Taking the Leap: Best Practices to Start Your Own Medical Practice

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Taking the Leap:Best Practices to Start Your Own 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: Best Practices to Start Your Own 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 McLaughlinwww.physicianspracticeexpert.com




2 Taking the Leap: Best Practice to StartYour Own 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 r/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?

Hmmm…


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 your self 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.


Outsourcing

What can I outsource? Billing Pre-Authorizations In-bound Calls Reminder Calls Marketing


Outsourcing

How do I decide? Pros Cons



Special for Startups Expect staff available for 2 weeks prior to

opening day. Work ½ days if possible. Be available for marketing needs.


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 Day 4: Schedule 8 patients for the day Day 5: Schedule 8 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: Best Practice to StartYour Own Medical Practice


4 Answer Questions


Discover Kareo’s Role

Cloud-basedInsurance & Patient BillingScheduling & Practice ManagementElectronic Health RecordsMedical Billing ServicesEducation, Training, & SupportRanked #1 by Black Book 2 Years

25,000 Providers Nationwide



• Kareo Simple Start includes• Kareo PM, EHR, and Billing

Services• Credentialing for your

commercial and government payers

• Payer contracting• Free training and support• Flat low rate



• Kareo Software & Services

• Integrated PM, EHR, RCM, Portal

• Best Practices• Training & Support• All Inclusive Pricing



• Kareo Billing Services





• Kareo Billing Services




Kareo Marketplace

• Kareo Partners• Online appt.

scheduling• Text reminders• Recalls• Phone visits• Reputation

Management• Specialty EHRs


Educational Resources

Kareo.com/meaningful-use

Kareo.com/ICD-10

http://www.kareo.com/meaningful-use

http://www.kareo.com/ICD-10






2 Taking the Leap: Best Practices to StartYour Own Medical Practice


4 Answer Questions


Taking the Leap: Best Practices to Start Your Own Medical Practice

Health & Medicine

timeline timeline

practice management

theindependent practice

staffing considerations

best entity setup

year of doors open practice

additional considerations

medical practice3