By: Chase Howard
In another article, we provided an update to the autonomous practice law for Nurse Practitioners in Florida. For NP’s that qualify, that means they can open a primary care practice without a supervising physician. For most, that means learning about opening and operating a company. Here’s what that entails:
- Corporate Structure A company is a legal entity and recognized by both the IRS and the State of Florida. Many different options are available based on the type of business, number of partners, and type of risk involved. In Florida, many primary care practices are either a “professional association” or a “limited liability company”. As it relates to taxes, there are many options, included a common option called an “s-corp”.
- Licenses Every new business will require certain county and city business licenses. Each county and city has different requirements, so it’s important to determine what you need specifically to avoid any issues prior to opening. Most licenses take 30-60 days to obtain.
- Lease Opening a practice means finding a space to operate. Leases are negotiable and tend to be the biggest point of frustration for new business owners. Review and negotiate the lease terms prior to signing to avoid major issues when starting out.
- Operations Planning Starting a successful practice begins months before with business planning. Develop a business plan for financing purposes, gather information regarding day-to-day operations, explore different financing options, develop a practice culture, assess bringing on any partners, and other practice considerations.
The risk and stress of opening a practice or business demands time, attention, and experience. Before expending too much energy and financing, it is highly recommended that you gather an experienced team to handle the task and help ensure your start-up is geared for success.