Download pdf - 10 Step Plan to Launch a Successful Medical Practice

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Taking the Leap:10 Step Plan to Launch a

Successful Medical Practice


Your Hosts Today…

Audrey McLaughlin,www.physicianspracticeexpert.com

Lea ChathamContent Marketing Manager, Kareo


Our Schedule for Today…

1 Introduction & Welcome Audrey

2 Taking the Leap: 10 Step Plan to Launch a Successful Medical Practice

3 Discover Kareo’s Role

4 Answer Questions


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Audrey McLaughlin, RN

Creator of www.physicianspracticeexpert.com

CEO, McLaughlin Sales Group

Developed Customer Service from the Heart

More than 12 years experience in healthcare consulting and sales

Author and speaker seen in publications like Physicians Practice

Audrey McLaughlin

www.physicianspracticeexpert.com




2 Taking the Leap: 10 Step Plan to Launch a Successful Medical Practice


4 Answer Questions


Best Practice to Starting Your Practice

Why?

What is your purpose, cause or belief that is leading you to start your own practice?

What about owning a practice makes you come alive?

What are your strengths related to owning a practice?

What are your weaknesses?


Additional Considerations

Advantages to independent practice

Control

Hiring

Maximum opportunity for specialization

Ancillary Services

Profit



Disadvantages to independent practice

Control

Risk/Cost

Administrative Headaches

Health/Retirement Benefits

Once successful isn’t always successful

Legalities (contractual/ non-compete)


Still Stuck?

Gut Check

Sit with the decision

Which choice brings you a sense of relief?

Which choice brings you a sense of calm?

Which choice brings you a sense of strength?


I am in!

You have decided the independent practice is right

for you.


Business Plan

Don’t skip this step. Include:

Budget

Timeline

Market research

Profitability projections

Ideal Patient Profile

Goals


Budget and Timeline

Budget

Research

Multiple scenarios

Cover from initial startup through end of first year of “doors open” practice.

Prepare for overages.

Don’t forget marketing and any consultant fees for the first 12 months.


Budget and Timeline

Budget: Give some real thought…

Will you take out a loan?

Will you use your savings?

Will you continue practicing in your current scenario?


Budget and Timeline

Timeline

Directly impacts cost

Too short

Too long

Sweet spot


Budget and Timeline

Save yourself stress

Do the work

Make peace with it



Non-compete

Are you going to remain at your current practice until opening day?


Secure Startup People

Secure tax/accounting/legal advisor

Taxes are NO joke.

Determine best entity setup for your situation.

Practice Startup Advisor/Consultant

Finalize budget and timeline.

Do the WORK

Mange the project

Hire and train staff

Setup, plan, execute marketing


Financial Setup (1st half)

Business entity formation

Acquire EIN, NPI, DEA, Sales tax numbers

Bank Accounts

Financing

Fee Schedule/Financial Policy Development


Credentialing

Create a list of the payors you know are important to work with in your area

Begin credentialing process, even without a place of business


Credentialing-What if we wait?

Turning away patients

Retro dates won’t always cover

Slows revenue/working for free


Office Selection and Setup

Location Location Location

Sign Lease

Building finish out

Certificates of Inspection

Furnishings/Supplies/Vendors


Vendor Consideration

I need a service for that?

Document Destruction

Medical Waste

Lab

Credit Cards

Janitorial needs

Maintenance

Revenue Recovery


Vendor Consideration

Who will you use for?

Practice Management and Billing

Electronic Health Records

Phone System

Hardware

Internet

Cable


Staffing Considerations

2 Common Mistakes

Hiring too many people

Hiring the wrong people



How many people do I need?

Office/Practice Manager

Receptionist

Medical Assistant/Nurse

Billing Solution



How do I ensure I hire right people?

Make a list.

Detailed application instructions.

Place ads.

Start sorting. Yes. No. Maybe.

Contact Yes’s.

Narrow it down.

Keep Weeding.



Special for Startups

Expect staff available for 2 weeks prior to opening day.

Work ½ days if possible.

Be available for marketing needs.


Outsourcing

What can I outsource?

Billing

Pre-Authorizations

In-bound Calls

Reminder Calls

Marketing


Outsourcing

How do I decide?

Pros

Cons


Marketing 90 Days to Open

On the 90th day in the countdown:

Website complete.

Social Media Campaigns Begin

Practice Announcements Ordered

Going forward in the countdown

Press contacts

Join Chamber, IPA, Local Business Organizations

Schedule Open House

Participate in Community Events


“Practice” Practice Week

Practice Makes Perfect

Day 1: Practice on each other

Day 2: Practice on family (try for 5-8)

Day 3: Schedule 5 patients for the day




First Few Days

Slowly ramp up to a full schedule

Technology is not perfect

Have confidence, you have made the right decision.


Common Pitfalls

I don’t need any help.

Credentialing Woes.

Change orders.

“This is the way we have always done it.”

Over/under staffing.

Failing to market.




2 Taking the Leap: 10 Steps to Launch a Successful Medical Practice


4 Answer Questions


Discover Kareo’s Role

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2 Taking the Leap: 10 Steps to Launch a Successful Medical Practice


4 Answer Questions
