News / Blog

The Business of Running a Successful Healthcare Practice

Running your own healthcare practice, or managing someone else’s, requires patience, dedication, and organization. From financial management and healthcare payroll to patient care coordination and human resources, smooth business operations require various departments to work in synchrony.

The business of running a healthcare practice can be challenging — whether that is learning how to navigate regulatory compliance, ensure patient confidentiality, or manage a diverse team of healthcare professionals with diverse skill sets. But with the right staff and resources, you can create an environment that prioritizes patient care and ethical business practices in healthcare above all else.

Our experienced healthcare attorneys have the knowledge to guide you through a smooth business management process. Whether you are establishing a new practice, acquiring an existing one, or seeking to optimize operations, we provide tailored legal counsel to safeguard the integrity and efficiency of your healthcare business.

Main Components of Running a Successful Healthcare Practice

Running a successful healthcare business involves several key components, each crucial for ensuring smooth and efficient operations. Here are the main components:

• Financial management. This includes budgeting, financial planning, billings, accounting, and tax compliance.
• Patient care coordination. This means scheduling appointments, communicating with patients, and providing quality patient care.
• Human resources. The best HR practices in healthcare include recruiting and training staff and ensuring all staff members meet the required certifications and comply with healthcare regulations.
• Regulatory compliance. This component separates a healthcare practice from any other business model. Adhering to regulations regarding patient confidentiality and data protection and staying up to date on healthcare laws is crucial.
• A successful business requires developing a strong and cohesive brand identity and promoting the practice on social media and other platforms.
• Technology and information systems. IT is responsible for maintaining efficient electronic health record systems to manage patient records and streamline workflows. Protecting sensitive patient data from cyber threats and ensuring cybersecurity is important.

How Running a Healthcare Practice Differs from Other Business Operations

When working with patients whose lives are in your hands, the expectations and regulations are significantly heightened compared to other industries. Healthcare businesses must comply with extensive local, state, and federal regulations, including HIPAA for patient privacy and Medicare and Medicaid billing standards. Healthcare providers must also obtain licenses and accreditations before practicing, and they must regularly renew them to maintain their credentials.

Ethical considerations are also a significant aspect of running a successful healthcare business. Making decisions based on patient health and well-being over financial profit will distinguish your practice within the saturated market. Prioritizing ethical patient care fosters trust and loyalty, ensuring long-term success.

In addition to regulatory compliance and ethical considerations, business practices in healthcare must take the following into account on a day-to-day basis:

• Patient privacy and confidentiality
• Complex billing systems
• Technology integration
• Risk management

Speak to a Healthcare Practice Attorney

Fenton Jurkowitz Law Group has a team of seasoned healthcare law lawyers who can walk you through the business of running a healthcare practice. They can assist with financial management, patient care coordination, HR, regulatory compliance, marketing, IT, and more. Fill out our contact form on our website to connect with a healthcare practice attorney today.