If you’re a nurse and dream of owning your own practice or if you’re a nurse practitioner, you should not take the decision to open your own business lightly.
Before you can start your business, you will need to ensure that you are qualified, file all of the necessary paperwork and determine your staffing requirements.
If you want to be a primary health care provider in your community, and the state permits it, you can run a successful practice as a nurse practitioner.
You don’t know where to begin?
Don’t worry. You can start your own practice by following the guide below.
Become a qualified nurse practitioner
You cannot practice independently if you do not have a DNP or other advanced nursing degree.
A nurse practitioner is able to diagnose and treat a variety of diseases, but they often specialize in one particular field, such as pediatrics or mental health.
Nurse practitioners are often asked to perform the following tasks:
- Conducting check-ups
- Refilling prescriptions
- Requesting tests
- Create treatment plans
- Referring patients to hospital
You must first earn a BSN and then an RN license to become a Nurse Practitioner. You may already hold both certifications if you’re a registered nurse.
Next, you will need to decide if you are interested in pursuing an MSN (master’s degree) or DNP (doctorate degree).
It is entirely up to you which one you decide to pursue. However, a DNP is one of most advanced nursing qualifications you can obtain (along with a PhD) and provides you with a thorough understanding of clinical practice.
You should select a DNP program that is directly related to the nursing field in which you plan to work or in which you would like to specialize your practice. If you are interested in family nursing, for example, you may want to choose a DNP program that will lead you to become a Family Nurse Practitioner.
You may wish to pursue a specialty area as an RN first, if you are unsure of the DNP program that is best for you. You could choose to specialize in mental health, neonatal care, pediatrics or gerontology.
Find out the law
Some states, as briefly mentioned above allow nurse practitioners the freedom to practice on their own, while others require that they work under a doctor.
There are 22 states with NP autonomy. These include:
- Alaska
- Colorado
- Arizona
- Connecticut
- Hawaii
- Idaho
- Iowa
- Maine
- Maryland
- Minnesota
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Mexico
- North Dakota
- Oregon
- Rhode Island
- South Dakota
- Vermont
- Washington
- Wyoming
You should contact the Board of Nursing in the state where you plan to practice to learn more about the laws of your state.
Then there are 16 states known as reduced-practice states. This means that you can start practicing independently after working for a specified number of hours under another healthcare provider. These states include:
- Alabama
- Arkansas
- Delaware
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Mississippi
- New Jersey
- New York
- Ohio
- Pennsylvania
- Utah
- West Virginia
- Wisconsin
There are also 12 states which are restricted-practice states, requiring nurse practitioners to be under the supervision of a doctor. These states include:
- California
- Florida
- Georgia
- Massachusetts
- Michigan
- Missouri
- North Carolina
- Oklahoma
- South Carolina
- Tennessee
- Texas
- Virginia
Some states may decide to ease their laws due to the shortage of doctors and nurse practitioners. Check the latest review of the laws of your state before deciding to open your own practice.
Documents
You will be well prepared for the administrative side of becoming a nurse-practitioner if you choose to earn a DNP before starting your own practice. You may need to spend some time getting used the healthcare policies and regulations, but it will be worth it in the end.
You will need to apply for permits and licenses when you open a new business. The Centers for Medicare & Medicaid Services will issue you an NPI number. The application process is a little daunting. Visit their website to make sure you understand what you have to do.
You should also decide on insurance reimbursements at this stage as the majority of your patients won’t want to pay for their insurance out-of-pocket. You must decide:
- What insurances are you going to accept?
- What is the compensation?
- What services are covered?
Think about logistics
You can then turn your attention to the details of running your own practice as a nurse practitioner. Staffing, budgeting and the location of your business are all important factors.
This step should not be difficult if you already have a business strategy for your new business. If you haven’t done so, this is the time to do it.
Your business plan must include:
- Specializations you would like your practice to have. You can choose to specialize in primary care, family medicine, or older adults.
- The location of your practice. Location is key to the success and growth of your practice. Think about where you patients are most likely to travel and whether it’s easily accessible to them.
- What are your staffing requirements ? You may start small in order to reduce costs, but as your business grows your staffing needs will also increase. Consider whether you require a receptionist, or a medical assistant. Be sure to consider the wages, insurance, labor laws and training requirements.
- How will you finance your business? Do you plan to borrow a loan for your small business or a regular bank loan? Are you investing your own money or will you take out a small business loan? When starting a business, it is best to keep the costs as low as possible.
Create a marketing strategy
It is pointless to open your own nurse practitioner office if no one knows about it. A strong marketing strategy is essential for your business’ survival, particularly in the “make-or-break” first six months.
You should focus on advertising your business for free if you’re new to marketing. Social media marketing is one of the most cost-effective digital marketing techniques. Social media marketing is a great way to reach your target audience, even if they aren’t on it themselves.
Set up your business page in all relevant social media platforms, such as Facebook, Twitter and Instagram, if you haven’t done so already. After you have a following, you can focus on channels where your patients are most active.
Add as many details as you can about your company, such as contact information, directions and hours of operation. Allowing patient reviews can also be an excellent way to attract more patients to your clinic.
You may also want to incorporate paid advertising in your social media marketing plan once you are more established and have more money available to spend on advertising. This will allow you to reach your targeted audience.
Get the assistance of a mentor
You will be confronted with challenges that you’re not prepared to handle, whether you’ve completed a DNP or not.
This is a reality that every new business owner must face. You may not have budgeted for a crucial element in starting your business, or there might not be enough staff to cope with the initial demand.
If you are looking to avoid some of the common mistakes that can be made when opening a new practice for a nurse practitioner, it may be worth considering enlisting a mentor.
Check out these top tips to help you find a mentor for your nursing business if you’re interested in the idea but don’t know where to start.
- Discover your own network. You can find mentors on Facebook, LinkedIn, or your mobile phone.
- Ask friends, family members, and co-workers. You never know if someone you know has the experience to help.
- Search the Web for influencers. Do not forget to check out bloggers, journalists and other nurse practitioners.
It may take some time to find the right mentor, but the effort will be well worth it!
Be optimistic
You may be scared by the statistics that show 50% of all new businesses fail in the first year. Setting up your own nurse practitioner clinic can seem even more difficult.
Why not take a new approach? If 50% of businesses fail in the first six months of operation, then 50% succeed.
Why are you not one of the 50% who succeed?
In addition, the demand for nurse practitioner graduates who have a DNP with high levels of expertise and knowledge has never been greater in the nursing industry.
Conclusion
That’s it. Now you are ready to open your own practice as a nurse practitioner.
Are you still apprehensive about the next step in your nursing profession?
Ask yourself these questions after you take a deep breath:
- Are you ready to become your own boss?
- Want to control the quality of care that you provide for your patients?
- Do you have a passion for a particular aspect of nursing or healthcare?
- Are you motivated to succeed?
You are ready to take the first steps towards running your own independent practice if you answered yes to any of the questions above. You can either start from the beginning by completing a DNP or jump right in if you already have the qualifications.