Our health system as a whole depends on the cooperation between integrated roles: doctors, nurses, and pharmacists, to name a few. But these are not the only healthcare professionals involved in diagnosing, treating, and rehabilitating patients. Allied healthcare specialists fill in the gaps between primary care and pharmacies by performing a number of crucial duties.
Have you ever gotten your teeth cleaned? Or sought healthcare after sustaining a musculoskeletal injury? Then you've already interacted with an allied health practitioner. According to the Association of Schools of Allied Health Professions, examples include:
- Dental hygienists
- Medical technologists
- Speech-language pathologists
- Diagnostic medical sonographers
- Occupational, physical, and respiratory therapists
If you want to start your own allied healthcare practice, it's prudent to look at it from a financial angle first. Plan for these four associated costs before you open your doors to patients.
Business insurance for allied health practices will safeguard the value of your property, and protect you against pricey liability lawsuits. Although annual premiums are an expense, they're much less than paying out of pocket following an accident.
The medical professional publication Doctorly estimates the price of starting a small practice is somewhere between $70,000 and $100,000. Start-up costs include rent for your commercial space, utilities, equipment, and staffing salaries. If something were to threaten your property—like a fire, theft, vandalism, explosion, or other accident—you'd be on the hook for a lot of money. That is unless you have property coverage (part of a Business Owners Policy) to cover damage to your structure and contents. Seeing as you're also liable for third-party accidents or injuries occurring on your premises, it's wise to get a BOP. You'll also need to add workers' compensation coverage to protect your employees in case they're hurt on the job.
Let's say you're a dentist with the experience and capital to finally establish your own office. How exciting! But the price of dental equipment just might make your jaw drop. An exam chair alone can cost between $600 and $5,000. And that x-ray machine you need to get an up-close-and-personal look at your patient's teeth? It could set you back between $3,000 and $65,000, depending on its brand, age, and capabilities.
Whatever your specialty, there will be pricey equipment. Factor this into your budget so you're not caught off guard by the substantial bill.
Next, figure out which job roles your practice needs to serve patients. Behind the front desk, you'll need at least one administrator handling scheduling, patient communications, and reception. Behind the scenes, you may need any number of specialists, assistants, therapists, and technicians. Make sure you're offering hires competitive salaries plus benefits, or it's unlikely you'll be able to recruit the best.
Management and Administration
Modern medical practices depend on centralized management software. Billing patients and dealing with insurance companies requires an investment of time and money. A large chunk of your ongoing operational costs will come from management and administration, so plan accordingly.
Looking for the best place to start? Find affordable rates on business insurance for allied health through CoverHound today!