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Defining Your Practice
Dr. Patrick Bodnar
© 2006 by Patrick Bodnar and Parker College of Chiropractic. All rights reserved. Any unauthorized use, reproduction or dissemination of this information may be subject to civil and criminal penalties.
1
Acting According to a Plan
Is the difference between ending up with what we ___________and
what we ___________.want
get
Practice Planning Steps
1. Summarize your business
2. Analyzing your customer/market
3. Budgeting, Fee Structuring & Forecasting
4. Clinic Layout/Design
5. Location analysis
6. SWOT Analysis
7. Business/Financial Model
8. General Business Tasks
9. Billing/Collections Procedure
10.Marketing Plan
Options in Practice
• Sole proprietor (owner)
• Associate
• Independent contractor
Sole Proprietor
What people like:• Freedom to make
own decisions• Lower overhead• Equity• Sense of
ownership
What people dislike:• Taking
responsibility for their decisions
• High risk• Longer hours• Managing people• Requires money
and credit to start
Associate
What people like:• Low risk• Paid partially on salary• Gain experience• Easier to get time off• May include benefits
What people dislike:• Higher overhead• Paid partially on
percentage• Still have to get
patients• No sense of
ownership• Sometimes difficult to
dev own treatment style
Independent Contractor
What people like:• Lower risk• Equipment and
supplies may be provided
• Running your own practice
• Overhead usually lower than associate
• Share personnel
What people dislike:• Performance of
proprietor’s personnel may affect your business
• Overhead higher than sole proprietor
• More difficult to establish own identity
Square One
• Purpose
• Benefits
• Mission Statement
Purpose
• Your purpose will put you in touch with why you are truly doing this
• This honest approach will help you negate conflicts in clinical recommendations as well as business decisions
Defining Your Purpose
• This is the most personal aspect of building or defining you practice– Why are you motivated to do this?– What do you want to receive from this?– Why is it important that you succeed at
this?– What meaning will this bring to your life?
Benefits
• These are the ways or how you will affect your patients’ lives
• This is what they get for their money
• This is the reason they may choose to come to you
Defining Your Benefits
• This is the information patients may want first– What do you want your patients to
experience?
– How will your service affect the quality of patients’ lives?
– Why should patients choose you?
Mission
• Captures your core purpose, attitude and orientation to your customer (patient), and outlines your identity
• It creates the necessary driving force to grow your practice
• It is the definition by which you operate
• Responsible for the desire, or lack there of, to serve your community