Past Webinar

5 things start-up practices should know

In CureMD’s recent webinar, “5 things start-up practices should know”, CEO of University Physicians Network (UPN), Robert Goff explains all you need to know before setting up your new practice.

Starting a new practice can be tricky but the perks that come with it can be enthralling and totally worthwhile. Do not get carried away, though. The changing healthcare landscape brings its own challenges and it’s absolutely necessary to remain on your toes while you set up your new practice.

# 1: Number of Physicians to start with

Identify your target market, clearly. There are two different types – those looking for a quick transaction, and those who are interested in a relationship with the physician. The questions that practices have to ask are: do they wish to serve both and if they should? The challenge is to remain relevant and accessible to the patient. Ideally, you should grab and hold on to any and every patient you can get. Make room for all the patients that come to you.

Now is the time to identify the number of physicians you need, in order to provide quality healthcare services to your patients. So you need to find the right balance and preferably start small but scalable. Too many physicians and it’s a spoiled broth, too less and the overhead expenses become unbearable. This brings us to another issue - the staff. Do not hire too much staff when you start off. Try to manage on your own, and only expand the staff when it will profit you.

# 2: Adopt health IT software right away

Health IT systems aren’t cost-prohibitive. Start off with an integrated system and you will soon realize how many overhead costs you end up saving. Billing is yet another crucial part. It is not just a matter of sending out claims and expecting to be paid. It is about ensuring full and timely payments, which is easier when you are using an integrated EHR and Practice Management system that facilitates your in-house billing.

# 3: Marketing channels for new practices

Be visible! Market your practice properly, to ensure people know you. Word of mouth isn’t enough. Adopt different channels of marketing, such as attend relevant community and educational events to advertise yourself.

# 4: Important Legal requirements

You can’t just open the door and hang a sign. All the legal requirements must be satisfied before you open the doors of your practice, such as State License, Hospital Privileging and Health Plan Contracting. These things take time, so start with the legal process well before you plan to start off.

# 5: Estimated ROI period

Last but not the least, do not be impatient. It takes about a year to be able to start earning profits.

A lot is going to depend on how the physician is able to build a patient base that includes new and returning patients. An average primary care physician runs about 3,000 patients. It depends how fast you can reach the target. Physicians should be able to fund close to a year’s expenses when starting off.

This webinar was specifically conducted for providers looking to open up their private practice or recently did so. Let us share you worries while you work on what matters the most to you - patient care. To give your practice a better head start, explore CureMD’s Billing services, and EHR and Practice Management software. Sign up for a Free Demo today!