Traditional Private Practice Start-Up | Member of Medical Service Organization | |
|---|---|---|
| Find office space; pay security deposit; finance build-out of patient offices/upgrades | Begin working immediately in high-end office space with all the amenities and physician-specific format in-place. | |
| Purchase thousands of dollars' worth of computers and tens of thousands of dollars' worth of software for practice management, billing, insurance claim management etc. | All computers and software are in-place and ready to go. We have already tried many existing software packages and have selected ones that are most appropriate for private practice. | |
| Advertise necessary support positions and interview many candidates. Write policy manuals and hire a payroll service. | We have an existing support staff and systems in place for hiring good candidates. We have policy manuals, corporate intranet, training systems and a payroll service. | |
| Purchase group health policies for medical, dental and optical insurance. Suddenly you're on the other end of the insurance debate! | We have benefits packages in place that are negotiated based on dozens of employees instead of you starting out with just a couple of people in your group. | |
| Purchase professional/malpractice liability insurance based on your private practice. | We can assist you in negotiating and making choices that keep premiums and liability low. | |
| Spend hours setting up billing and insurance software and trying to understand it yourself – so you can then try to teach your new support staff. | Everything is already in place and as your need for support staff grows we can hire and train additional staff. You focus on patients! | |
| Managing cash flow – borrowing money based on future revenues to finance those early months/years when spending is high to put everything in place. | Predictable expenses from your first dollar. You will know how much money you are going to make and how much is required for overhead. |
