With the demand for health care and qualified nurse practitioners rising, many with an NP license can be wondering if opening their own practice or clinic is right for them. To help you get a better idea of how to do it right, we have collected a list of five tips to help when starting out on your own.
1. Know the law Each state is different and so too are the requirements for nurse practitioners that want to open their own practice. For example, some states require that an NP work along side a licensed physician, open a limited liability company, or other. Be sure and check with your state board first before venturing out on your own to ensure that it is even legal for you to open your own practice.
2. License up Even if your state allows nurse practitioners to have their own practice, it is still vital to have all your licensing documents in order. There can also be certifications, codes, and other standards that the state will want you to have. Know what they are before you open to ensure that it is worth the effort to you. The county and city you practice in may also have their own standards for nurse practitioners.
3. Go special If you do live in a state that allows nurse practitioners to have their own practice, consider a specialty. Even if it is pediatrics, sports medicine, or whatever your NP training is in, letting the public know that you specialize in this type of care can help your practice stand out.
4. Insurance Most patients will pay for health services with some kind of insurance from Medicaid to private PPO’s. Before you open your practice, it is essential to know which plans you will accept, what they pay for, what the rate of compensation is, and all pertinent details before opening. Again, the state, city, or county may require you to accept insurance plans of their choosing.
5. Malpractice Insurance isn’t just for patients. All health care practitioners need some form of malpractice insurance to cover them in case the worst happens. Knowing what the rates are, what they cover, and how it works is also an essential step to opening your own practice.
Bonus! There’s more to opening your own NP practice than in the above. If you are still curious about pursuing the path to owning your own practice or even just to get some leadership tips, there are many useful resources out there. One of the best is Nurse Practitioner Business Owner which helps nurse practitioners who want to take the next step in their career.
Ally Wagner is studying to become a nurse and also contributes to Nurse Practitioner Programs which helps those studying to become nurse practitioners.