Nurse Practitioners are pretty excited at the aspect of having their own practice in that’s true more so today than ever before especially since more states are opening up to full practice authority.
Sometimes what happens though, Is in our excitement we tend to rush into things. And this is where we run into trouble. So on today’s podcast I’d like to go over some of the most common mistakes that I see with clinicians starting up their own practice.
Mistakes to Avoid
- Unseasoned clinicians starting a practice.
- Not having a clear picture of what you are doing, what you are offering.
- Ignoring both practice and business rules and regulations.
- Failure to fully understand scope of practice.
- Misinformation about FPA and practicing across state lines.
- Collaboration – understanding what it is and why as well as the rules in your state. Also, not having a written agreement and more than one CP, is a big mistakes.
- Thinking you don’t need a business plan.
- Financial illiteracy – not understanding the finances – cost, resources, revenues, statements and more.
- Waiting to market the practice.
- Not starting your credentialing early enough
Listen in and share you thoughts and experiences below.
Topic Resources
- Episode 36, Business in Michigan?
- Center for Connected Health Policy (Teleheatlh)
- AANP – Full Practice Authority
- Smart Business Planning for Clinicians
- Practice Startup Checklist
More Resources
- Catch up on all the NP Business Matters podcasts here.
- Check out the Nurse Practitioners in Business Facebook Group
- Become a Member of the NPBO™
- Ready to start your own practice?
Connect with the Podcast
You can find the NP Business Matters Podcast on popular podcasting platforms:
- Apple Podcast
- Stitcher
- Spotify
- Google Podcast
- iHeartRadio
- Amazon Music/Audible
- Pandora
- And others. You’ll also find us in your favorite podcast player.
And as always, please subscribe, leave a rating and share with your colleagues.
If you have requests for topics and/or guests, you can leave us a comment below, or anonymously fill out this form.
Your Turn
We’ve all made mistakes. Which ones have you made in your business. I look forward to hearing your thoughts and questions about this episode in the comments below.