Going Solo: Launch Your Own Nurse Practitioner Practice

Going solo in any sector demands passion and dedication. While many nurse practitioners (NPs) aspire to run their own practice, those who have done so realize that it takes a strong commitment to both the discipline and the business. Here is what you need to know if you are considering this career path.

Laws and Legislation

Nurse practitioners are governed by a variety of state laws, so find out what type of practice organization your state permits. Inquire with the nursing board in the state where you plan to open your flagship practice. Examine your state’s Nurse Practice Act for any applicable documents that clarify the role of a nurse practitioner in specific procedures and controversial issues like Botox injections. The internet is a wonderful location to start your research because it has a lot of free material. Research is vital. 

Certification

The online Doctor of Nursing Practice Family Nurse Practitioner (DNP FNP) course at Baylor University prepares professionally practicing registered nurses to oversee the much-needed delivery of primary care to patients. The online Doctor of Nursing Practice program was created in response to changes in nursing education at graduate level. These include the rapid increase of knowledge, the fact that patient care has become more complicated, concerns about the quality of care and patient safety, a short supply of highly trained nurses, and increased educational standards. DNP FNPs are well ahead of the curve when it comes to advanced practice nursing requirements.

Examine the regulations governing businesses and the licensing of medical professionals in your city and county. Make sure you follow all state and federal licensing regulations and certification criteria. You’ll need to apply for the essential licenses and permits for your business early on in the planning stages as some of the paperwork can take time. 

Set-Up Costs

Most nurse practitioner practices will require office space, furnishings, an administrative assistant, a website, stationery, and initial funding. Small-business, equity, or bank loans are all options to get funded. You can keep your launch costs low by investing your own money into the practice. When you find a creditor who is prepared to lend you money, you should work with them as much as possible to ensure that you are both on the same page with regard to the nature of your business. 

Not everything needs to be brand new. Consider shopping at thrift stores and on eBay. It’s likely that you’ll need to buy both new and used equipment. Consider limiting your shopping list to those products that are essential at the outset, as well as those that will provide you with a solid return on investment.

Cash Flow Considerations

Have supplemental money set aside when starting because expenses are likely to overwhelm income for six months to a year or more. Some nurses begin their solo careers by working part-time in another setting.

If you want to take Medicare and Medicaid patients, contact your state office to learn more about the laws in your area. Some business mentors advise that fee-for-service plans and HMOs (health maintenance organizations) are easier to deal with, especially when your practice is in the early stages of development. 

Follow Good Business Practices

Plan ahead and be safe. Draw up a business plan and get malpractice insurance to protect yourself. The Nurses Service Organization is commonly used for assistance and advice. 

Starting a medical practice can be incredibly costly, especially when only one or two people will be the primary caregivers. In addition, insurance providers can be difficult to work with, so you’ll need a highly skilled insurance collaboration team to help you get started. Many first-time business owners may try to save money by skipping this phase and avoiding hiring partners such as attorneys, tax advisers, and office administrators. This is not advised as it will end up costing you more in the long run. 

You will need to get a team of people on your side. These include a skilled medical biller, an accountant, and an attorney to get your business in order. Experienced individuals in each field of service who know what a nurse practitioner is and have worked with one before, will be hugely beneficial. You may need a supervising or consulting physician, depending on state rules and regulations.

Many people enter the medical sector because they are driven by a calling to serve others. While this ambition and passion can go a long way toward improving society’s health, it can have a negative impact on a practice’s bottom line when treatments are given away for free. You need to treat your practice like a business rather than a charity. To accomplish this, you must have a business mindset. You probably went into healthcare to practice medicine and heal people rather than run a company, but the business side of things is just as vital.

Marketing Plan

Consider many options when it comes to getting your name onto people’s lips. Online directories, word of mouth, referrals, insurance companies, and newspaper ads are just a few of the ways you can inform patients of your services. A website is another great tool for making your voice heard. Even if it doesn’t directly attract clients, they’ll want to look at it to learn more about you and the services you provide. Advertising in church publications, school calendars, and police athletic leagues — in fact, any organization that includes your community — can help your business.

You can begin by marketing yourself on your preferred platform, but if you’re too hesitant to do so, you can use social media to join entrepreneurship groups and network. Don’t limit yourself to Facebook or Instagram when it comes to social media. You can also make YouTube videos. This is something that many nurses are doing and they are reaping the rewards. If you have the resources available, you should consider hiring a social media expert. 

Be Prepared for Hard Work

Be prepared to weather the storms and ride out the bumps on the road when choosing your own path. Starting a new business is difficult, especially because many clients, physicians, insurers, medical-billing businesses, and solicitors are unfamiliar with the concept and importance of a nurse practitioner. But don’t let setbacks discourage you.

You can get to set your own schedule, earn your own money, and decide how much to charge each patient and how much time to spend with each one. Starting a business allows you to control your own future. However, you must be willing to put in the effort to make this happen.

It takes courage, patience, and perseverance to open your own practice. Despite all the hard work and sacrifice required, you will not regret it if you are following a dream.