Start Your Own Practice: Initial Costs & Requirements - Essay Sample

Introduction

The financial requirements necessary to set up an independent practice vary significantly depending on the location, legal framework, population and the size of the desired enterprise. The initial startup costs include the costs for renting or leasing space, acquisition of furniture, premium and insurance costs on properties and malpractice as well as the costs incurred in the purchase of medical equipment. Besides the startup costs, setting up an independent practice requires a considerable amount of overhead costs. These costs include regular medical billing and medical transcription services.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

The list of material resources necessary to start and run an independent practice is inexhaustible. However, the most vital resources include an electronic health record (EHR), credit card processors, office furniture, medical equipment and other auxiliary equipment (DeLancey et Al., 2017). Human resources is also an essential resource for independent practice. The smooth operation of activities in the independent practice requires collective efforts of managerial and other supporting staff. The APRN thus needs a human resource in terms of the administrative and supporting staff. Small enterprises need roughly five employees.

The first few weeks of starting the private practice calls for severe financial analysis. The private practice is kicking off and the APRN will need a lot of business and legal advice. Therefore, the APRN has to establish a strong foundation of legal and financial experts (Perla et Al., 2018). A law is necessary to help with any legal pieces of advice. The lawyer can also examine the legality of the whole process. A Certified Public Accountant is essential during the startup phase to offer financial assistance. The CPA can advise the APRN on different economic paths such as loans, leases, and rents. He will examine every step of the financial implications and advise on the best solution after analyzing the pros and cons of each move. Nevertheless, the APRN will need a qualified medical assistant with whom they can share ideas and discuss various medical issues.

There are several ways through which APRNs can build a partnership with the community around their private practices. They can offer quality healthcare services at the most affordable costs. Quality services create an opportunity for the nurse to extend their services through satisfied clients. The APRN as a medical practitioner should focus on improving the health of the community through community health awareness and health educational programs (Plagenhoef, & Philp, 2016). An APRN can boost community partnership and interaction by ensuring safety and secure medical practices in independent practice. A sense of care, quality, and security draw and build more community partnerships.

References

DeLancey, J. O., Softcheck, J., Chung, J. W., Barnard, C., Dahlke, A. R., & Bilimoria, K. Y. (2017). Associations between hospital characteristics, measure reporting, and the centers for medicare & Medicaid services overall hospital quality star ratings. Jama, 317(19), 2015-2017.

Perla, R. J., Pham, H., Gilfillan, R., Berwick, D. M., Baron, R. J., Lee, P., & Shrank, W. H. (2018). Government as an innovation catalyst: lessons from the early Center for Medicare and Medicaid Innovation Models. Health Affairs, 37(2), 213-221.

Plagenhoef, J. S., & Philp, E. B. (2016). The APRN Compact: APRN independent practice imposed on all adopting states. ASA Newsletter, 80(6), 64-65.