Reduce Stress and Achieve Early Profits for Your Medical Practice Startup
Your Startup Strategy Will Impact Profits for Years to Come
Knowing and overseeing the thousands of details required for a successful medical practice startup is not the only key to success. The key is to achieve the tasks in the proper sequence and to know which tasks are prerequisites for others. This helps keep your startup on schedule, avoids costly delays, and prevents you from delaying important decisions that impact profits.
The Real Cost of a DIY Practice Startup
It is really easy to become tempted by the idea of saving a few dollars with a do-it-yourself practice startup. It can be done, however, this often costs physicians tens of thousands of dollars in missed revenue over the first few years of their practice. For example:
- If you do not get credentialed with the right carriers, it can cause you to miss two additional new patients per day for the first three months, which translates to $300 per day, or up to $6,000 per month of missed revenue.
- With the right marketing plan, you might bring in three more patients per day for the first two or three years. Without it, you could cost yourself tens or even hundreds of thousands of dollars.
These examples are the price of relying on a standard practice startup checklist. Even the most comprehensive list can’t convey the timing and order in which certain tasks must occur, nor can it convey the value that comes with the experience of having set up medical practices for physicians in just about every specialty.
