10155 W. Twain Ave., #110 (702) Phone
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1 10155 W. Twain Ave., #110 (702) Phone Las Vegas, Nevada (702) Fax Practice Opportunity Outline To be reviewed with Companion Text I. Before you start: Considerations for those who want to go it alone Read To All Brave Souls a. Market Viability i. Patient Base ii. Payor Mix iii. Competition iv. Referral Networks b. Physician Values Read Physician Values i. Are you sacrificing or suffering? ii. Can you be the boss? iii. Will you part of the 22% Club? iv. Take a coding class c. Finances Read The X and the Y i. What is the X? What is the Y? ii. What are your resources? iii. What is the least amount of money you can spend? iv. What can you not afford not to buy? II. Getting Started: Things to do before you take the leap Read The Medical Practice Fertile Crescent a. Explore the Market i. Patient Base 1. Research using Claritas Market Segments ( 2. Scout prospective locations for housing, commercial, auto ii. Payor Mix 1. Obtain a list of local payors (ask hospital or recruiter) and call each payor to ask about your specialty panel (Is it open?) 2. If panels are open, ask about the standard reimbursement for your specialty (XX% of Medicare) 3. Ask insurance companies with open panels to send you a provider manual and credentialing information iii. Competition 1. Check phone book for listings in your specialty 2. Check provider manuals for listings in your specialty
2 3. Visit health care provider offices in target markets to determine unlisted presence of your specialty 4. Call medical malpractice carriers in the market for a quick quote 5. Consult local hospitals iv. Referral Networks 1. For specialists, inquire at primary care offices about the perceived need for your specialty. 2. For primary care, determine growth of patient base to determine potential practice growth. 3. Consult local hospitals b. Prepare Yourself i. Prepare for Hard Times 1. Tighten finances by controlling spending and eliminating debt 2. Focus on the utility of objects 3. Commit to sacrifice ii. Buckle up for Business 1. Prepare the best image possible 2. Read up on small business management 3. Take one last vacation c. Getting Ready to Get Started (You still can back out) i. Form your business 1. Consider entity options 2. Consider naming requirements 3. Obtain and file proper forms with Secretary of State ii. Obtain licensing 1. State Medical License 2. DEA License 3. Prescribing License 4. State and Federal CLIA License 5. Local and State Business Licenses iii. Credentialing 1. Complete hospital credentialing 2. Complete insurance credentialing iv. Insurances (Negotiate, Don t Sign) 1. Personal Health, Life and Disability 2. Medical Malpractice 3. Property and Liability 4. Workers Compensation v. Professional Services (Negotiate, Don t Sign) 1. Practice Management a. Billing b. Staffing c. Operations d. Bookkeeping
3 e. Marketing 2. Corporate Management a. Resident Agent b. Annual Filings 3. Accounting a. Pro Forma Balance Sheet b. Quarterly Balance Sheet c. Quarterly Tax Filings d. Annual Balance Sheet e. Annual Tax Filings 4. Legal a. Corporate Structure b. Contract Review c. Professional Support (Depositions, etc.) vi. Location Setup (Negotiate, Don t Sign) 1. Lease Space a. Cost b. Duration c. Escalators d. CAMs e. Included/Exclude (utilities, supplies, etc.) f. Restricted/Unrestricted (parking, restroom facilities, etc.) 2. Cost Equipment a. Office Supplies b. Medical Supplies c. Room Equipment d. Computer Equipment e. Business Office Furnishings f. Nurses Station Furnishings g. PMS/EMR (if necessary) h. Phones 3. Services a. Answering Service b. Pager/Cell Phone c. Cleaning d. OSHA Compliance e. Biohazard f. Shredding g. Supplies h. Telecommunications i. Fire extinguishers j. Banking k. Lab pick up/reporting l. Transcription
4 III. m. Utilities 4. Determine Staffing a. Consider layout b. Consider coverage/attrition c. Consider cost/benefit analysis for staff d. Reconsider Read These are my People i. Review market ii. Review personal goals iii. Review financial forecast Step off the Abyss Read Patient Care or Postage Stamps? a. Secure professional services, insurances and location setup b. Obtain federal tax ID c. Develop and produce marketing material i. Stationary/Header ii. Business Cards iii. Welcome Ad iv. Physician post card mailer v. Phone book listing vi. Little Yellow/Blue Book listing vii. Website/ Hosting d. Develop office forms e. Secure staffing i. Place ad in classifieds ii. Develop employee handbook iii. Develop job descriptions based on location setup iv. Develop interview questions/format v. Develop pay scale vi. Interview and hire staff vii. Train staff f. Develop operation processes i. Scheduling 1. Time 2. Reason 3. Date made and initials ii. Patient processing Front Desk 1. Insurance Prior Authorization (if necessary) 2. Insurance Verification 3. ID 4. New patient paperwork 5. Payment obligation iii. Patient processing Nurses Station 1. Vitals
5 2. Complaint 3. Instructions iv. Patient Check out 1. Drug samples 2. Prescriptions 3. Referrals 4. Lab orders 5. Imaging orders 6. Other orders 7. Payment obligation 8. Follow up appointment 9. Procedure orders v. Processing Referrals, Orders and Labs vi. Beginning of Day/Close of Day vii. Bookkeeping g. Hand Shake Marketing i. Go visit the offices in your referral network ii. Contact local hospitals about participating in community programs iii. Contact local schools about participating in any career events iv. AVOID any appearance of trolling for patients Read Remember This
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