Opening A Practice


For Your New Practice

Opening a new medical practice is an exciting development in your career and your life. To make sure your vision and hard work result in a successful business it is imperative that you build your practice on a strong financial and legal foundation.

A few of the many important issues that you will want to address in your new practice startup include developing a realistic financial pro forma, securing your capital financing, choosing your practice location, and evaluating your staffing needs. We will work with you on these issues and more every step of the way.


Practice Development Services Include:

  • Feasibility analysis
  • Strategic business planning
  • Pro forma financial projections
  • Establishing banking and financial relationships
  • Establishing legal and accounting relationships
  • Establishing billing and accounts receivable systems and procedures
  • Evaluating and selecting information systems
  • Developing a fee schedule
  • Negotiating managed care contracts
  • Third-party payer credentialing
  • Conducting practice location evaluation
  • Negotiating space and equipment leases
  • Staff recruitment
  • Developing and implementing policies and procedures
  • Establishing and administering fringe benefits
  • Procuring office equipment and supplies
  • Strategizing and implementing marketing plans


Since 1995

At HMR we have been a trusted partner of individual physicians and practice managers since 1995 in the Twin Cities metro and surrounding areas. Our goal is to help you lay the groundwork for a successful practice that functions efficiently so you can focus less on the day-to-day business needs and focus more on your patients and your personal pursuits. From developing a realistic financial plan to choosing your practice location and evaluating your staffing needs, we’ll help you get started. Contact us today to begin.

Contact our hmr team

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