You'll have to renegotiate all contracts with insurance companies, HMOs and other payers. In some markets, warned Maryann Szostak-Ricardo of The Ricardo Group in Los Angeles, panels may be closed. You might be excluded, despite the fact that you participated with certain plans for years as part of a different group practice. In addition, expect to wait three to six months for a new Medicare provider number. Furniture and equipment.
Hospitals are frequently willing to sell back office equipment to doctors.
After the hospital does a valuation, you can usually negotiate a price. Be aware, however, that hospitals cannot just give you back your equipment. Line of credit. One of the most important things you can do is develop a good relationship with a bank, because you'll probably need to borrow a fair amount of money the first few months. Be sure to have enough funds to pay for rent, equipment and buying back the practice from the hospital.