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How to Start a Psychiatry Private Practice Checklist



Start saving

Startup costs aren’t that much in psychiatry in comparison to other specialties but it helps to have some cushion so you won’t feel like you have to see every patient who reaches out.


Workspace

It might make sense to start your practice from home to keep your overhead low.Keeping your overhead low will save you a lot of stress. You can consider an office space and the best cost-saving option would be subletting from a therapy clinic.


Apply for medical licenses

Start this at least 5 months before you intend to start seeing patients. Make sure you have a license in each state you want to see patients in, if you are thinking tele.


Apply for your LLC and EIN

Your EIN number is free through the IRS and takes seconds to obtain. You need an EIN before you can open a business bank account. Despite what companies tell you, it is pretty easy to complete your own LLC application through your state's website.


Business Checking and Credit Card Accounts

An EIN is needed before you can open your business accounts and its best to get these accounts opened before you start making too many business expenses from your personal account.


Malpractice Insurance

Get quotes from at least a couple different companies and make sure they cover telepsychiatry (if you are doing that) and the states that you will be licensed in.


Find the best EHR for your practice

This will depend on what type of practice you are building. Do you want to prioritize cost? Or integration/efficiency(being able to bill/schedule/prescribe/lab all in the same system)? Is your clinic procedural based?


Professional Photos

If there are portrait-style photos you have of yourself already, use those. You can always get them done professionally later.


Start a website

It doesn't have to be perfect! Wix and Squarespace are intuitive and don't require you to know coding. You can also hire someone to build your site.


Pick or create a logo

Determine what you want your brand to look like - what emotions do you want people to experience when they look at your brand?


Start networking

Who would be interested in referring patients to you? Brainstorm and be creative! Cash only? Look for other practitioners who work outside of insurance as well.


Consent and Policy forms

APA offers free templates and some EMRs do too. Don't use other clinicians' forms unless you have permission and with all forms, have a lawyer review them.



Ready to come up with a personalized plan? That is what Flourish Practice Building for Psychiatrists does! We provide coaching and customization so you can build your dream practice. Book a 15 min intro call here.