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Archive for the ‘New Practice Setup’ Category

Setting Up a Clinical Business Plan

clinical business planA sound clinical business plan is critical to the success of any new practice, no matter how small or large it may be. It is a tool that can help to attract top talent and also improve critical decision making. These are a few considerations that should be taken into account when putting one together.

Establishing Your Vision and Mission Statement

One of the most important elements of a clinical business plan is to clearly state the vision and mission statement of the facility. The vision basically provides an outline for what the clinic should look like in 5-10 years. There is no single right way to express the vision; it could be esoteric or it could be extremely intricate and complex. However, it should be clear enough to provide clear direction. The mission statement, in a nutshell, defines why the practice exists and what it intends to accomplish. It should be to the point, simple to understand and substantive. In many instances, the mission statement can be very helpful when the time comes to consider matters such as joint ventures, expansion or shifts in practice focus.

Analyzing the Market

It is also vital that a clinical business plan contains analysis of the market that will support the presence of a new practice. It should provide a specific branding and marketing strategy that delineates how you plan to attract patients to the front door.

Projections

Financial projections are typically the final piece of a well crafted business plan. They will usually include cash flow as well as 1-5 year profit and loss projections, and will also include an analysis of metrics that are benchmarked against industry standards.

There are, of course, several other elements of a clinical business plan that need to be carefully thought through and documented. The experienced professionals with Synergy MSO can help you design the best plan for your needs. Contact us online or call 214-550-1469 to learn more.

What to Consider in a New Practice Setup

The Process of Any New Practice Setup

New Practice SetupSo, you’ve finally decided to strike out on your own and open a medical practice of your very own – but now what? Like starting any type of business, there are many considerations involved in the process. In fact, many new businesses fail because the people that are involved failed to take the time necessary to create a solid plan of action. Below are some things to consider for any type of new practice setup:

Organize From the Start

Organization is everything when beginning the process of creating a new medical practice. Find a way that works for you to organize everything from your schedule to paperwork. This may include using a calendar and filing system or it may include drawing up a flowchart of things that need to happen in sequence for your practice to get off the ground. However you choose to do it, just make sure you are able to keep up with all of the information.

Bring in Outside Help

It’s also a good idea to rely on others during a new practice setup. Some physicians and specialists choose to partner with other medical professionals during the process of starting a practice, while others choose to go solo and bring in consultancy firms. There are a number of benefits associated with relying on others, including shared responsibility and the ability to attract new patients or bring along current patients from another practice. Whenever you decide to bring in someone else, be it another medical professional or a consultant, always document any and all agreements.

Your Marketing Plan

Once you’ve got your practice open, you’ll need to have a solid marketing plan. This may include the use of advertising campaigns in your local area or it may include creating press releases to announce your new practice or new things taking place at your practice. Keep in mind that the marketing process can be long, arduous, and complicated, so it’s often best to rely on a medical marketing company to handle this aspect of your practice. A medical marketing company can ensure that your new practice is seen by potential patients in your local area using print and online resources.

If you’re feeling overwhelmed at the prospect of starting a new medical practice, or if you’ve recently gone through a new practice setup and you’re not quite sure whether you’re on the right track, contact Synergy MSO in Dallas, TX. Synergy MSO provides a variety of consulting services for physicians and medical facilities, including financial reviews and, medical billing, and medical practice management.

To contact Synergy MSO, call 214-550-1469.