10/05/2022
Do you want to start your own private practice but have no idea where to start? SAVE THIS POST! ๐
1๏ธโฃ Form a business entity: look up your state's rules for which of the 6 most common entities (sole proprietorship, general partnership, limited partnership, LLC, C corporation or S corporation) you should form - every state has different rules!
2๏ธโฃ Develop a legal business name: you can get creative or just name it after you - it doesn't matter! You just need a name to file everything under. You can always change it later!
3๏ธโฃ Group NPI number: practitioners have their own individual NPI number, but you need to acquire a group NPI number for tax and potential claim filing purposes.
4๏ธโฃ Business EIN: EIN's are for tax reporting purposes, and your practice absolutely needs one to be able to function legally!
5๏ธโฃ HIPAA secure email & documentation storage: this is very important! There are SO many affordable options out there too (we use - they're a great, simple, and very affordable option! ๐จUse our discount code below)
6๏ธโฃ Business bank account: legally, you have to keep your money separate from your business's money. This is an essential step, and it also keeps tracking your business's finances so much easier!
7๏ธโฃ HIPAA secure payment system: non-medical businesses can use Venmo/Cash app/etc., but medical practices have to take an extra step. Luckily, there are many affordable options out there. We use Ivy Pay and LOVE it! It's the cheapest option out there! ๐จUse our discount code below!
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๐Ivy pay discount code: "lexs427" to get your first $1000 in Ivy Pay charges FREE!!!!!
๐Embark EMR discount code: "Y52PKQFT" to save 15% off of your whole subscription!!!!
Remember! You're only one step away from taking your first step at owning your very own private practice! Take that step today ๐ฃ
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*Please note that these tips are not official legal advice. Always consult an attorney when making decisions for your practice.