10 step plan to launch a successful medical practice
TRANSCRIPT
PAGE 1 KAREO | @GoKareo; #KareoTip
Taking the Leap:10 Step Plan to Launch a
Successful Medical Practice
PAGE 2 KAREO | @GoKareo; #KareoTip
Your Hosts Today…
Audrey McLaughlin,www.physicianspracticeexpert.com
Lea ChathamContent Marketing Manager, Kareo
PAGE 3 KAREO | @GoKareo; #KareoTip
Our Schedule for Today…
1 Introduction & Welcome Audrey
2 Taking the Leap: 10 Step Plan to Launch a Successful Medical Practice
3 Discover Kareo’s Role
4 Answer Questions
PAGE 4 KAREO | @GoKareo; #KareoTip
Participate via Social
Facebook.com/GoKareo
Twitter.com/GoKareo
We’ll be live tweeting during today’s webinar!
How to participate:
1. Follow @GoKareo on Twitter
2. Follow @LeaChatham on Twitter
3. Join the conversation using #KareoTip
PAGE 5 KAREO | @GoKareo; #KareoTip
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 McLaughlin
www.physicianspracticeexpert.com
PAGE 6 KAREO | @GoKareo; #KareoTip
Our Schedule for Today…
1 Introduction & Welcome Audrey
2 Taking the Leap: 10 Step Plan to Launch a Successful Medical Practice
3 Discover Kareo’s Role
4 Answer Questions
PAGE 7 KAREO | @GoKareo; #KareoTip
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 related to owning a practice?
What are your weaknesses?
PAGE 8 KAREO | @GoKareo; #KareoTip
Additional Considerations
Advantages to independent practice
Control
Hiring
Maximum opportunity for specialization
Ancillary Services
Profit
PAGE 9 KAREO | @GoKareo; #KareoTip
Additional Considerations
Disadvantages to independent practice
Control
Risk/Cost
Administrative Headaches
Health/Retirement Benefits
Once successful isn’t always successful
Legalities (contractual/ non-compete)
PAGE 10 KAREO | @GoKareo; #KareoTip
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?
PAGE 11 KAREO | @GoKareo; #KareoTip
I am in!
You have decided the independent practice is right
for you.
PAGE 12 KAREO | @GoKareo; #KareoTip
Business Plan
Don’t skip this step. Include:
Budget
Timeline
Market research
Profitability projections
Ideal Patient Profile
Goals
PAGE 13 KAREO | @GoKareo; #KareoTip
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.
PAGE 14 KAREO | @GoKareo; #KareoTip
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?
PAGE 15 KAREO | @GoKareo; #KareoTip
Budget and Timeline
Timeline
Directly impacts cost
Too short
Too long
Sweet spot
PAGE 16 KAREO | @GoKareo; #KareoTip
Budget and Timeline
Save yourself stress
Do the work
Make peace with it
PAGE 17 KAREO | @GoKareo; #KareoTip
Additional Considerations
Non-compete
Are you going to remain at your current practice until opening day?
PAGE 18 KAREO | @GoKareo; #KareoTip
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
PAGE 19 KAREO | @GoKareo; #KareoTip
Financial Setup (1st half)
Business entity formation
Acquire EIN, NPI, DEA, Sales tax numbers
Bank Accounts
Financing
Fee Schedule/Financial Policy Development
PAGE 20 KAREO | @GoKareo; #KareoTip
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
PAGE 21 KAREO | @GoKareo; #KareoTip
Credentialing-What if we wait?
Turning away patients
Retro dates won’t always cover
Slows revenue/working for free
PAGE 22 KAREO | @GoKareo; #KareoTip
Office Selection and Setup
Location Location Location
Sign Lease
Building finish out
Certificates of Inspection
Furnishings/Supplies/Vendors
PAGE 23 KAREO | @GoKareo; #KareoTip
Vendor Consideration
I need a service for that?
Document Destruction
Medical Waste
Lab
Credit Cards
Janitorial needs
Maintenance
Revenue Recovery
PAGE 24 KAREO | @GoKareo; #KareoTip
Vendor Consideration
Who will you use for?
Practice Management and Billing
Electronic Health Records
Phone System
Hardware
Internet
Cable
PAGE 25 KAREO | @GoKareo; #KareoTip
Staffing Considerations
2 Common Mistakes
Hiring too many people
Hiring the wrong people
PAGE 26 KAREO | @GoKareo; #KareoTip
Staffing Considerations
How many people do I need?
Office/Practice Manager
Receptionist
Medical Assistant/Nurse
Billing Solution
PAGE 27 KAREO | @GoKareo; #KareoTip
Staffing Considerations
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.
PAGE 28 KAREO | @GoKareo; #KareoTip
Staffing Considerations
Special for Startups
Expect staff available for 2 weeks prior to opening day.
Work ½ days if possible.
Be available for marketing needs.
PAGE 29 KAREO | @GoKareo; #KareoTip
Outsourcing
What can I outsource?
Billing
Pre-Authorizations
In-bound Calls
Reminder Calls
Marketing
PAGE 31 KAREO | @GoKareo; #KareoTip
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
PAGE 32 KAREO | @GoKareo; #KareoTip
“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
PAGE 33 KAREO | @GoKareo; #KareoTip
First Few Days
Slowly ramp up to a full schedule
Technology is not perfect
Have confidence, you have made the right decision.
PAGE 34 KAREO | @GoKareo; #KareoTip
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.
PAGE 35 KAREO | @GoKareo; #KareoTip
Our Schedule for Today…
1 Introduction & Welcome Audrey
2 Taking the Leap: 10 Steps to Launch a Successful Medical Practice
3 Discover Kareo’s Role
4 Answer Questions
PAGE 36 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
Cloud-based
Insurance & Patient Billing
Scheduling & Practice Management
Electronic Health Records
Medical Billing Services
Education, Training, & Support
Ranked #1 by Black Book 2 Years
30,000 Providers Nationwide
PAGE 37 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
• Kareo Simple Start
• All-in-one start up practice solution
• Integrated platform: EHR, Web and Mobile Application, Patient Portal
• Secure Messaging
• Flat low rate to start
• Increases as collections increase to low percentage of collections
PAGE 38 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
• Kareo Medical Billing
• Integrated platform: EHR, Web and Mobile Application, Patient Portal
• Secure Messaging
• Customized Reports
• Customer Success Coach
• Training & Support
• All Inclusive Pricing
PAGE 40 KAREO | @GoKareo; #KareoTip
DoctorBase
• Patient Engagement & Marketing
• Appointment reminders
• Recalls
• Email & text communications
• Patient surveys
• Website & SEO
• Online reviews
• Provider directory
• And more
PAGE 41 KAREO | @GoKareo; #KareoTip
Sign up for Simple Start Now
www.kareo.com/new-practice
PAGE 42 KAREO | @GoKareo; #KareoTip
Our Schedule for Today…
1 Introduction & Welcome Audrey
2 Taking the Leap: 10 Steps to Launch a Successful Medical Practice
3 Discover Kareo’s Role
4 Answer Questions