Hire a Lawyer for Business Entity Setup
The legal structure is the foundation of your new business, and it should be done before anything else. Look for a lawyer experienced in healthcare law, preferably with expertise in IV hydration businesses. An experienced lawyer can help you choose the proper business structure (e.g., PC, PLLC, LLC, MSO, corporation) based on the regulations in your state and your needs.
Many states consider IV hydration to be the practice of medicine, so businesses have to follow the laws related to medical practices. Working from the right legal foundation from the beginning is essential, even before you find a medical director or a location. If your business requires an MSO/MSA structure, it is crucial to create that framework at the outset to properly document the relationships between the MSO, the medical director, and any clinical staff. This relationship also helps to protect you in case of a board investigation.
Write a Business Plan
The purpose of a business plan is to help you define how your IV hydration business will operate. Will you be the person administering the treatments? Will you have partners? How will you market? Which IV hydration treatments will you offer? The business plan should help you relieve anxiety about how the business will function. We can share a couple of sample business plans with you to help you get started.
Locate a Medical Director and Establish Entity
Find a qualified medical director who meets your business needs and is knowledgeable in the services they are supervising. If your business requires the MSO/MSA structure, ensure the medical director has their own professional entity (e.g., medical corporation) or, if necessary, help them form one with your lawyer. This step is crucial for regulatory compliance and liability protection.
Trademark Name and Logo
Work with your lawyer to choose a unique and memorable name for your business. You want a name that sets you apart and that has not already been trademarked. Your lawyer can help you file for a trademark to protect your business name, logo, and brand identity.
Decide on Services
Define the range of medical services your business will offer. Consider market demand, specialization, and compliance with regulations in your area. A law firm focusing on healthcare law can introduce you to several business consultants and marketing companies that could help you with this step. You can write a business plan of exactly how your business will operate. If you choose to engage Lengea as your healthcare counsel, we offer a variety of helpful business-related templates, including a model business plan, financials, profitability analysis, etc.
Expand Your Network of Experts
In your journey toward entrepreneurial success, curating a team of seasoned professionals who can elevate your business ventures is beneficial. Beyond securing legal assistance, consider the invaluable contributions of specialists in various domains. Enlist the guidance of a proficient accountant who can offer insights into optimal tax strategies and ensure meticulous compliance with all necessary tax filings. Harness the creativity and practicality of an interior designer to transform your workspace into an environment that maximizes productivity and aesthetic appeal. Engage a seasoned business consultant. Their tailored advice and strategic insights can be instrumental in shaping a business strategy uniquely aligned with your goals and vision. By consciously building this toolkit of experts, you enrich your business with specialized knowledge and set the stage for long-term success and sustainability.