These simple steps will guide you in opening a successful medical practice.
June 27, 2004 (Press Release) --
June 28, 2004 -- When you open a new practice, there are many issues that need to be covered.
1. Establish a business entity. Whether you are spinning off a practice or establishing a completely new practice, you will need: Practice legal entity, e.g., sole proprietor, partnership, corporation.
2. A practice is serious business. That business must be protected. You can do this by: Physician-shareholder buy/sell agreement, Physician-shareholder employment agreement, Physician associate employment agreement, Cash flow budget since when you're out of cash, you're out of business. A cash flow budget is very useful for obtaining financing. The following are other areas to explore. Take time and master these areas.
The practice employs the staff, and good, experienced people are hard to find.
The practice may choose to use an outside clearing house for electronic claims, mailing patient statements.
To reduce the risk of working with a bad computer system vendor, ask colleagues for references. Ask the vendor for user references.
Computer system
Your practice will need a computer system for:
Patient accounting
Appointment scheduling
Electronic medical records
General accounting
Internet access
Word processing
Ask colleagues about their experiences with different vendors.
Negotiate purchase or lease
Staffing
The practice may need:
Fewer people working more efficiently
More people doing different things
Obtain advice on employment law.
Dr. Al Johnson is the coordinator of a business group that teaches people how to easily attract wealth and reach their goals. Additionally, Dr. Johnson is a managing partner of Maximum Reimbursement, a practice management company. He may be reached at 305-761-7643 or hypnodoc@hotmail.com
1. Establish a business entity. Whether you are spinning off a practice or establishing a completely new practice, you will need: Practice legal entity, e.g., sole proprietor, partnership, corporation.
2. A practice is serious business. That business must be protected. You can do this by: Physician-shareholder buy/sell agreement, Physician-shareholder employment agreement, Physician associate employment agreement, Cash flow budget since when you're out of cash, you're out of business. A cash flow budget is very useful for obtaining financing. The following are other areas to explore. Take time and master these areas.
The practice employs the staff, and good, experienced people are hard to find.
The practice may choose to use an outside clearing house for electronic claims, mailing patient statements.
To reduce the risk of working with a bad computer system vendor, ask colleagues for references. Ask the vendor for user references.
Computer system
Your practice will need a computer system for:
Patient accounting
Appointment scheduling
Electronic medical records
General accounting
Internet access
Word processing
Ask colleagues about their experiences with different vendors.
Negotiate purchase or lease
Staffing
The practice may need:
Fewer people working more efficiently
More people doing different things
Obtain advice on employment law.
Dr. Al Johnson is the coordinator of a business group that teaches people how to easily attract wealth and reach their goals. Additionally, Dr. Johnson is a managing partner of Maximum Reimbursement, a practice management company. He may be reached at 305-761-7643 or hypnodoc@hotmail.com
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