Articles
Articles
The key to success for any medical practice is always vested in keeping is practically profitable. In today’s hyper-competitive healthcare space, it becomes even more important to sustain your profitability while you’re over-burdened dealing with crushing administrative and ever-increasing operating costs.
For the smooth running of a practice, an electronic health record (EHR) software is a necessity, without which a practice cannot function optimally. Practices are making the switch from paper records to EHR on an ongoing basis. Partly, because of the HITECH act, which offers incentives to healthcare ventures for making use of EHR systems.
In late 2011, I was becoming more and more dissatisfied with practicing medicine. I was being driven by what insurance companies dictated instead of the needs of the patients I was treating, in addition to having to see more patients in a shorter amount of time to maintain the income to which I was accustomed. I began seeing and reading articles about “direct primary care” models and how the doctor-patient relationship could be restored. So, in the spring of 2012, I decided to leave the practice I was part-owner of to start my own direct primary care practice.
Healthcare is one of the most highly regulated industries in the US, and the regulations just keep on increasing with the passage of time. Moreover, the series of regulations that affect a provider’s office are no exclusion. Keeping that in mind, physicians usually have a healthy professional relationship with an attorney who is focused on the relevant law, and is responsible for clearing all procedures before they are implemented, so that the risk of future complications is lowered.
To make sure that your new healthcare venture does not get hindered by unpleasant surprises along the way, it is essential to carry out a financial feasibility analysis and conduct detailed budgeting, so that you know exactly how much capital you need and figure out how to acquire it. A financial feasibility study should be the direct follow up of your market study, and should include assumptions, potential income, expenses, cash flow, and balance sheet.
Before you begin your practice, it is essential that you have a business plan in place. Any successful business starts with a business plan that is based on forward-thinking, and is thorough but simple. For a medical practice, your initial plan needs to be sufficient enough to cover and evaluate all important aspects of your business, and to communicate this information to all stakeholders involved.
Are you ready to open up your own medical practice?
The decision is indeed a significant milestone in your medical career and can be the defining moment of your future in the healthcare service industry. The current healthcare landscape is rapidly changing, as are patient expectations, and more and more physicians are now going solo. While this increased competition certainly means the service quality will get better, it also poses a greater risk to practice survival, especially for new startups.
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The key to success for any medical practice is always vested in keeping is practically profitable. In today’s hyper-competitive healthcare space, it becomes even more important to sustain your profitability while you’re over-burdened dealing with crushing administrative and ever-increasing operating costs.
For the smooth running of a practice, an electronic health record (EHR) software is a necessity, without which a practice cannot function optimally. Practices are making the switch from paper records to EHR on an ongoing basis. Partly, because of the HITECH act, which offers incentives to healthcare ventures for making use of EHR systems.
In late 2011, I was becoming more and more dissatisfied with practicing medicine. I was being driven by what insurance companies dictated instead of the needs of the patients I was treating, in addition to having to see more patients in a shorter amount of time to maintain the income to which I was accustomed. I began seeing and reading articles about “direct primary care” models and how the doctor-patient relationship could be restored. So, in the spring of 2012, I decided to leave the practice I was part-owner of to start my own direct primary care practice.
Healthcare is one of the most highly regulated industries in the US, and the regulations just keep on increasing with the passage of time. Moreover, the series of regulations that affect a provider’s office are no exclusion. Keeping that in mind, physicians usually have a healthy professional relationship with an attorney who is focused on the relevant law, and is responsible for clearing all procedures before they are implemented, so that the risk of future complications is lowered.
To make sure that your new healthcare venture does not get hindered by unpleasant surprises along the way, it is essential to carry out a financial feasibility analysis and conduct detailed budgeting, so that you know exactly how much capital you need and figure out how to acquire it. A financial feasibility study should be the direct follow up of your market study, and should include assumptions, potential income, expenses, cash flow, and balance sheet.
Before you begin your practice, it is essential that you have a business plan in place. Any successful business starts with a business plan that is based on forward-thinking, and is thorough but simple. For a medical practice, your initial plan needs to be sufficient enough to cover and evaluate all important aspects of your business, and to communicate this information to all stakeholders involved.
Are you ready to open up your own medical practice?
The decision is indeed a significant milestone in your medical career and can be the defining moment of your future in the healthcare service industry. The current healthcare landscape is rapidly changing, as are patient expectations, and more and more physicians are now going solo. While this increased competition certainly means the service quality will get better, it also poses a greater risk to practice survival, especially for new startups.