New Practice Medical Billing Services

As we’re sure you have found, there is a strategy to opening a new practice that goes well beyond the “To Do” list. It has to do with proper sequencing of events to minimize the time from the decision to start your own business to the completion of the very first appointment.

This strategy holds true to all specialties whether you are fresh out of school opening a brand new practice, leaving an existing practice to start a new practice, or even adding another location to your existing practice.

You’ve spent years studying to be a Doctor… not an Office Manager. The 80/20 Group, LLC can take that part of owning a practice off your hands! We take a critical path approach to managing each new practice project. And, we fully recognize and appreciate that each project is unique.

There are three key reasons for minimizing the project time frame with proper sequencing:

1. Time is money – Loan capital consumption parallels project length
2. Time is money – the longer the project, the longer you delay personal income.
3. Time is money – Project delays are evidence of mistakes, which always means money being wasted

The operative word is money, which is what we strive for with our sequencing strategies. These steps are the basis for an excellent beginning!

Financing

Absolutely nothing happens until funds are available. Of course, most physicians can get unsecured signature loans from a bank to start a practice. That may or may not be the best avenue to take. Other sources of capital include personal resources, hospitals and partners if joining a group.

Plan

It may seem backwards to start with money and then come up with a plan, but with funding comes the flexibility and the power to execute quickly. The first step in creating a plan is to conduct market research. The decision as to where to locate the practice will depend on carefully studying the market place and finding a niche or a hole in the market. Embedded in the selection of suitable office space is a space plan, which generally defines the size of space required for the short term and long term.

A medical practice contains the elements of a retail business; meaning that the location you choose will impact the growth and success of your practice significantly.

Business Formation

What’s in a name? Everything. That is why serious consideration should be given to naming the practice, seeking the assistance of marketing professionals if necessary. Using one’s name as the name of the practice is perfectly fine and definitely unique, if there are no plans to ever add partners. A name like San Antonio ENT is good, if there will never be an office in Seguin or Boerne.

Credentialing

The ink on the lease will not be dry when the Credentialing application process begins. New physicians, new in practice, should expect a minimum of ninety days to become credentialed with at least one payer. During this time the rest of the start-up pieces can be assembled.

Provider Enrollment

Enrolling Practitioners with hospitals is a very important part of a practice. In order for a Practitioner to see patients in a hospital, they must be enrolled. This can be a long process which can be tedious. Using our contacts helps us accomplish these tasks more efficiently.

Equipment and Technology

Equipment items such as exam tables, autoclaves, and otoscopes are examples of equipment. These can be purchased from a supply vendor, selected from a catalog, delivered, and set up quickly and easily.

Technology is divided into hardware and software. Hardware includes computers as well as copiers, scanners and fax machines. Critical software decisions are the choice of a practice management system and EMR. The technology provider becomes a long term business partner to the practice.

Staffing and Human Resources

The Office Manager will absolutely make or break a practice. Even if The 80/20 Group is providing billing services, this person will be your eyes and ears while you are away. This person will need to make sure all things in the office are flowing correctly and efficiently. After all, you wouldn’t a mechanic to defend you in court, why hire a billing clerk to be your Office Manager?

Marketing and Public Relations

Once the practice has been named, a brand can be developed, and some advertising campaigns can be initiated. Promoting a practice in advance of opening is a good way to build referral relationships and take the lead of the colleague community.

Operational Launch

A few weeks prior to opening, after the staff has been hired, and after the office finish-out is completed, is when the team comes together to work out operational flow, implement the policies and procedures, and complete equipment and technology training. After the doors open, there will be precious little time to learn how to use a new piece of software.

Within the major milestone steps listed above are hundreds of other details that must be attended to. That is where The 80/20 Group, LLC blows competitors out of the water! Call (210) 616-9990 today for a no-nonsense, no cost consultation.