Prior to being credentialed by insurance carriers, you may be unable to see patients with the specified insurances, which can limit your opportunities to generate more income at your nurse practitioner independent practice.
You may be thinking, “What type of business ideas can I put in place to generate more money for my new independent practice while waiting for my credentials to come through?” In fact, this is a frequently requested question by prospective and current Collaborating Docs clients.
Fret not, as we will be discussing the top three profitable business ideas for nurse practitioners in this article.
Offer Medical Services for Cash at your Independent Practice
While you’re waiting for insurance, offer your services to others for cash. Many people are uninsured, underinsured, or refuse to utilize their insurance for a variety of reasons. People will come to you if you provide a medical service at a reduced or simply a generally reasonable rate, whether that’s a brick-and-mortar business or a telemedicine practice. If they find your offer intriguing, it suggests there is a market for similar services. As a result, when your independent practice is fully up and running, you should provide this service and make it clear to customers that you accept anyone who wants to come in and pay with cash or credit card. As a result, you will begin gradually building your patient panel in this manner.
Consider Supplemental Services for Cash
Certain expenses are simply not covered by health insurance. This refers to expenses related to cosmetic procedures or beauty treatments such as Botox, fillers, vein removal, or other procedures that are seldom covered by health insurance. You could always start offering them immediately because it’s a good method to get patients in the door for elective, dermatological procedures.
If you have a Bachelor of Science in Nursing, you might also work as a Health Coach. It’s also a fantastic private practice business plan that you can grow through personal branding, blogging, as well as social networking. Your higher education may make your services at the nurse practitioner independent practice more enticing to prospective patients. You may customize your coaching sessions to your specific expertise and work closely with patients who have complications in your field. A Nurse Health Coach will assist their patients in living healthier and more happy lives. The job entails not just treating symptoms but also educating individuals how to maintain their happiness through methods, schedules, and routines. It has a clinical component as well as a holistic approach, similar to being a mentor.
Consider Selling Retail Products
If you are looking to generate more income streams for your business, the following are suggestions of other uninsured retail products you may consider selling:
- Health supplements
- Skincare products such as facial cleansers and moisturizers
- Healthcare e-books or DVDs
- Training consultations
Whatever your specialty, it is critical to only stock and sell retail products that you are convinced patients would be interested in purchasing. And, if you’re thinking of stocking expensive retail products, do it sparingly so you don’t take a significant hit if they don’t sell.
If you want to go above and beyond selling retail products, try setting up a display space in the waiting room of your nurse practitioner independent practice. Some practitioners may be tempted to store retail products behind the front desk, but it is preferable to set up a display space in the waiting room. This allows patients to browse the retail products you’re offering as they wait for their consultation to commence. If patients don’t have time to look through your product offerings before their consultations, urge them to do so afterward, especially if you stock a retail product that has been suggested for their care. Assign a staff member to be responsible for maintaining the display area neat and well-stocked. Keep high-priced retail products safe in a secured display.
Adding retail inventory will immediately increase your incoming revenue while also earning some side revenue. Remember, you want all of your customers to leave your nurse practitioner independent practice happy with their entire treatment and experience. You don’t want a substandard retail product to detract from their positive experience, therefore only sell retail items with the highest possibility of satisfaction.
Lastly, while this isn’t standard money-making advice, if you’re concerned that your credentialing is moving too slowly, do ensure that you are working with a reputable provider that specializes in credentialing and understands their job. Many of our clients at Collaborating Docs have faced similar issues. If you want to speed up the credentialing process, it is best to outsource this work to an expert. We would advise you not to delude yourself into thinking, “Well, I’ll just save money and do it myself.” In almost every scenario, we have seen nurse practitioners invest in a lot of time and energy instead. It is far preferable to outsource that task and concentrate on your area of expertise, such as medical care.
Get Matched with Collaborating Physicians with Collaborating Docs
Now that you have some great best business ideas for nurse practitioner entrepreneurs such as offering cash-based practices, supplemental services, or retail products to generate more income for your independent practice, you may also have to consider other support such as finding a physician to work with, applying for malpractice coverage, and more, to set up your independent practice.
While all these tasks can be time-consuming, you can easily outsource to Collaborating Docs who will help you to set up your new business. Here at Collaborating Docs, we understand how difficult it can be for nurse practitioners to find suitable collaborating physicians. Therefore, we would like to match you with the best suited physician out there. For a flat monthly rate and one-time match fee, our in-house legal team will do the rest for you. All that’s left for you is to focus on practicing medicine. If you would like to find out more about our services, get a free quote from us today!
For these tips, and more watch the video & subscribe to our YouTube channel!