If you want to know how to start a Dermatology Practice Business you have come to the right place.
Whether you’ve always loved skincare and someday want to be a doctor or you’ve already graduated med school, learning how to start a dermatology practice business can be extremely rewarding for a number of reasons. Let’s go through the necessary steps to open your own private practice dermatology business.
Non Medical Professionals Can Still Invest in Medical Business Start-ups Skip to the End to see how.
Step 1: Get an MD or DO degree (Finish Medical School)
Before you can learn how to start a dermatology practice business, you need to go to medical school. This requires getting your bachelor’s degree, and getting accepted to medical school. During medical school you will want to do well on your rotations specifically your dermatology rotation to get good references for applying to Dermatology Residency.
Step 2: Complete a Dermatology Residency / Gain Experience and make connections
While you spend endless hours during residency working and practicing your trade, try to keep an eye on where you want to be after residency. Strong connections with those in your community will help if you decide to start a practice in the same location as your residency.
Step 3: Join a Dermatology Practice or jump to step 4
After residency the road is wide open with options…
- Join a large group single specialty group
- Join a large multispecialty group
- Join a small group
- Educational Practice
- Start your own solo practice
Since you know you want to start your own practice what are the best ways to get there?
My recommendation is to join a small group and learn the ropes and then start your own after 2-5 years.
Iit’s highly recommended that you first get some experience under your belt. It will most likely be a lot easier to succeed with this process if you’ve first worked for another practice before. For one thing, customers will trust you a lot more. However, there’s a lot that goes into being a dermatologist that they won’t teach you in school if you plan on owning your own practice. Working at someone else’s will give you a lot of experience with this firsthand.
Step 4: Start a Dermatology Private Practice
Here are a list of items to include in your startup business plan:
Find a location – find a place with a good mix of low competition and high income clientele. You likely won’t be able to compete with the entrenched dermatologist and skin care centers in Hollywood or Huntington beach. So find a place where there is a need and large demand for your services. Also, finding a location with a higher than average median household income will help when you decide to offer elective procedures to help grow your practice.
Working as a dermatologist means that the vast majority of your customers will be paying you through their insurance carrier. Therefore, you’re going to need insurance technology to run bill them. You will also need it in order to prescribe medicines to your patients so that they’re approved to buy them later.
Get a Guarantee from a hospital – hospitals are eager to recruit dermatologists and will often guarantee your practice startup with forgivable loans. Find a place where this is an option. Call hospitals in the areas you have an interest in and ask what options are available for a PRIVATE PRACTICE START UP.
Invest in an experienced Practice Manager – the best way to ensure you succeed is to find an experienced practice manager. Place an ad on indeed.com and on the MGMA career website. Try to find someone with an ACMPE (american college of medical practice executives) credential that knows the ins and outs of managing a practice. You will not regret spending more to find a qualified manager that can grow with your practice.
Hire Staff – The amount of staff you need will vary on the type of dermatology you decide to focus on. However, you’ll definitely want a receptionist, preferably one who will be able to learn the insurance mix and electronic medical records technology easily.
Find a USER FRIENDLY EMR (electronic medical records) – the key to your success depends on your efficiency. Find a software system that is easy for the physician. You don’t need all the bells and whistles.
Dermatology offers doctors a lot of great opportunities to help people. By running your own practice, it will be that much easier to do.
Find a Broker – you need:
- professional medical liability insurance
- liability insurance
- workers compensation insurance
Create a Marketing Plan – which will include:
- A Medical Practice Website – click here to start your first website
- Business Cards
- Medical Practice Brochures
- Newspaper Ads
- Local Community Ads
- Phonebook Ads
- Facebook Ads
Select the Core and Cosmetic Dermatology Procedures for your practice
Do you want a 1) Medical 2) Surgical or 3) Cosmetic Practice? Or a mix of the three?
Non-Medical Investors in Medical Practices – How to Invest in Healthcare Startup Practices
- Own the facility
- Own the Medical Service Organization (MSO)
- Finance the medical practice start-up (loan)
- Own assets in the medical practice
- Some states allow you to own an Urgent Care or other Medical Practice without a medical degree (research state license requirements)
So if you want to start a Dermatology Practice Start Up do your research, make some connections, and get help with your business plan.
If you need help starting up…let us know.