There are seven key steps for orthopedic surgeons starting their own practice, according to a roadmap from the American Medical Association.
1. Take stock of the local market, looking at real estate prices and the demand from the local population. Determine whether it's best to lease or purchase a property.
2. Secure licensing and credentials in the state the practice will be in. This process can take several months.
3. Have a strong idea of how running a business works. Seek advice from professional advisors.
4. Identify payers to contract with and decide on a payment model. Work with a healthcare attorney to navigate payer negotiations.
5. Consider insurance options available to businesses and business owners, such as business overhead insurance and disability buyout insurance.
6. Partner with a vendor to purchase equipment and medical supplies, and create a procurement list of everything you need.
7. Consider your full-time staffing needs, including administrators, receptionists, human resources and managers, using industry benchmarks to determine need.