Opening a Solo Medical Practice!

If you are a physician launching a solo practice, or at least considering starting a private medical practice, most likely it means it is time for you to do it.
The first thing on your mind should be a business plan, it is recommended to draft one on your own and then take it to a professional to handle the rest. Don’t handle the business plan on your own, you will not save money by doing that, in fact you will lose money in the long run. (nice things to have: attorney, accountant, banker, consultant, architect, contractor, IT resources, lots of friends and a ticket to Vegas, you never know when your next vacation will come!)
Next, you will need to find a financial source, yes, a bank is a great idea, and here is where a good business plan comes in handy.
Once the financials are in the works, you should have an idea of a location. I hope you picked a great name for your medical practice and created an entity). I am sure you have done some research on the type of office you would love to have and a target location. All that is left is to find suitable space. Your timing couldn’t be better, rents are down and the landlords would love to have you as a tenant.
Keep in mind, location plays an important part in marketing your practice.
You can also look into medical office buildings for space dedicated to medical tenants; it is a new trend in big cities. An easy place to make friends.
You can work with a realtor specializing in medical space, or you can look for yourself.
You will save money if you lease space that’s already built out; all you have to do is remodel.
Recommended, you hire a contractor that has experience with the build out of medical space, you will need help with the layout. The trick is to be efficient with space and keep in mind all the new technology.
While you are getting all set up in your actual space, there are major things to consider, one of which is your staff. Do you need a solid manager? How much can you pay? Don’t forget about marketing and your hours of operation.
These are just sum of the questions that need to be answered.

I hope this rough draft with help with some of your questions and I hope you will join us for continuation of Opening a Medical Office.

YSNY
Sr. Medical Practice Consultant
Real Practice Solutions, LLC in New York
http://www.realpracticesolutions.com

Let us increase your bottom line!

Are your claims being underpaid, or not paid at all?

It is amazing how practice owners to not know where they stand when it comes to collecting their claims from the insurance carrier.

Some just think by having a biller on premises insures them that they will get paid!

I can asure you this is not the case. Billers on salary have no incentive that will drive them to get you the money that you deserve. Please keep that in mind.

Someone has to supervise the billing process that your practice has implemented. Someone has to check what was submitted/resubmitted and what was collected, also have to be familiar what is in your contract with the insurance carrier that you are billing. Not to mention the bills that go out directly to your patients.

You need someone that will keep track of what is going on.

It is easy to miss things in a busy practice, you might be thinking that you are saving money by having your front desk person do your billing and scheduling at the same time.

The bottom line you have to have someone in control, someone that will provide a detailed report to you that will show you what is happening with your money!

Please keep in mind that dealing with insurance carriers is not a simple process and also a time consuming process.

It is recommended to have a dedicated billing service that is motivated to see you get paid, a service that is up to date and has experience in dealing with the insurance world as it is today! 

David Zilber

Practice Management Consultant

http://www.realpracticesolutions.com

Medical Practice Management

 Starting/relocating or joining a new Medical Practice can be overwhelming at times.

The check list below can get you on the way, we do recommend at least some professional help along the way.

• Physical Location in medical office condition with phone service in place
• Office manager and/or Practice Management Consultant
• Check for all required Licenses
• Federal Tax ID
• Workers Compensation Insurance
• Professional Liability Insurance
• Hospital Privileges
• Credentialing Precess
• Security Set up
• Fax Service
• Internet Services (T lines, Cable, DSL)
• IT system and backup
• IT service
• Web Site
• Advertising and Marketing
• Business cards and Appointment cards
• Answering Service
• Staffing
• Front Desk Set Up
• Risk Management
• Emergency plan/training
• Waste Disposal
• Compliance
• Reception Room set up (magazines, publications)
• Electronic records
• Scheduling System
• Billing (in-house or billing service)
• Collection Services
• Dry Run
• Evaluation

These are some of the things that need to be covered to have a successful start in a new practice, assuming you have an attorney, banker, accountant, and all your consulting help in place. Yes you will need the consulting help to get things up and running.

Tip: If you have the budget, start with good quality equipment it will bring you money in the long run, and please get an office decorator!

Don’t forget patients hate to wait, if they do you have to make them comfortable.

Posted by a Practice Management Consultant at Real Practice Solutions, LLC. in New York.

We specialize in making your practice work more efficiently and more profitably.
http://www.realpracticesolutions.com

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Today’s goal would be to have your New Medical Practice up and running as fast as possible. Easier said, then done.

Whether you are starting a new practice or growing an existing practice you will need a plan of attack.

Yes, you will need a business plan. Starting a new medical practice is very similar to starting any other business. Designing a business plan is not just something you use when you are seeking venture capital.

You need a business plan that will contain all the steps and schedule you will need to complete your tasks in a rational and a timely manner.

OK, lets say you have years of clinical training, but what do you know about the business side of the medical practice.

Time to start your research, if you have the time. If not then you will need professional help in starting your new venture. Start Up consultants cost money, how much, will all depend on the service you use. In the long run, you will save money using a consulting company that can help you implement your ideas and move things along at a faster pace.
Highly recommended!

You can also save money by handling some of the tasks on your own, or using some of the professional adviser’s that you are familiar with.

If you have a familiar attorney, banker, accountant, real estate agent, practice management consultant and any other consultant that is familiar with medical practices, use them.

Each one of these professionals can play a vital part in getting your new business up and running. It is also an ideal way if you would like to improve, or expend your business.

Posted by a Practice Management Consultant at Real Practice Solutions, LLC. in New York. We specialize in making your practice work more efficiently and more profitably.
http://www.realpracticesolutions.com/