Nurse Practitioner Opening Own Practice – You’re hungry. You want to learn about the challenges and benefits of owning your own private practice. Maybe you want to operate a family practice, or a nursing home, or a women’s health clinic. However, once you are ready to take on an exciting new challenge, it is time to think about the essentials and get ready to move on to personal life. We’ve outlined some broad strokes below to get you started.
The first thing you must accept is that you are not just an NP, but an entrepreneur. Patients are increasingly aware that they can see a nurse practitioner as their PCP instead of their doctor or as their primary care provider in many facilities. On the recipient’s side, NP care can feel almost the same as you would receive from a physician. As an NP, you are rigorously trained and certified to perform the tasks and responsibilities associated with MD care. You can write prescriptions, make diagnoses, and develop treatment plans. Now that you’re thinking about your own product, it’s time to educate yourself (with a little help) on how to become a business owner.
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Nurse Practitioner Opening Own Practice
While all nurse practitioners are certified nationally upon passing the National NP Board Examination, each state has jurisdiction over whether an NP has the legal freedom to open and operate a private practice. Make sure the state’s individual rules are not restrictive in any way. Check for any other restrictions that may apply to you, your employees, or your facility. Do this first of all before going to any place or building. This knowledge will help guide many of your decisions.
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Time for papers. The fun part of filing an LLC or corporation is the joy of seeing your name, or the name of your practice, in ink. You will also need to enter a National Provider Identifier (NPI). Without these two things you cannot accept insurance. There are also tax and liability issues. LLCs and NPIs can take some time to get approved and activated, so plan ahead and get started early.
If you plan to prescribe and/or dispense medications, you must register with your state’s DEA. If you don’t already have DEA registration as an NP, be sure to do that as well.
Owning and operating a private institution is expensive. As you might expect, this varies depending on each state’s economy and infrastructure, and even more depending on whether you work in an urban or rural area, for example. Expect additional costs and plan to manage your budget with a fine-tooth comb. Startup costs may include:
Office space: You must secure space, ensure it is zoned and permitted accordingly, and furnish it appropriately. Although you may be able to find turnkey space, you’ll need a steady supply of cash for rent as your practice grows.
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Staffing: Depending on how many primary caregivers you have in your practice, you will also need outside support staff and resources. Make sure you budget for reception, billing, transcription, and any additional technicians or nurses. Also plan for off-site resources such as an office manager and payroll and tax services. Be sure to include employee benefits in your personnel costs.
Supplies and equipment: This will vary greatly depending on the type of service you have. You may be able to invest in some used equipment. Figure out how you’ll continue to find items for replenishment. Don’t be fooled by empty shelves.
These costs are increasing and many are in the works. Underfunding is a major contributor to early failure in any type of new business. You will almost certainly need a lender to step up and remain a lender in the early stages.
Insurance is characteristically Byzantine, and its reputation is well earned. You need to decide which insurance providers you are willing to work with and accept. You can create a profile through CAQH so that you do not have to repeat your efforts. Once you’re ready to accept insurance, it’s an ongoing and premium part of your business. As a private care nurse practitioner, you may not have the expertise – and certainly not the time – to manage this yourself. You’ll need to hire a rockstar insurance team or outsource an existing service.
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What about your own insurance? You must have professional liability insurance (malpractice insurance) to operate. You may also need additional coverage, such as disability and renter’s insurance. Get professional advice on how to best protect yourself and your practice.
Word of mouth is always the best source of business, but you may need to get your name out there in the beginning. Set up your social media and website, and consider whether you should create a marketing budget for posters, online advertising, etc. Start with a small amount and see what works.
Overall, it’s a lot! There is so much more. But if you’re already an NP, you know how to do your best and don’t shy away from a challenge. It is worthwhile to enjoy great nursing professional achievement under your name. May you be successful!
WCU provides career guidance and assistance but cannot guarantee employment. The views and opinions expressed are those of the individuals and do not necessarily reflect the beliefs or position of the School or any teacher or student.
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Are you wondering what you need to open a business during the pandemic? Here are eight things you need to know from nursing and nursing business owners.
You may be wondering, “What do I need to do to open my own practice as a nurse or nurse practitioner (NP)? How hard will it be? What help will I need?”
Opening your own business is nothing like nursing school or your first nursing job. It is likely that you:
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We talked to business owners Wendy Jules, RN, BSN, and Peggy Roberts, DNP, WHNP-BC, who know a thing or two about nurse entrepreneurship. Both opened their businesses during the COVID-19 pandemic!
As registered nurses (RNs), Jules and her co-founder Carla Nelson knew they had the skills to open a health care business. Her educational and nursing experiences gave her confidence.
“[We] just had to take a leap of faith to open Fleur de Lis Beauty & Aesthetics,” says Jules.
They say it is important to be passionate about the services or products you provide. If your passion doesn’t shine, your customers won’t shine either.
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Roberts also notes the importance of taking your time. Because of the pandemic, it took almost a year for Roberts to open the doors of the Women’s Healthcare Trust. Although it took a lot of time, starting a business is a big responsibility. There are a lot of risks involved, and you want to do it right.
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Although opening a business can be profitable, knowing your ‘why’ is even more important than making money. If you want to build a successful, scalable business, take some time and write down why you want to be a business owner.
For both of our nurse entrepreneurs, the ‘why’ behind their business hits home in personal ways, including representation, outreach and giving back to their communities.
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Jules and Nelson noticed a lack of representation of Black skin care providers in their community. That’s when she came up with the idea of opening Fleur de Lis Beauty & Aesthetics, a medical spa in Brooklyn, New York.
“Our goal was to provide easy access to corrective skin care,” says Jules. “We also wanted to create a beautiful space where customers could come, relax and prioritize self-care.”
Roberts wrote the Women’s Health Care Trust as a way to give back to her community. After completing her doctorate, she was thrilled to learn about the enormous disparities Black women face in health care in the United States. Black women are 3.5 times more likely to die from pregnancy-related complications than white women, making advocacy for patients of color essential.
After looking for other leadership positions and talking to colleagues, Roberts decided that opening a women’s health clinic was the best way to give back to her community. She also hopes to reduce women’s health disparities among women of color.
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There are many types of business structures that you can choose from. First, you should decide what type of business will work best for you and your company.
These business structures have their own advantages and disadvantages, so remember to do your research to find the one that best suits your goals.
You want to open your own nursing business, but how to finance it? There are many ways to finance your business. you can
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