Health Care Services Team

Health Business Considerations:

What are the top 4 things most physicians want?

Increased Revenue
Lower Expenses
More Time
Greater Work/Life
Satisfaction

New Practice Start-Ups

After much deliberation and research, you have decided to start your own practice.

Whether launching a solo practice or a venture with multiple colleagues, careful planning is the key to ensuring your success. Planning and hard work will assure practice success and growth. Physicians starting a new practice must develop and follow a sound strategy to open an efficient and profitable practice in a timely and cost-effective manner.

Physicians must undertake many actions to prepare the practice for the first patient. Proper sequencing of these actions and events will enable everything to proceed smoothly. You will want your facility and operations to be set up so that you can provide the best medical care possible while securing timely payment for your services.

A first step would be to interview and select trusted advisors for your practice. Some of these professionals would include:

Certified Public Accountant (CPA)
Attorney
Insurance & Risk Management Consultant
Real Estate/Architect/Construction Advisor
Financial/Banking Professional
Marketing Specialist
Physician/Business Coaching

Their knowledge and experience will be critical to a smooth start up. These professionals will help you with the planning and implementation required for the launch of your practice.

Start-ups can be costly. You need to know that you can get a good return on your investments.

SUGGESTED STARTUP PLAN

Six Months Prior to opening:

Interview Advisors – be comfortable with their skill and knowledge of your practice
Determine Legal Structure

Develop operation and employment agreements (appropriate practice governances)

Evaluate practice facility needs – building and location
Determine practice equipment needs – Furniture, Phones, Computers, medical equipment.
Preliminary planning of insurance for property, liability, malpractice etc.

Three Months Prior to opening

Credentialing, licensure, hospital privileges and marketing for the practice
Prepare financial projections, develop banking and financing relationships

Two Months prior to opening

Develop medical equipment and office equipment and start the acquisition process.
Develop office procedures, both clinical and operations. – Billing, collection, employee, financial, etc.
Finalize insurance, business forms, website, supplies

Six weeks prior to opening

Interview and hire employees
Install phones and equipment, etc

On month prior to opening

Mail announcements and plan the opening.

(More specific timelines are prepared for each client based on their individual needs and budget)