Invest Now and Start my Own Practice, or Wait..?

April 3, 2018

INVESTING AND REINVESTING IN YOUR PRIVATE PRACTICE

 

 

You know, there is so much that we learn from when we start a new business and nothing is different when it comes to a private practice. Many times it takes over 10 years to realize that we didn't know enough during the time we first started. For many, they can truly say, “I wish I knew then what I know now”!  I will say though, many will have experienced steady growth since they started into private practice. But, the growth could have been exponentially more had they done a few things differently.

 

Your Practice Is a Business

First of all, you have to remember that private practice is a business. Like any business, it takes some investment of resources to get things started. The good news is that private practice really does not take a whole lot of capital to get started.

 

You basically need a place to meet with clients. You will need the infrastructure for them to be able to find you (websites and marketing plans). You need a way for you to respond to their contact with you (phones, email, etc.). Then you need a way to document and track things on both the clinical and business side of things. Other than furniture and office equipment, you do not have to invest in any sort of inventory.

 

With that said, many practices think that that;s all you need and that can be their biggest mistake. For example, you need to make sure that you are contracted with insurance carriers or at minimum contracted to submit and receive claim files. In other words, many insurances require some if not a lot of paper work just to communicate with them that you are a physician seeing their patients. Without these types of fundamentals you can expect to be a cash business. And when it comes to Cash Business in healthcare, unless you are very well known, good luck finding patients who are willing to cough up a high dollar amount just to see you.

 

My best recommendation is to find a third party who can provide you with the knowledge and leg-work  in completing that connection between your new practice and the patients insurance company. They can probably also help with 101 other little aspects that you wouldn't know otherwise.

 

 

 

 

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