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Long-Term Care Insurance

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Capital Funding Needs: Pre-Opening, Opening

Equipment Selection Process

How to Find a Medical Practice Lender (resources)

Medical Office Structure, Layout And Design

Recruiting

How to Purchase a Commercial Building

HITECH Act of 2009

College Savings Accounts

Patient Experience

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How To Choose A Medical Collection Company

Medicare And Medicaid Audits

What Is A Marketing Mix?

How to Find a Medical Bookkeeper

The Mystery of Doctor Credentialing

Build Or Buy: In-House Medical Coding Vs. Outsourcing

HMOs vs PPOs

What Is A Merchant Processor?

The Pros And Cons Of Money Factoring

Leasing Medical Equipment Vs Buying

In-House Human Resources vs Outsourced

Types of Commercial Loans for Buying a Commercial Condo

What Is A Commercial Condo?

Determining Location Options

The Medical Coding Company That Could

What is an NPI, difference NPI 1 VS 2?

Purchasing a Commercial Condo

What is Fraud Investigation?

The Mystery Of Medical Coding

What Is Practice Succession Planning?

Overhead Business Expenses

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Communication Vs Branding

How to Determine a Timeline to Open Your Medical..

Information Systems and IT for Doctors

In-House Doctor Credentialing VS. Outsourcing

The Medical Coding Company That Could

Practice Publication Marketing

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Capital Funding Lenders

How To Choose A Merchant Processor

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How to Create a Draft of the Employee Handbook

How to Find a Medical Accounting Firm

How To Choose The Right Corporate Structure For Your Medical Practice

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The Mystery of Medical Staffing

Doctor Credentialing With Hospitals And Insurance Companies

Must-Have Medical Doctors Insurance

How To Choose A Medical Transcription Company

Setup Your Practice

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What is Money Factoring?

Setting Up a New Practice

Your Medical Practice Opening Check-List

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How to Choose a Medical Practice Lender for …

What is Medicare, Medicaid, etc?

Merchant services – credit cards

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How To Choose A Medical Accounting Firm

Life Insurance

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Determine a Practice Name

What Is A Marketing Plan?

How to Determine a Timeline to Open Your Medical..

Choose the Right Corporate Structure

Retirement Planning

In-House Medical Transcription Vs Outsourcing

Commercial Condo vs. a Commercial Building

Insurance Types Needed for a Medical Practice

CLIA Certification

How to Find a Medical Collection Company

How to Choose a Potential Office Location

Finding A Payroll Company

Practice Website Development

Types of Commercial Loans for Buying a Medical Real Estsate

How To Lease Office Space For Your Medical Practice

Medical Billing Company to the Rescue!

Unlocking the Mysteries of Medical Billing

How To Estimate Staffing, Payroll, And Benefit Costs

Group Practice vs Hospital

Build Or Buy: In-House Medical Coding Vs. Outsourcing

Hiring A Business Consultant

What Is Practice Legacy Planning?

Determine Employee Benefits

Types of Medical Insurance

Choosing A Payroll Company

How To Structure Practice Banking

How To Win Your Insurance Contract Negotiation

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How To Estimate Staffing, Payroll, And Benefit Costs

When you open a new medical practice, some of the biggest costs you’ll incur include hiring staff, choosing benefits, and investing in a payroll company.

It’s important to have an accurate picture of the amount of each expense so you can budget the other areas of your business.

First, determine exactly what type of staff you’re going to need and how many people you want to hire.

Calculate the number of in-house positions vs outsourced positions, as well as administrative staff vs medical staff.

For outsourced positions, contact 3-5 companies and obtain quotes for their services. For in-house positions, check a website like Payscale.com to determine the current competitive salary for each position in your market.

Next, decide which benefits you’d like to offer any full or part time employees you plan to hire. Keep in mind that investing in great benefits increases employee retention, which in turn reduces your hiring costs long-term.

Once you know what you want to offer, including medical, dental, and vacation benefits, reach out to 3-5 local and national benefits providers and obtain a quote from each.

Finally, you must estimate the cost of payroll. Many smaller practices will not need an in-house payroll professional and can instead outsource to a payroll company.

Payroll companies charge anywhere from $25 to $200 per month or more, depending on your number of employees and pay frequency. Contact 3-5 payroll companies and provide staffing information to get the most accurate quote.

To learn more about medical billing, insurance, coding, outsourcing, and everything you need to establish a successful healthcare practice, follow all of Sherlock Doc’s adventures on the DoctorsBusinessNetwork.com or Doctors Business Channel on YouTube!.

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