Family nurse practitioners (FNPs) must consider many options as they enter their careers. As the dynamics and demands of the healthcare field continue to shift and change, these professionals need the proper insight and knowledge to chart their course as caregivers and people. For FNPs opting to open a private practice, it can feel both exhilarating and overwhelming.
However, these nursing professionals require a solid foundation in clinical skills and business acumen to successfully navigate their chosen path. The online Master of Science in Nursing (MSN) – FNP program from Northern Kentucky University (NKU) prepares them for this transition, offering a comprehensive series of six Primary Care FNP Clinical Courses.
Why Might FNPs Pursue Private Practice?
FNPs may have various reasons for opening a private practice. They may want to create a more effective patient-centered care model or fill a gap in care access by providing home-based visits. Erin Athey, DNP, FNP-BC, RN, FAANP, hoped a new care model could reach more patients. “The way my practice is set up is that we are embedding primary care clinics directly in public housing in D.C. People that live in those neighborhoods just need to walk down the hall or across the street to get to our clinic,” she tells the American Association of Nurse Practitioners (AANP).
As NPs determine the type of practice they want to establish, Athey suggests they first build their clinical and business skills in an established setting: “My experience as an NP has shown me that the first few years of practice have a steep learning curve. … I think it’s always good to start off in a setting where you’re well supported and have resources and folks you can go to if you have questions.”
Each state has its own rules governing the scope of practice of NPs. These rules outline the range of responsibilities, duties and activities that NPs are authorized to perform based on their specific role and level of training. NP Advantage states that NPs may have full, reduced or restricted practice authority, depending on their geographic location.
What Steps Should FNPs Take to Open a Private Practice?
Entering private practice is a rewarding but complicated venture. This requires FNPs to consider many factors, such as the following:
Develop a Business Plan
A business plan should outline the practice’s vision, services offered, investment needs, financial projections and growth strategies. It should also provide details on the practice location and size, considering any future plans to expand core offerings. “For example, you might offer a preventive care treatment plan or even a holistic health plan that solves your patients’ problem of fragmented care experiences,” says Laurel Road. “Note that you may need to invest in additional certification or education to expand your treatment offerings.”
Understand Legal and Regulatory Requirements
The state, county or city of the proposed practice will likely require a business license or permit. NPs must also apply for an NPI and Tax ID number, secure liability insurance and begin credentialing with payers. As Nurse Practitioner Business Owner notes, NPs may benefit from building a support system of other NPs, mentors, accountants and attorneys to help them navigate legal and regulatory requirements.
Invest in Technology and Infrastructure
Telehealth platforms and virtual consultations have become increasingly crucial for reaching patients in remote or underserved areas, and FNPs should consider offering this mode of care. They may also want to invest in technology to streamline documentation and other practice functions, such as billing and patient communication.
Build a Referral Network
Referrals can go a long way in growing a private practice. FNPs should establish connections with other healthcare providers, community organizations and hospitals to facilitate patient referrals. Refining branding and marketing strategies can attract new patients and establish the practice’s presence in the community.
Transitioning to private practice allows FNPs to control their careers, pursue passions and meaningfully impact patient care. With the proper knowledge, skills and support from NKU’s online MSN – FNP program, FNPs can start this journey confidently and build thriving practices.
Learn more about Northern Kentucky University’s online MSN – FNP program.
