If you’re a nurse or someone who aspires to step into the role, you’ve probably explored a variety of career options. From travel nurses to nurse educators, there is a range of impressive roles in the nursing field available for you to pursue.
However, if you’re trying to reconcile your nursing aspirations with your entrepreneurial spirit, becoming an FNP and starting your own practice may be the path for you. Understanding the process of opening an independent practice as an FNP can make it easier to take the leap and make your dreams come true.
Here is how to find freedom as an FNP with your own independent practice.
Become Qualified to Practice As an FNP
Depending on which stage of your nursing career you’re in, the path to becoming an FNP will look different. To be qualified, you’ll need to obtain a BSN, pass the NCLEX-RN, gain experience working as an RN, and obtain an advanced nursing degree.
Once you’ve accomplished this groundwork, you’ll be qualified to take the national board exam for an FNP license. However, it’s important to remember that different states have varying requirements and various laws dictating how much autonomy nurse practitioners have.
As such, it’s important to factor location into your decision when working to become an FNP — especially if you plan on opening an independent practice.
Register with the DEA
While many think of the DEA as a crime-fighting force that mostly performs raids on illegal drug operations, this government agency actually regulates legal drug activity as well. This being the case, medical facilities and businesses must register with them in order to purchase and prescribe a wide variety of drugs.
To successfully operate an independent practice as an FNP, you’ll need the power to prescribe drugs to patients. As such, it’s vital to register with the DEA before actually starting your practice.
Make Connections with Local Hospitals
A key aspect of providing primary care is sending patients to the hospital when necessary. Unfortunately, this can sometimes be tricky for independently operating nurse practitioners.
To ensure that your practice runs smoothly, it’s key to have relationships and agreements with at least one local hospital. This way you’ll be able to send patients there when necessary and visit them during their stay.
Understand and Plan for the Business of Having an Independent Practice
While your intentions for opening an independent practice may be to heal patients and help them live better lives, the truth is an independent practice is a business. As such, if things aren’t planned and executed properly, no amount of altruistic intentions will be able to save them.
One key aspect of business planning for your independent practice will be securing start-up funds. This will include the cost of a location, wages for employees, equipment, legal costs, and any other costs that arise. While you may be excited to jump in headfirst, an inability to cover all of your start-up costs could mean the demise of your newly founded business.
Another important part of starting an independent practice as an FNP is negotiating with insurance companies. This is often one of the most difficult and complicated aspects of starting an independent party as it involves dealing with third-party organizations.
Essentially, you must have established rates with insurance companies before accepting that insurance. Failing to do so could ultimately result in you not being compensated for the care and services that you provide to your patients. This being the case, this is a critical aspect of thriving with an independent practice and should be a top priority.
Other vital aspects of planning for your business include crafting a business plan, creating a billing system, finding a perfect location, finding employees, and planning for taxes. If you find that this range of tasks is overly complicated, which many FNPs starting their own practices do, it’s important to enlist the help of other professionals who can help guide you through the process.
Get Advice from Those Who Have Successfully Started an Independent Practice
While it’s possible to skip this step, getting guidance from others can help make your transition into an independent practice FNP far smoother. Other professionals, especially FNPs, who have started their own private medical practices can help you avoid mistakes and provide you with actionable advice.
Chances are, you likely have an acquaintance of an acquaintance who has started their own practice. As such, asking around your network will likely help you discover a number of leads to pursue. On the off chance that you find this isn’t the case, you can always reach out to other independent practices and connect with operators that way.
You Can Thrive As an FNP
Though the road to get there can seem long, becoming an FNP with an independent practice can be an extremely rewarding process. From having the autonomy to heal and treat patients to being at the helm of your own thriving business, numerous benefits come with this role.
Thus, if you’re intent on reaching your potential as an FNP, use this guide as a blueprint for your journey to success and start on your path to opening and operating an independent FNP practice.
