FAQs | Frequently Asked Questions
Becoming an Independent Nurse Practitioner Entrepreneur:
Can a nurse practitioner practice independently?
The ability to practice independently and the scope of practice varies by state. However, whether you are in a full practice, reduced practice, or restricted practice state, there is likely a path towards practice ownership.
What are the benefits of private practice for nurse practitioners?
While everyone may have their own perceived benefits of independent practice, some of the most common benefits we’ve heard are the ability to care for your patients your way, freedom and flexibility in scheduling, ownership of your own financial success, and joy in propelling advocacy for nurse-led care.
How do I become a nurse practitioner entrepreneur?
If you have decided that NP entrepreneurship is right for you, the first step we recommend is creating a business plan. There are plenty of online templates and courses that can help you work through the process. We also recommend contacting your Local Small Business Development Centers (SBDC) to see what resources they have available. Once you’ve established your business plan, it’s time to consider partners and vendors for practice components like EHR and telehealth technology, marketing services, NP business consulting and more.
How do I find the right business partner for my NP practice?
There are several things to consider when evaluating your options. We recommend that you seek a relationship that empowers you to maintain practice ownership and autonomy, offers experienced, custom guidance, and truly serves as a partner rather than a vendor.
How do I know if the time is right?
The healthcare landscape is ripe for evolution and innovation, making this an ideal time for market entry for many NP entrepreneurs. However, only you can know if the time is right for you. Some things to consider are your current employment status, lifestyle compatibility, family considerations, your business plan progress, and financial resources.
Do I need a physical address to have an independent practice?
An address may be required for elements of our services like credentialing, payer contracting, and online directory listings. For NP Entrepreneurs who will be starting out as telemedicine only, your home address may be used in some scenarios, though requirements are highly dependent on state regulations and payer requirements.
About NP Advantage’s Practice Solutions Suite
What are the benefits of utilizing an NP Consultant?
With so many things to consider when pursuing independence, NP Consultants help you to sift through and prioritize tasks and processes. NP Consultants serve as an extension of your vision and innovation so that you can pursue independence without feeling alone. Check out our Benefits of Partnering with Nurse Practitioner Consultants blog for more.
What do I already need to have done before I can get started with NP Advantage?
Entrepreneurial nurse practitioners are expected to come with a specific business plan in mind and ideally documented. If you need help documenting your plan, contact us and request our Defining Your Vision Form. You’ll also need to ensure that you can access your CAQH account, have establish a Tax ID number, and set up a Group NPI.
What if I don’t currently have payer contracts in place, does that matter?
We will manage the credentialing, contracting, and enrollment processes on your behalf. Though current contracts and CAQH access can accelerate the process, we can help you get established with commercial and federal payers no matter where you are in the process.
How do I build my patient panel?
Building your patient panel is best accomplished through a combination of efforts. We provide a unique online presence including a website, Google My Business Listing, reputation management and more. Additionally, our payer contracting and enrollment services, telehealth technology, and referral recommendations increase patients’ accessibility to your services.
If I work with the NP Advantage team, will I maintain ownership of my practice?
Yes! You are full owner of your business and full decision maker of all clinical, business, workflow, and strategic decisions. We are your coaches, consultants, and service providers.
How long has NP Advantage been doing this?
We have utilized the team and knowledge behind NP Advantage services to assist providers to become independent for over 25 years. Our suite of services specifically designed for NPs, launched in early 2022 and we are supporting several active NP practices.
Do you have references?
At your request, we can provide testimonials and references from our current NP Advantage clients. You are also invited to follow NP Advantage on LinkedIn, Facebook and Instagram to view testimonials posted on social media.
Is telehealth included?
Yes. We provide a telehealth platform with real-time access to notes and video.
How do I select an EHR?
With NP Advantage, there’s no selection necessary. We’ll provide you with a customized, state-of-the-art EHR platform. Our team has 25 years of experience and is skilled at building and optimizing the system for your specific needs. We also provide ongoing support through our national help desk to resolve any issues that may arise with your EHR.
Will you train me in the EHR?
Absolutely! Our implementation team is standing by to optimize your knowledge and skill while increasing your efficiency. We provide on-site training and are at your elbow when you start seeing patients to assure you are confident in using the system. Additionally, we’ll provide ongoing training support for any new hires that join your practice.
Do you provide scribes, medical assistants, or administrative staff?
At NP Advantage, our focus is guiding you to build the infrastructure for your practice. While we do not provide staff, we do include them in the training of workflows and EHR optimization.
Who will handle the billing?
NP Advantage processes your billing, investigates denied claims and provides revenue cycle management services.
I currently have a practice that is set up but could use support, do you offer services for existing practices?
Depending on your practice’s current situation we can help in several ways. For NPs with existing practices who want to take advantage of the full suite, we can offer the package, though it may require changes in your existing EHR, online presence, and other vendor activities. For those who would like to take advantage of specific services from the suite, they should visit the Medical Advantage website.
The state where I will start my practice requires a supervising physician. Do I need to have my collaborating physician established in order to be credentialed with certain insurance payors?
Though requirements may vary by state and payer, we highly recommend securing a collaborating physician as soon as possible so that the process doesn’t hold you up down the road. If you need help finding a collaborating physician, you can visit one of our recommended matchmakers who can help pair you with a closely vetted collaborator.