taking the leap: best practices to start your own medical practice
DESCRIPTION
Are you ready to take the leap and step out on your own? Whether you are a newly minted physician or looking to leave a group practice, how do you know if going it alone is the right choice? In this webinar, startup practice expert Audrey Christie McLaughlin will walk you through a step-by-step process to help you decide if opening your own practice is the right choice. During this free event, Audrey will offer practical recommendations on: How to decide if you should open your practice The initial steps to take prior to leaving your current position Business models, budgets, timelines, marketing and staffing considerations Find out everything you need to know to decide if independence is right for you and how to start a new practice successfully. Register now to learn new ways to become a new best practice.TRANSCRIPT
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PAGE 1 KAREO | @GoKareo; #KareoTip
Taking the Leap:Best Practices to Start Your Own Medical Practice
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PAGE 2 KAREO | @GoKareo; #KareoTip
Your Hosts Today…
Audrey McLaughlin,www.physicianspracticeexpert.com
Lea ChathamContent Marketing Manager, Kareo
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PAGE 3 KAREO | @GoKareo; #KareoTip
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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PAGE 4 KAREO | @GoKareo; #KareoTip
Participate via Social
Facebook.com/GoKareo
Twitter.com/GoKareo
http://kareo.ly/kareogroup
We’ll be live tweeting during today’s webinar!
How to participate:
1. Follow @GoKareo on Twitter
2. Follow @LeaChatham on Twitter
3. Search for #KareoTip
4. Join the conversation using #KareoTip
5. Join Building Best Practices group on LinkedIn
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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 McLaughlinwww.physicianspracticeexpert.com
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PAGE 6 KAREO | @GoKareo; #KareoTip
Our Schedule for Today…
1 Introduction & Welcome Audrey
2 Taking the Leap: Best Practice to StartYour Own Medical Practice
3 Discover Kareo’s Role
4 Answer Questions
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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 r/to owning a
practice? What are your weaknesses?
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PAGE 8 KAREO | @GoKareo; #KareoTip
Additional Considerations
Advantages to independent practice Control Hiring Maximum opportunity for specialization Ancillary Services Profit
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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)
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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?
Hmmm…
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PAGE 11 KAREO | @GoKareo; #KareoTip
I am in!
You have decided the independent practice is
right for you.
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PAGE 12 KAREO | @GoKareo; #KareoTip
Business Plan
Don’t skip this step. Include: Budget Timeline Market research Profitability projections Ideal Patient Profile Goals
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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.
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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?
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PAGE 15 KAREO | @GoKareo; #KareoTip
Budget and Timeline
Timeline Directly impacts cost. Too short Too long Sweet spot
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PAGE 16 KAREO | @GoKareo; #KareoTip
Budget and Timeline
Save your self stress Do the work Make peace with it
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PAGE 17 KAREO | @GoKareo; #KareoTip
Additional Considerations
Non-compete Are you going to remain at your current
practice until opening day?
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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
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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
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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
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PAGE 21 KAREO | @GoKareo; #KareoTip
Credentialing-What if we wait?
Turning away patients Retro dates won’t always cover Slows revenue/working for free
???
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PAGE 22 KAREO | @GoKareo; #KareoTip
Office Selection and Setup
Location Location Location Sign Lease Building finish out Certificates of Inspection Furnishings/Supplies/Vendors
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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
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PAGE 24 KAREO | @GoKareo; #KareoTip
Vendor Consideration
Who will you use for? Practice Management and Billing Electronic Health Records Phone System Hardware Internet Cable
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PAGE 25 KAREO | @GoKareo; #KareoTip
Staffing Considerations
2 Common Mistakes Hiring too many people Hiring the wrong people
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PAGE 26 KAREO | @GoKareo; #KareoTip
Staffing Considerations
How many people do I need? Office/Practice Manager Receptionist Medical Assistant/Nurse Billing Solution
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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.
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PAGE 28 KAREO | @GoKareo; #KareoTip
Outsourcing
What can I outsource? Billing Pre-Authorizations In-bound Calls Reminder Calls Marketing
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PAGE 29 KAREO | @GoKareo; #KareoTip
Outsourcing
How do I decide? Pros Cons
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PAGE 30 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.
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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
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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
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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.
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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.
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PAGE 35 KAREO | @GoKareo; #KareoTip
Our Schedule for Today…
1 Introduction & Welcome Audrey
2 Taking the Leap: Best Practice to StartYour Own Medical Practice
3 Discover Kareo’s Role
4 Answer Questions
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PAGE 36 KAREO | @GoKareo; #KareoTip
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
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PAGE 37 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
• 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
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PAGE 38 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
• Kareo Software & Services
• Integrated PM, EHR, RCM, Portal
• Best Practices• Training & Support• All Inclusive Pricing
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PAGE 39 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
• Kareo Billing Services
• Integrated PM, EHR, RCM, Portal
• Best Practices• Training & Support• All Inclusive Pricing
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PAGE 40 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
• Kareo Billing Services
• Integrated PM, EHR, RCM, Portal
• Best Practices• Training & Support• All Inclusive Pricing
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PAGE 41 KAREO | @GoKareo; #KareoTip
Kareo Marketplace
• Kareo Partners• Online appt.
scheduling• Text reminders• Recalls• Phone visits• Reputation
Management• Specialty EHRs
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PAGE 42 KAREO | @GoKareo; #KareoTip
Educational Resources
Kareo.com/meaningful-use
Kareo.com/ICD-10
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PAGE 43 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
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PAGE 44 KAREO | @GoKareo; #KareoTip
Our Schedule for Today…
1 Introduction & Welcome Audrey
2 Taking the Leap: Best Practices to StartYour Own Medical Practice
3 Discover Kareo’s Role
4 Answer Questions
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PAGE 45 KAREO | @GoKareo; #KareoTip