When we think of setting up a small business, the majority of us will automatically think of heading into retail. This makes sense. There’s a whole lot of money to be made in retail and there seems to be a whole lot more support and advice out there in regards to setting up a small brick and mortar store or E-Commerce store than other forms of business. But it’s important to remember that there are other forms of business out there and you could pursue a completely different path to retail if you so wish! In fact, due to the increased advertisement of the simplicity of setting up a retail store, the market is becoming extremely saturated and it’s becoming more and more difficult to stand out from the crowd in pretty much any given field of retail. So something different could definitely prove more profitable! For now, let’s focus on setting up a small healthcare clinic. This can prove extremely rewarding, as not only is it a particularly financially lucrative business to set up, but you can also rest safe in the knowledge that you are helping other people on a daily basis! Here are just a couple of major points to bear in mind if you do decide to enter this field.
You Will Need to Comply with HIPAA Standards
If you set up a small healthcare clinic, you are going to have to comply with HIPAA standards. “HIPAA” stands for “Health Insurance Portability and Accountability”. This is an act that provides data privacy and security provisions for safeguarding medical information. While initially laid out in 1996, it seems to have gained greater prominence in the past few years and the area is being more closely monitored than ever before. HIPAA standards are multifarious and can seem pretty overwhelming when you first take a look at them. They comprise privacy rules, national provider identifier standards, security rules, transaction and code sets standards, and enforcement rules. The good news is that you can simplify all of this for yourself by making the most of Managed Compliance Services from NAHS.
You Could Greatly Benefit from Hiring a Consultant
When setting up a small healthcare practice, it’s highly recommended that you hire a consultant. There are so many different problems that can establish themselves and seem to block your path when it comes to starting out and you don’t want these to knock you! A consultant will know how to overcome obstacles and can simplify the process of setting everything up. When looking for a consultant, look out for someone who has plenty of expertise in their role and who has a lot of demonstrable previous experience. This can give you confidence that they will be able to guide you in the right direction.
Setting up a small healthcare practice is no minor project. You’re going to be throwing yourself in the deep end. Sure, simpler options may exist. But this is a venture that can generate a lot of money and set you up for life!