By, for, and about Nurse Practitioners owning their own independent business or practice, starting a business or practice, or just thinking about it. Learn what you didn't learn in grad school!
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How are your values reflected in your practice?
Like many people in the US, I’m terribly excited about our recent election. I feel it was a clear message that “we the people” want our government to conduct it’s business differently. But more than that, it says we are ready to move beyond a “tolerance” (though sometimes it’s barely that) to acceptance that while we are all different, we are all the same.
Obviously, not everyone in the US feels this way. One just needs to look around at news reports, blog posts, the talk in the local diner, and email. Take my email for instance. There are people who love to forward all sorts of stuff…anything from jokes to opinion pieces. While some are cute, there are many that are internet “hoaxes”. Then there is another group…essentially hate mail for lack of a better term.
Those sending and forwarding this stuff come from all walks of life, and include, yes…even Nurse Practitioners.
This got me to thinking…how do your beliefs and values shape your business and practice?
Who are your clients and customers? What message are you giving them? Is your behavior, and the behavior of your staff, consistent with the ideals you have set forth? Do you have a mission statement and is your office culture congruent with it?
We as Nurse Practitioners, as health care providers, often speak about the need for health care to be available to everyone. Unfortunately, those are not the actions I often see or hear about.
For example, I was recently told that I am the only practice in town that will welcome those with HIV disease. In addition, I have patients who tell me they are more comfortable in my practice because they feel they are apart of “we the people” regardless of their race, religion, sexual orientation, ability to read and write, the language they speak or their view on the pro-life/pro-choice debate.
I was taught from an early age that we are all the same…regardless of our differences. My practice and business – indeed my life - reflect this. It’s a core value for me. We don’t have to agree with every view, but we don’t have the right to spread intolerance and hate.
What do you clients, patients and customers feel about your business? Is it inclusive or exclusive?
Many of you have questions about starting a practice, or questions about your current independent practice. It has been difficult to respond to these questions individually. It makes sense to try and answer several questions, to several people at once.
Here is your chance to come together with other NPs and PAs who are interested in starting a business, managing the day to day events in your business, and growing your business to the next level.
And while I cannot promise their attendance, the Experts at NPBO have been invited to attend to help answer your questions.
So you are invited to join your colleagues for an interactive conference call. This call is open to both members and non-members. There is no charge for the call, expect perhaps long distance fees (please check with your phone service).
If you need to mute/unmute yourself during the call, please hit *6. I will record the phone call, and keeping the line clear of distracting noises will help ensure a clear recording for everyone to listen to.
If you don’t think you can attend, but have questions, please feel free to leave them here on the blog. I will do everything I can to address them during the call.
10 Steps to Starting Your Independent Nurse Practitioner Practice
On a weekly basis, I am finding email, phone calls and letters from Nurse Practitioners who are looking for information on stating their own business.
This article is a synopsis of an article I wrote that was orginally published in Advanced for Nurse Practitioners. It has since been updated and can be found at NPBO.
1. Develop a support system.
None of us operates in a vacuum. It is essential that you develop a team of professionals to assist you. That team may starting with an business attorney and CPA in order to start you out on the right foot both legally and financially.
You will also want to network and mastermind with other NP Business Owners who have already traveled this road. It will likely save you time, money and frustration.
2. File the necessary paperwork.
The paperwork alone will keep you busy! You will need to file for the necessary business licenses and permits. You need to get an NPI number, which should correlate with your new Tax ID number. As soon as humanly possible, if not before, begin the credentialing process with Medicare. That one will take the longests. File the others as soon as you can.
3. Find an affordable location.
Where you want to locate your practice is an important decision. Consider how much space you need now and for futuer growth. In your mind, walk through your space to determine what you think you will need. Make sure it feels good as well as make good financial since. Considerations including leasing a medical office, buying and remodeling a space as well as building from the ground up.
4. Research budgetary projections.
As soon as possible, start gathering information about reimbursement rates from payers. With this information, you’ll be able to make some projections about your potential gross and net income. Don’t forget to factor in the lower reimbursements that many still pay NPs.
5. Scout around for insurance.
Shop early for your liability insurance. Almost all payers want to see proof of your malpractice coverage prior to credentialing you. This includes many of the plans you may already be credentialed with.
6. Hunt for affordable and functional equipment.
I don’t buy the idea that you have to spend a huge amount of money to open your business. Nor does everything need to be brand new. I did a lot of shopping at surplus retailers as well as eBay. Likely you will purchase both new and used equipment. Consider keeping your shopping list to those items that you will really needed initially, as well as those items that you can show a good return on investment (ROI).
7. Outline your staff strategy.
What roles will have to be filled as your practice grows. Who can you utilize in more than one positing as you get going? Remember, when thinking about staff, you will have lots of additonal fees and taxes associated with being an employer.
8. Learn all you can about billing.
If there is one thing I wish I had known more about before beginning this practice, it would be billing. Reimbursement is the cause of most of my business headaches, and has nearly closed more than one practice. I cannot emphasie this enough. Learn it, and then monitor those who are doing it for you.
9. Let people know about you.
Marketing! I once read that we only think we are in busines to provide whatever widge we are providng, when it truth, our true job is to market. We have no business without our clients and patients. The way they find us is marketing - yellow pages, word of mouth, referrals, insurance companies, websites, and newspaper ads to name just a few.
10. Look Ahead.
Take the time to identify your goals and keep them updated. Decide how you want to grow and when it is time for you to move on. Make sure, as much as possible that you build a business that fits you and your lifestyle.
I believe that more and more resourceful and creative nurse practitioners will make the jump into private practice. It only takes a few core steps to mark out the path to myriad opportunities.
In the next Nurse Practitioner Interview, we will be speaking with Seth-Deborah Roth. She has been an RN since 1969, and CRNA since 1975. After witnessing the use of hypnosis for surgery, she went on to complete her own training in medical hypnosis. She is now utilizes hypnosis for pain control, anesthesiology, cancer, birthing, habit control, health and well being, among many other uses. In addition to teaching hypnosis, she offers workshops and seminars, books, CDs and coaching.
Join us on November 16, 2008 at 5pm Pacific/8pm Eastern. If you are already on our notification list, you will be receiving your special link and call in information right to your inbox. If you have not already signed up for notification, please do so at www.NPInterviews.com. We look forward to your participation.
What’s it like for a Nurse Practitioner to start a new brand new practice in a brand new building? Let’s find out from North Carolina NPBO member Jan Daniel, NP who started her practice, Stokesdale Family Care earlier this year.
Join us on November 9, 2008 at 5pm Pacific/8pm Eastern. If you are already on our notification list, you will be receiving your special link and call in information right to your inbox. If you have not already signed up for notification, please do so at www.NPInterviews.com. We look forward to your participation.
Matt Frietas, NP/PA lives and works in California. Many years ago, he became an accidential NP business owner. Accident or not, he has thrived, growing a large practice meeting the needs of many.
Join us on Sunday November 2, 2008 at 5pm Pacific/8pm Eastern as we talk with Matt starting and growing a successful practice. I suspect that this veteran has a few pearl to share with us all.
If you are already signed up to receive notification, then check your email. If not, sign up at www.NPInterviews.com or here at www.NPBusiness.ORG (the business directory) and you will receive a private link to the webcasts.
Clinician 1 is the first and only internet social networking community, where Nurse Practitioners and Physician Assistants go to connect, consult and converse about clinical, personal and professional information.
NP and PA members have the ability to join groups that center around the clinical specialties they practice and also around more that 50 special interest groups. These groups will center around issues and interests that are common to many clinicians. From “Just Starting Out” to “Retired Clinicians”, from “Owning a Clinic” to “Retail Health Care”, from “Burnout”" to “Parenting Issues”; there will be more than a number of groups that will interest the members of Clinician1.
In addition, Clinician 1 is a great informational resource featuring a 24 a medical news stream, blogs from very well known clinicians, links to the 30 best read medical journals and over 50 of the most noted patient information resources.
There will also be 20+ hours of CME being refreshed regularly.
The Clinician 1 Marketplace will also provide products and services to the NP and PA Communities where they can order discounted books, find tailored lab coats, subscribe to the BMJ Clinical Evidence Series, find out about a new employment position and even get malpractice insurance.
Clinician1 will be a place where prescribers can find out more about a new drug, indication or device, where they can review an educational slide deck, video and even request a rep visit and product samples.
Clinician 1, created by leading NPs and PAs in the country, is proud to offer you the invitation to join us.
I’m honored to be able to present to you the 2008 Nurse Practitioner Posters!
This wonderful work is brought to us all by Bill & Karen, PA (the photographer) at http://www.npworld.us, where you will find links to be able to download the posters as well as view previous years work.
Carol had the right idea when she started her practice. She now makes a difference for lots of employees and employers and everyone is happy. How did she do this? Listen in to find out.
Join us on October 12, 2008 at 5pm Pacific/8pm Eastern. If you are already on our notification list, you will be receiving your special link and call in information right to your inbox. If you have not already signed up for notification, please do so at www.NPInterviews.com. We look forward to your participation.
Like many people in the US, I’m terribly excited about our recent election. I feel it was a clear message that “we the people” want our government to conduct it’s business differently. But more than that, it says we are ready to move beyond a “tolerance” (though sometimes it’s barely that) to acceptance that while we are all different, we are all the same.
Nurse Practitioners who want to get started in business, with low overhead would do well to look at this business model. Listen in:
Many of you have questions about starting a practice, or questions about your current independent practice. It has been difficult to respond to these questions individually. It makes sense to try and answer several questions, to several people at once.
On a weekly basis, I am finding email, phone calls and letters from Nurse Practitioners who are looking for information on stating their own business.
In the next Nurse Practitioner Interview, we will be speaking with Seth-Deborah Roth. She has been an RN since 1969, and CRNA since 1975. After witnessing the use of hypnosis for surgery, she went on to complete her own training in medical hypnosis. She is now utilizes hypnosis for pain control, anesthesiology, cancer, birthing, habit control, health and well being, among many other uses. In addition to teaching hypnosis, she offers workshops and seminars, books, CDs and coaching.
What’s it like for a Nurse Practitioner to start a new brand new practice in a brand new building? Let’s find out from North Carolina NPBO member Jan Daniel, NP who started her practice, Stokesdale Family Care earlier this year.
Carol had the right idea when she started her practice. She now makes a difference for lots of employees and employers and everyone is happy. How did she do this? Listen in to find out.