Starting your own practice

[nursenurse24]

Hi, I'm currently a CPNP and I want to start my own practice. I have 5 years experience and I'm tired of Doctors taking full advantage of Practitioners in the state of Florida and not being compensated properly for our hard work. I need some guidance from fellow practitioners who already started their own practice. .Where do I start?

[zmansc, ASN, RN]

Starting your own practice is no different than starting any new business. You have to identify a market, why people would buy your product vs the product that is offered by your competitors, etc. You will want to come up with a business plan that identifies the costs you will incur upfront, how you are going to fund those, and how you plan to grow. This is all basic business planning. If you have never done it before, I would suggest finding a local group that helps individuals start small businesses, they can typically walk you through the process. If you can't find an organization like that, then there are books on starting a business/writing a business plan that you could use to help you with the process.

Issues that will be specific to you are issues in dealing with insurance companies as well as legal issues that are specific to NPs in your state. You said you are in FL? Are you planning on starting this business in FL? Last I heard you will need significant involvement of a physician in FL, so that will be an arrangement you will have to find and most likely an expense you will incur. As for insurance companies, you might want to talk to NPs who are independent in FL about how they dealt with insurance companies, credentialing, payment rates.

Once you have an idea of how you are going to handle most of these issues, then I would suggest getting other professionals involved, at minimum I would run the idea by a lawyer who specializes in NP legal issues and a CPA. They would be able to help you with making sure you are not exposing yourself legally in ways you don't want to and that you are structuring the business in a way that will maximize your profits and minimize your taxes.

Good Luck!

[BostonFNP, APRN]

I assume you are an AANP member? Reach out via the AANP network and you will find some support there. There are a number of active AANP member with franchises practices that I am sure would help you. There was quite a discussion at the national conference. I can think of one member in particular that has a very successful franchise of clinics.

Sent from my iPhone.

[jer_sd]

I have opened two practices as a np. It is possible but a lot of work. You need to have a good understanding of billing coding and some business sense. What services do you want to offer, family practice, specialty care?

What payers are you looking to use cash only, medicaid, medicare ppo, HMO. Are you credentialed on any provider panels?

You will need to have a billing company, clia license. What capital equipment will you want to use, supplies, pharmaceuticals, there are a lot of unanticipated costs associated with opening a practice. Will you have employees? What set up will you have sole proprietor, c corp, s corp, llc

It is doable but requires effort and planning.

Jeremy