October 29, 2022
Whether you are fresh out of medical school residency, starting up a new medical practice, collaborating on a new group medical practice, or transitioning from an employed physician in a large health system to your own private practice, DoctorsManagement has experts to guide you along the way through the complicated stages of medical practice launch and operations.
Solutions and Services
- Market Analysis
- Prepare Feasibility Analysis and Business Plan Summary
- Assess Risks and Competition
- Estimate Startup Costs and Prepare Financial Projections
- Secure Financing and Lines of Credit from Lenders
- Establish Tax ID and Professional Corporation
- Select Office Space and Contractor
- Credential and Contract with Government Payers and Commercial Insurance Companies
- Establish Best Practices for Day-to-Day Operations
- Human Resources
- Recruit Staff & Check References
- Onboard and Train Staff
- Prepare Employee Handbook, Policies & Procedures
- Ensure OSHA and HIPAA Healthcare Compliance
- Establish Practice Fee Schedule
- Certify Laboratory and Prepare CLIA Manuals
- Develop Healthcare Marketing Plan
- Assist with Ongoing Medical Practice Management
Full Medical Office Operations Support
DoctorsManagement will work with you to develop and implement a full medical business strategy and provide guidance of your new practice operations to create a growing and thriving healthcare practice.
Our goal is to create best practices for your day-to-day medical practice operations. After the completion of a comprehensive Practice Assessment, your DoctorsManagement Consultant will oversee the development and implementation of your medical practice operations with routine calls and monthly onsite visits to review:
- The current status of your practice
- Cash flow and the financial strength of your practice
- Established benchmarks
- How to increase the profitability of your practice
(We will also be available for any questions as needed!)
Additionally, we will assist in coordinating and selecting:
- EMR (Electronic Medical Records) System
- Practice Management System
- Medical Billing Services
- Bookkeeping and Monthly Accounting
- Payroll Administrator
- Merchant Services
- Office and Medical Supplies & Equipment
Reduce Stress and Achieve Early Profits for Your Medical Practice Startup
Your Startup Strategy Will Impact Profits for Years to Come
Knowing and overseeing the thousands of details required for a successful medical practice startup is not the only key to success. The key is to achieve the tasks in the proper sequence and to know which tasks are prerequisites for others. This helps keep your startup workflow on schedule, avoids costly delays, and prevents you from postponing important decisions that impact profits.
The Real Cost of a DIY Practice Startup
It is very easy to become tempted by the idea of saving a few dollars with a “do-it-yourself” practice startup. It can be done, however, this often costs physicians tens of thousands of dollars in missed revenue over the first few years of their practice. For example:
- If you do not get credentialed with the right carriers, it can cause you to miss two additional new patients per day for the first three months, which translates to $300 per day, or up to $6,000 per month of missed revenue.
- With the right marketing plan, you might bring in three more patients per day for the first two or three years. Without it, you could cost yourself tens or even hundreds of thousands of dollars.
These examples are the price of relying on a standard practice startup checklist. Even the most comprehensive list can’t convey the timing and order in which certain tasks must occur, nor can it convey the value that comes with the experience of having set up medical practices for physicians in just about every healthcare specialty.
A Proven System for Success
Our team has refined the process to help ensure a successful practice startup. We can help you in any stage of your startup, including:
- Conduct a feasibility study
- Identify practice and financial objectives
- Determine parameters for facility size and location
- Evaluate and establish your site location
- Identify practice and financial objectives
- Assistance with securing financing
- Obtain credentialing and contracting
- Discuss areas such as Malpractice Insurance & Liability Insurance Coverage and Medicare & Medicaid Reimbursements
- Establish operations, compliance, and Human Resources procedures
- Assistance with your marketing plan and patient loyalty development
- Practice Management and business plan overview
From Feasibility to Profitability
You can choose the level of service that provides what you need wherever you are in the process. Our medical practice startup professionals know what needs to be done and how to do it effectively and efficiently. We can even work with you after the initial medical practice startup to help keep you moving into higher levels of professional success. We have helped thousands of physicians in nearly every state across the country and look forward to serving you.
Talk With One of Our Startup Experts Today
Learn how our team can help eliminate the headaches of opening a private practice so that you can enjoy the personal and professional satisfaction that comes with this exciting stage of your career.
I want to leave hospital or group practice – Is Private Practice Viable?
The answer is an overwhelming yes! A private practice still works and it will work tomorrow! We have the privilege of working together with more than 40,000 healthcare practitioners nationally, including over 700 private medical practices. Many of these physicians are experiencing tremendous success in private practice! Despite this truth, there seems to be a growing narrative that doctors can’t succeed in their own medical practice.
Even if private practice isn’t your thing, you should still pay attention. In negotiations, it’s well-known that you can only reach the point of your next best alternative, so sharing how successful you could be in private practice will serve you well.
More importantly, many of the tools we introduce are transferable to any small business owner structure (hospital, healthcare system, supergroup, etc.). If appropriately implemented, our tools and solutions are designed to enable you, as a healthcare provider, to focus on patient care, enabling you to achieve mastery, increasing your autonomy, and making your career more fulfilling.
Speak with a DoctorsManagement representative today to learn more.
Is Medical Practice Acquisition Risky?
Physicians considering the acquisition of a medical practice should not assume it will be “low risk,” as many young doctors incorrectly believe. Nothing could be further from the truth.
There are many additional concerns that you may not consider, such as the current EHR (electronic health record) system, the credentialing process, health insurance, medical equipment age, payers, real estate, staffing, and more. We recommend speaking with an expert and completing a thorough analysis to ensure you and your practice partners comprehend the full undertaking. Taking this lightly can lead to feeling trapped with costly, messy surprises.
Things to look out for following purchase are:
- A large volume of patient loss. The industry average claims a practice will lose 10-20 percent
- Unplanned repair costs of older equipment
- Staff turnover is expected
- High cost of facility improvements
- Issues with rental properties or leases
Any of these can be devastating financially and emotionally as well. With DoctorsManagement, you will be prepared for practice acquisition and we will assist in helping you avoid these surprises.
Medical Practice Startup Services Include:
PRACTICE PLANNING & SETUP
- Perform a Feasibility Study
- Assist with Strategic Plan development
- Establish and track Strategic Plan milestones
- Develop best practices for your office manager
- Manage the office manager
- Create and post job advertisements
- Perform background checks
- Write job descriptions for employees
- Access to our PowerBuying – we connect you to low-cost suppliers
- Define the New Business Structure
- Expense classification
- Reconcile bank account statements & credit card payments
- Monthly management report
- OSHA & HIPAA Compliance Manuals
- Custom Human Resource Employee Manuals
- Human Resource Reference Manual
- Laboratory Compliance, if applicable
- OIG Compliance Manual
- Staff Compliance Training