The movement towards full practice authority for nurse practitioners has gained momentum in recent years and now over 24 states and territories, plus DC have full practice authority. This now means that more nurse practitioners are opening up their own practices all across the country. After working with a few new NP practices over the last year, I wanted to share some common mistakes that NPs make as newly minted business owners.
One of the most common mistakes that new NP business owners make is not properly ensuring that the name that they plan to use is free or not close to another name that is used in their state or protected by a federal trademark. One of the first steps in preparing to open up a business is to check your state’s secretary of state website to do a name check. If you are in Maryland you should start here. A federal trademark search is also vital to ensure that your chosen name will not be infringing on someone else’s trademark. To get a free trademark search head here.
Another common mistake that I see is when NP business owners don’t have a marketing plan in place to bring patients into their practice once they are open. Some new business owners forget that people are just not going to show up when you open, but that you have to build that trust over time. One of the things that I work on with my clients is to decide on who their ideal patient is, and then build a marketing plan based off of that patient profile. The goal for my clients is to have those relationships in place before you open, so that you have a buzz around your opening that leads to a strong start and continual flow of patients coming into your practice.
The last mistake we will discuss today that I see with some new NP business owners is trying to do everything themselves. Understandably starting a new business can be costly, and you may not be able to afford a full team, but having someone to help you with the areas of the practice that you are unfamiliar with will ensure that you start with a strong foundation. This can be a business law or healthcare attorney to guide you through the business start-up process, a credentialing specialist who will manage all of your insurance applications, or working with a company that teaches new NP business owners the ins and outs of the business so that you can avoid common pitfalls.
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