10 Step Plan to Launch a Successful Medical Practice

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    16-Jul-2015

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  • PAGE 1 KAREO | @GoKareo; #KareoTip

    Taking the Leap:10 Step Plan to Launch a

    Successful Medical Practice

  • PAGE 2 KAREO | @GoKareo; #KareoTip

    Your Hosts Today

    Audrey McLaughlin,www.physicianspracticeexpert.com

    Lea ChathamContent Marketing Manager, Kareo

  • PAGE 3 KAREO | @GoKareo; #KareoTip

    How to Participate Today

    Type your questions

    Download todays resources

    View todays presentation

  • PAGE 4 KAREO | @GoKareo; #KareoTip

    Participate via Social

    Facebook.com/GoKareo

    Twitter.com/GoKareo

    Well be live tweeting during todays webinar!

    How to participate:

    1. Follow @GoKareo on Twitter

    2. Follow @LeaChatham on Twitter

    3. Join the conversation using #KareoTip

  • PAGE 5 KAREO | @GoKareo; #KareoTip

    Discover Kareos Role

    PAHCOM has approved 1 CEU credit.

    Each attendee will receive an email today with a link to request certification. Certificates will be mailed within the next few days.

    Attendees must be logged into the webinar to receive credit.

    Youll receive an email with more information.

    Make Your Practice a Best Practice!

  • PAGE 6 KAREO | @GoKareo; #KareoTip

    Our Schedule for Today

    1 Introduction & Welcome Audrey

    2 Taking the Leap: 10 Step Plan to Launch a Successful Medical Practice

    3 Discover Kareos Role

    4 Answer Questions

  • PAGE 7 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 McLaughlin

    www.physicianspracticeexpert.com

  • PAGE 8 KAREO | @GoKareo; #KareoTip

    Our Schedule for Today

    1 Introduction & Welcome Audrey

    2 Taking the Leap: 10 Step Plan to Launch a Successful Medical Practice

    3 Discover Kareos Role

    4 Answer Questions

  • PAGE 9 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 related to owning a practice?

    What are your weaknesses?

  • PAGE 10 KAREO | @GoKareo; #KareoTip

    Additional Considerations

    Advantages to independent practice

    Control

    Hiring

    Maximum opportunity for specialization

    Ancillary Services

    Profit

  • PAGE 11 KAREO | @GoKareo; #KareoTip

    Additional Considerations

    Disadvantages to independent practice

    Control

    Risk/Cost

    Administrative Headaches

    Health/Retirement Benefits

    Once successful isnt always successful

    Legalities (contractual/ non-compete)

  • PAGE 12 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?

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    I am in!

    You have decided the independent practice is right

    for you.

  • PAGE 14 KAREO | @GoKareo; #KareoTip

    Business Plan

    Dont skip this step. Include:

    Budget

    Timeline

    Market research

    Profitability projections

    Ideal Patient Profile

    Goals

  • PAGE 15 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.

    Dont forget marketing and any consultant fees for the first 12 months.

  • PAGE 16 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?

  • PAGE 17 KAREO | @GoKareo; #KareoTip

    Budget and Timeline

    Timeline

    Directly impacts cost

    Too short

    Too long

    Sweet spot

  • PAGE 18 KAREO | @GoKareo; #KareoTip

    Budget and Timeline

    Save yourself stress

    Do the work

    Make peace with it

  • PAGE 19 KAREO | @GoKareo; #KareoTip

    Additional Considerations

    Non-compete

    Are you going to remain at your current practice until opening day?

  • PAGE 20 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

  • PAGE 21 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

  • PAGE 22 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

  • PAGE 23 KAREO | @GoKareo; #KareoTip

    Credentialing-What if we wait?

    Turning away patients

    Retro dates wont always cover

    Slows revenue/working for free

  • PAGE 24 KAREO | @GoKareo; #KareoTip

    Office Selection and Setup

    Location Location Location

    Sign Lease

    Building finish out

    Certificates of Inspection

    Furnishings/Supplies/Vendors

  • PAGE 25 KAREO | @GoKareo; #KareoTip

    Vendor Consideration

    I need a service for that?

    Document Destruction

    Medical Waste

    Lab

    Credit Cards

    Janitorial needs

    Maintenance

    Revenue Recovery

  • PAGE 26 KAREO | @GoKareo; #KareoTip

    Vendor Consideration

    Who will you use for?

    Practice Management and Billing

    Electronic Health Records

    Phone System

    Hardware

    Internet

    Cable

  • PAGE 27 KAREO | @GoKareo; #KareoTip

    Staffing Considerations

    2 Common Mistakes

    Hiring too many people

    Hiring the wrong people

  • PAGE 28 KAREO | @GoKareo; #KareoTip

    Staffing Considerations

    How many people do I need?

    Office/Practice Manager

    Receptionist

    Medical Assistant/Nurse

    Billing Solution

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    Staffing Considerations

    How do I ensure I hire right people?

    Make a list.

    Detailed application instructions.

    Place ads.

    Start sorting. Yes. No. Maybe.

    Contact Yess.

    Narrow it down.

    Keep Weeding.

  • PAGE 30 KAREO | @GoKareo; #KareoTip

    Staffing Considerations

    Special for Startups

    Expect staff available for 2 weeks prior to opening day.

    Work days if possible.

    Be available for marketing needs.

  • PAGE 31 KAREO | @GoKareo; #KareoTip

    Outsourcing

    What can I outsource?

    Billing

    Pre-Authorizations

    In-bound Calls

    Reminder Calls

    Marketing

  • PAGE 32 KAREO | @GoKareo; #KareoTip

    Outsourcing

    How do I decide?

    Pros

    Cons

  • PAGE 33 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

  • PAGE 34 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

  • PAGE 35 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.

  • PAGE 36 KAREO | @GoKareo; #KareoTip

    Common Pitfalls

    I dont need any help.

    Credentialing Woes.

    Change orders.

    This is the way we have always done it.

    Over/under staffing.

    Failing to market.

  • PAGE 37 KAREO | @GoKareo; #KareoTip

    Our Schedule for Today

    1 Introduction & Welcome Audrey

    2 Taking the Leap: 10 Steps to Launch a Successful Medical Practice

    3 Discover Kareos Role

    4 Answer Questions

  • PAGE 38 KAREO | @GoKareo; #KareoTip

    Discover Kareos Role

    Cloud-based

    Insurance & Patient Billing

    Scheduling & Practice Management

    Electronic Health Records

    Medical Billing Services

    Education, Training, & Support

    Ranked #1 by Black Book 2 Years

    30,000 Providers Nationwide

  • PAGE 39 KAREO | @GoKareo; #KareoTip

    Discover Kareos Role

    Kareo Simple Start

    All-in-one start up practice solution

    Kareo PM, EHR, and Billing Services

    Flat low rate to start

    Increases as collections increase to low percentage of collections

  • PAGE 40 KAREO | @GoKareo; #KareoTip

    Discover Kareos Role

    Kareo Medical Billing

    Integrated PM, EHR, RCM, Portal

    Best Practices

    Training & Support

    All Inclusive Pricing

  • PAGE 41 KAREO | @GoKareo; #KareoTip

    Discover Kareos Role

    Kareo Software & Services

    Integrated PM, EHR, RCM, Portal

    Best Practices

    Training & Support

    All Inclusive Pricing

  • PAGE 42 KAREO | @GoKareo; #KareoTip

    Discover Kareos Role

    Kareo Billing Services

    Integrated PM, EHR, RCM, Portal

    Best Practices

    Training & Support

    All Inclusive Pricing

  • PAGE 43 KAREO | @GoKareo; #KareoTip

    DoctorBase

    Patient Engagement & Marketing

    Appointment reminders

    Recalls

    Email & text communications

    Patient surveys

    Website & SEO

    Online reviews

    Provider directory

    And more

  • PAGE 44 KAREO | @GoKareo; #KareoTip

    Educational Resources

    Kareo.com/meaningful-use

    Kareo.com/ICD-10

  • PAGE 45 KAREO | @GoKareo; #KareoTip

    Sign up for Simple Start Now

    www.kareo.com/new-practice

  • PAGE 46 KAREO | @GoKareo; #KareoTip

    Our Schedule for Today

    1 Introduction & Welcome Audrey

    2 Taking the Leap: 10 Steps to Launch a Successful Medical Practice

    3 Discover Kareos Role

    4 Answer Questions

  • PAGE 47 KAREO | @GoKareo; #KareoTip

    Discover Kareos Role

    PAHCOM has approved 1 CEU credit.

    Each attendee will receive an email today with a link to request certification. Certificates will be mailed within the next few days.

    Attendees must be logged into the webinar to receive credit.

    Youll receive an email with more information.

    Make Your Practice a Best Practice!

  • PAGE 48 KAREO | @GoKareo; #KareoTip

    How to Participate Today

    Type your questions

    888.775.2736 x1

    sales@kareo.com

    -- Questions After the Webinar --

  • PAGE 49 KAREO | @GoKareo; #KareoTip