Whether you are a new grad or have been working as an associate, the time has come to open your own practice.

When opening a new practice it’s impossible to remember everything that will need to be done. For this reason, it is essential to make a checklist.

It’s recommended you make a checklist for things related to the purchase or rental and build out of your space, and another checklist for everything else.

Here is an abbreviated checklist of the most basic things you will need to do before you see your first patient.

1. Assemble your team. Discuss your new practice details with your accountant, healthcare attorney, and practice management consultant.

These team members are necessary, and can help prevent you from making costly mistakes that could side rail your practice before you ever get it off the ground.

2. Set an opening date. Be flexible and realistic about this date, and extend the opening if necessary to finish anything left undone. It is better to delay the opening and have everything done than to open your doors early and realize things still need to be done.

3. Set up a billing and collections system.Make sure you have internal protocols for each aspect of your billing and collections. Also, train your staff in these protocols, and check that your software is running properly.

If you are outsourcing, be sure they are on the same page as you in terms of reports you will need to track collections, and any software/connection you will need in place. Arrange for direct deposits into your new bank account if you would like to take advantage of this option for Medicare and other payers.

4. Create your fee slip or digital fee slip.If you’re planning on being electronic, this is an important step. Also remember to get expert advice on setting your fees and choosing diagnosis and treatment codes to put into your system.

5. Set up your corporate structure.Use the advice of your accountant, healthcare attorney, and practice management consultant to do this. Their advice will help with issues regarding tax considerations, self referral and Stark Law considerations, and liability considerations associated with different corporate structures.

Once the corporation is in place, open your bank account, obtain a corporate credit card, and set up accounts and lines of credit with vendors. Finally, obtain office liability insurance and set up the credit card terminal.

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