Becoming a nurse practitioner is not an easy task; running a successful Nurse Practitioner Office isn’t easy either. Years of schooling and training to become successful and equipped with knowledge, but what happens once you graduate? Maybe you’ve worked in a hospital for the majority of your career. Maybe you’ve worked in a clinic with a team of other NPs or doctors. Or maybe you’re just getting started in your career and you’re not sure where you want to do next.
Wherever you are in your journey, there comes a time when many NPs decide to venture out on their own and start a healthcare clinic. This decision is not made lightly, and it is definitely not for everyone. However, NPs with a unique specialty are highly needed in many communities and add a lot of value wherever they are.
When you decide to make this jump from employee to business owner, there are several factors to consider. You will be acting as a business owner as well as a healthcare professional, so juggling those two roles will likely come with a learning curve. Handling things like payroll, building expenses, and equipment comes with a lot of responsibility. However, when you are passionate about health and business, you can build a successful practice. If you are in this position and ready to start a healthcare office on your own, keep reading because we have some great tips to help.
1. Choose a Specialty
As a Nurse Practitioner, you’ll want to have a specialty that sets you apart from the rest of your competition. For example, if you have extensive knowledge and training in hormone health, a hormone clinic could be very successful in your community. There is a definite need for specialty health professionals and having yours nailed down before you start building your business will help you find success.
2. Know the Laws & Protect Yourself
There are different laws and regulations surrounding Nurse Practitioners in different states, so make sure you know what they are before you dive in. We would recommend sitting down with a lawyer to go over everything you need to know to protect yourself and your community. You will also want to look into insurance options during this time to make sure you are fully protected if emergency strikes.
3. Be Strategic With Your Hires
Now that you are a business owner, you have the power to hire your dream team. Think through the positions you want and need at your practice and hire the best people for the job. Qualifications and experience will be important, but don’t forget to look at the candidate as a whole and make sure they will fit well within your culture.
4. Consider Financing Options
There are a lot of expenses that come up when you’re starting a business. You’ll need a building, employees, software, and most importantly, equipment. This can add up quickly, and it can be very risky or even impossible to pay it all upfront. There are many lenders who work with healthcare professionals to give them the opportunity to grow their businesses without a high upfront cost. At Hippo Lending, we offer financing with low interest rates to help you build your dream of an NP practice into a successful, thriving business.
5. Consider Having a Business Partner
Having a business partner can be beneficial in many different ways. Having someone to share ideas with, someone who cares about the business as much as you do, and someone to share the costs with alleviates some of the stress and risk when it comes to starting a healthcare practice. However, it’s critical to choose the right business partner. It’s better to be on your own than in a toxic partnership, so make sure you are going into it with the right person.
When you are strategic in opening a Nurse Practitioner practice, you can become highly successful in your area and expertise. Hippo Lending is here to help with any of the upfront costs that come with running a healthcare business from medical equipment to cash flow. If you have any questions or want to learn more, fill out an application on our website and we will put you in touch with one of our specialists.
Hippo Lending represents the convergence of medicine and finance. While we may not be saving lives, the underlying principles of the Hippocratic Oath closely align with our values: a commitment to service and treating our customers as people, not just a loan. We ensure privacy and always act from a position of unity and humility.
Hippo Lending is an originator and servicer of commercial loans to medical professionals. We provide these services to match lenders with medical professionals. Upon completion, Hippo Lending facilitates commitments between borrowers and lenders.