it because depending on the type of entity you open: it is hard to keep separate personal and business (and much easier to plug in your business account into certain software so that the work is automated). I wanted to film this RUclips informational video NOT to monetize; rather to help others. Unfortunately, the information is not always readily available and out there. I want to change that for all. Including patients. They actually, end up benefiting as well. If there are enough independent practices to outnumber big business/ins.. private practice will save money thereby having a ripple effect on the whole industry. Disrupting it and forcing it to better days, when it was about patient care not money. All while doing well for yourself and doing more than you know for the profession in general and for patients. The more money you save insurance companies and hospitals.. the more money you save other medical practitioners, the more savings is passed on to the patient. I think that is the absolute most wonderful thing we can do for them and ourselves! It's the most common question I hea; since I have the experience and knowledge. I would love to put the info out there. In the meantime I will be more than willing to help you with any suggestions or advice by private email: lnccnursingconsultants@gmail.com Have you thought of a partnership? It doesn't even have to be someone interested in in your niche. It could be a service added to your niche to Make more of a profit.. While also creating the space for More services and a wider range of income streams still A-day more for a price for insurers and medical groups. Still a better pay off for you. Or sense you are an employer technically you could hire someone to do this and work for your company. I have not yet done this but is one of the things I am definitely scared about because then I would have to worry about all the extras like benefits insurance ect. As with everything it seems very daunting but when you have all of the details and information it is so much easier. It's really More tedious than difficult :) As an ex. I first met a So employed are and when I was doing travel nursing years ago. He opened his own travel RN company at the time specifically so he himself could get the bill rate offered by the hospitals. (Ex-$60/hr vs $125/hr) he Cid keep the difference out of.. he cut out the middlemen. Totally legal. 1. EIN 2. Reg w/ state 3. Bus Checking Account You will have to research the different types of businesses and decide which one is for you. You can also find this on the IRS Web site or even their RUclips channel. I could talk forever but don't want to take up so much space :) Let me know if you need a help for advice. Once we figure out what to do it is super simple! Either way you will need these 3 things before a business plan S you are looking for funding or contract. Good luck! If I don't end up coordinating with you at some point best of luck with everything! A Ca NP 🤗
@@medicinedeconstructedwithc4222 Thank you! Did you hire a manager or did you do all the credentialing yourself? It's scary going solo so any tips will be appreciated.
Im starting a universal wellness center. Im looking for a P.A. / Nurse Practitioner. Now you have the opportunity to become a part owner. Msg me if your in florida and south eastern regions and are thinking of opening a practicebut maybe you dont have 50 or 60k sitting around. Ive been a director of years and saved . Im simply looking for a minor partnership, but it could become a great future for someone looking to work minimum time or if you're retired.
3rd year med student with hopes of running my own community practice. THANK YOU for this information!
How’s it going
Same 💕
@@kaylanijoytv8733 probably in residency still :)
How is it going! I have quite similar aspirations. I am just a high schooler.
1. Willing to fail
2. Establish the mindset
3. Ask for help in business & life
4. Register the company
5. Insurance to protect yourself
6. Knowing the local health insurance company & plans
- Thank you for the great tips!
I can't wait for the day that I open my own practice. Let God be the Glory!
You got this ❤
The business side of medicine is just as important as the medical aspect. Thanks for videos!
Very true.
I agree because it takes innovation to change the state of healthcare ❤🎉
Amazing video! I appreciate your take on the insurance-based practice. You can also open a cash based practice like a DPC or men’s health. Wishing you all the success ❤
You should do a day in your life/how to create a healthy daily routine. I saw your video on Jubaal’s channel. It was great
Me too! Jamie definitely needs to get more attention, his videos are amazing, his vibe is awesome! :)
Loving your videos. I'm an Optometrist who started my own practice 4 years ago. For me, credentialing was the worst part!
This is exactly why I earned my MBA/MSN prior to my NP/DNP..bc the biz side i could forsee bring soooo problematic. I can and am always upgrade when I graduate with my MD. Being established with help is/was crucial to be. So thankful. Thank you for this! I'm also from CA! GO Golden State! Bless all!
Good y'all!
Thanks. You clarified some of my confusion. I am moving to that direction. I wish for your practice to florish!
First of all I need to tell you I’m so very grateful that you were in Riverside at the time I met you!!! I loved how you took my medical situation. I was not happy about the Dr I was given from the group you were in. I just want to thank you for taking the phone and telling your office “she’s off my case and your were taking over” I knew I was in great hands. I will definitely refer you to all I know. I am from Orange County and was raised in Irvine and El Toro. My husband and I love ya!!!
I’m a 2nd yr Med student. I’m looking forward to learning more about this and your progress!! Med school really doesn’t cover the finances and insurance aspect at all!!
It’s for a reason, they want to keep you on the ‘system’ I hope you opened a practice ❤
@ still in residency. Applying to fellowships soon but def still the plan to open my own
This is the second of your videos I've watched and they are very informative. I'm a retired nurse and have my MBA, so I know a little of the business end. My kids mom has been an ARNP for about 5 years and we are looking at starting a clinic. I appreciate your insight. Sub'd.
Thanks for this. Very helpful for a final year med student eager to go private.
subscribed to your channel because of these videos. Would love to see more videos on how you not only became a physician but also a savvy business person.
So informative! Thank you for uploading these kind of videos
Hey Dr. J! My wife and I are looking into starting (taking over actually) a practice of our own. Thanks for the content and for doing what you do! It's always good when one allows themselves to learn from others' experiences. Thank you for sharing yours! Looking forward to watching your other vids! Much love!
Love the content Dr. J! It's great to see physicians like you serving as an example to the medical community. #physicianentrepreneurship
THANK YOU for mentioning Mal-practice insurance! A client didn't want to buy it, so I couldn't insure the business!!! Not in Cali, 1/3 sounds low....my state we average 2/4 plus professional plus umbrella plus key holder life insurance
Great Video Dr. Rutland!!!
Hi! Thanks for the advice! As a pulmonologist can You explain what is going on with corona patient’s lungs when they get the virus! Also what about NSAIDs is making this viral illness worse?! Rising 3rd year Med student will like to know! :) God bless!
i will keep in mind when building a hospital! thanks
Thank you!
Great vid, doc! Thanks for sharing this
How long do you think a doctor should get as experience before opening your own practice ?
5 years I think
Like 5 years post medical school
You can start a practice right out of medical school if you want but you should have some training. A few states will allow you to practice as an assistant physician rather than going to residency and you can gain valuable experience that way. If you do this you will need to start a direct care practice as you will find it difficult to credential with insurance. Otherwise straight out of residency you can start a practice, no need to waste your time working for a healthcare system
In collagen 1991 I was really good at Psychology but I never seen a future in it
Register the company (s-Corp), get Malpractice insurance and Get Credentialing done from medical insurance (like BCBS).
How do you market this and make it succede?
Awesome.
what kind of doctor are you? I'm thinking on going into internal medicine residency and working as a hospitalist for 3 years & live like a resident & save money to open my private practice. Private practice is the only reason why I want to get my M.D.
I am planning to do private practice as well as a youtube channel. Do you have any suggestions?
come to ViTel Health and we can help you if you still need it
Hello Doctor thanks so much for the video, I am a rad Tech in California starting a mobile x-ray business. Do you have any pointers for me as well please?
I have noticed the very topical psychological advice here. When you are going to implement a medical practice, you must be ready to ask for help. Some people hesitate to do it.
Which consulting firm did you use?
I am a FNP and I have completed every step you mentioned in starting my own family practice EXCEPT credentialing because I do not have a practice location. Do you suggest I use my own personal address and start the credentialing process or wait until I find a practice location then apply for credentialing?
thank u! subbed
Thanks for this inspiration and advice! I'm about to embark on this road as a neurologist, it's exciting and scary. Question: I'm already credentialed with all of the insurances and Medicare in my current job with a big medical group. I'm starting my practice in the same town-- do I need to re-credential with everyone or is the process easier if you've already been a provider for these insurances for 10+ years (like me)?
Yes. The NPI that’s credentialed is likely the groups NPI. I had to re do every contract.
Yes DR
Medical schools should have rotations where students learn how to manage the business side of medicine. I heard that 38 to 44 % of physicians own their practices. Otherwise , people will be coming out of college and medical school in 500 K of education debt which will in the long run devalue an MD degree.
I am a nurse practitioner and have a small medical practice providing medical nail care and wound care to LTC facilities. I want to do it full time and looking for resources to learn how to create a business plan
Hi Melissa-
I was reading your comment and absolutely am a propoent of EVERY licensed medical professional opening their own business. It may change a bit in your own state, but the general specifics are essentially the same. I am also from CA like this gentleman (where everything must be overly complicated); overall, when you know the process it's fairly easy. Not to brag but.... We are All a smart bunch if we made it this far. We just need a little business advice and the rest is easy-peasy. Please feel free to contact me via email if I can be of help in any way. I will include my email at the bottom. Hopefully I can plan on doing a video about it, Specific to RN/NP/PA business as... our requirements are just a tad different vs MD but totally not hard at all when you get the correct advice. And, Is easily the number one reason clinicians don't or are afraid to open their own practice. I know so many RNs who want to do this and should!!! It will benefit you no matter your specialty. To get started, the 1st thing to always do is go to the IRS site and file for an EIN. Employer identification number. Need this even if it is just you because this is what you need to bill... it's also what you need for taxes, and also what you need for a business checking/ credit account. Believe it or not most banks require this to even consider you for a bus account. You will need it because depending on the type of entity you open: it is hard to keep separate personal and business (and much easier to plug in your business account into certain software so that the work is automated).
I wanted to film this RUclips informational video NOT to monetize; rather to help others. Unfortunately, the information is not always readily available and out there. I want to change that for all. Including patients. They actually, end up benefiting as well. If there are enough independent practices to outnumber big business/ins.. private practice will save money thereby having a ripple effect on the whole industry. Disrupting it and forcing it to better days, when it was about patient care not money. All while doing well for yourself and doing more than you know for the profession in general and for patients. The more money you save insurance companies and hospitals.. the more money you save other medical practitioners, the more savings is passed on to the patient. I think that is the absolute most wonderful thing we can do for them and ourselves!
It's the most common question I hea; since I have the experience and knowledge. I would love to put the info out there. In the meantime I will be more than willing to help you with any suggestions or advice by private email: lnccnursingconsultants@gmail.com
Have you thought of a partnership? It doesn't even have to be someone interested in in your niche. It could be a service added to your niche to Make more of a profit.. While also creating the space for More services and a wider range of income streams still A-day more for a price for insurers and medical groups. Still a better pay off for you. Or sense you are an employer technically you could hire someone to do this and work for your company. I have not yet done this but is one of the things I am definitely scared about because then I would have to worry about all the extras like benefits insurance ect. As with everything it seems very daunting but when you have all of the details and information it is so much easier. It's really More tedious than difficult :)
As an ex. I first met a So employed are and when I was doing travel nursing years ago. He opened his own travel RN company at the time specifically so he himself could get the bill rate offered by the hospitals. (Ex-$60/hr vs $125/hr) he Cid keep the difference out of.. he cut out the middlemen. Totally legal.
1. EIN
2. Reg w/ state
3. Bus Checking Account
You will have to research the different types of businesses and decide which one is for you. You can also find this on the IRS Web site or even their RUclips channel. I could talk forever but don't want to take up so much space :)
Let me know if you need a help for advice. Once we figure out what to do it is super simple! Either way you will need these 3 things before a business plan S you are looking for funding or contract. Good luck! If I don't end up coordinating with you at some point best of luck with everything!
A Ca NP 🤗
Hi, my name is Larah and I'm an aspiring NP who eventually wants to open up a practice but first gain hospital experience. Are you an FNP or ACNP?
any updates on this series?
seriously, any update?
It's okay if you're no good at your job I've been there done that
Ur right
Do you have to be a doctor to private practice ?
How much money did you need to start up?
Janice Fuentes probably 10-12k cash. But u also have to be ready to pay expenses for a couple months so it depends.
@@medicinedeconstructedwithc4222 Thank you! Did you hire a manager or did you do all the credentialing yourself? It's scary going solo so any tips will be appreciated.
Janice Fuentes a member of my staff helped me a lot.
Fine
Im starting a universal wellness center. Im looking for a P.A. / Nurse Practitioner. Now you have the opportunity to become a part owner. Msg me if your in florida and south eastern regions and are thinking of opening a practicebut maybe you dont have 50 or 60k sitting around. Ive been a director of years and saved . Im simply looking for a minor partnership, but it could become a great future for someone looking to work minimum time or if you're retired.
This also work for NP?
Diana Gomez Litan I cannot speak to that. Wish I knew more.
Why does a lawyer have to file for you?
If we were truly educated, we would know the fallacy of all medical practice...
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