26 Feb Starting your own practice – what to know: A Conversation with Dr. Swann
BEGIN ENROLMENTS BEFORE LEAVING YOUR EMPLOYER
Practice Support can help clinicians who want to start their own practice by lessening the burden of overhead costs.
We can begin enrolments while you’re still employed with your current employer, so when you’re ready to leave the practice to go on your own, your payer sources are already in line and you’re able to see patients immediately.
DEFERRED PAYMENTS GIVE FINANCIAL FLEXIBILITY
One of the benefits of working with Practice Support is that we can defer any costs until you start recouping payments from patients and funds from insurance. There is, therefore, no significant overhead burden for you.
It is not until you start billing out for the services you provide that you start to pay for the costs associated with starting up your own practice.
We’ve been in your shoes when it comes to setting up a practice from a billing and credentialing perspective, so we understand that there are costs associated with leases, materials, and technology.
We try our best to make it easier for clinicians to start their own practice, to build on that, and to follow their dreams without being burdened financially.
YOU DIDN’T GO TO SCHOOL TO BE AN EXPERT IN BUSINESS
We know to ask questions – that you might not know to ask.
These questions can include which payer source you want to be a part of, the types of additional credentials you may need to acquire, what your working plan may need to be, or how to network.
Having quarterly meetings, with us – about the financial health of your practice – will help you understand when the timing is right to leave your full-time employment and fully launch your private practice.
UNDERESTIMATING THE AMOUNT OF PAPERWORK, LICENSES & LEGALITIES IN NAVIGATING A NEW BUSINESS
Taking on too much!
It is easy to burn out when you are working full-time AND creating your own, new practice.
Your mind is likely to spin, full of different things – the infrastructure, the legalities, and the paperwork that is required, plus thoughts about licenses, the leases… and a whole lot more.
I would say to focus on what you are passionate about. Maybe, that is building your website, maybe that is going out and marketing your new practice, or doing in-service teachings with practitioners.
Choose what you truly would love to take on, on your own, and then let someone else take over the things that either you are not an expert in (for example credentialing) or the things that are not bringing you joy. Leave those to the professionals.
When it came to me starting my practice, I found someone I knew who would ensure that my revenue was in place, so that I could continue doing the things required of me day-to-day.
RECORD KEEPING IS IMPORTANT
When you are looking at building out your new practice’s services, it is important to look at policies and the associated paperwork, and stay in line with, for example, how you keep records.
We, at Practice Support, help clients to, for example, think about their cancellation policy, whether or not they can bill for missed appointments, and so forth. We explore where the client is potentially missing out on revenue, and how this can be changed.
In preparation for my own practice, it took me about six months to get to a point where I was ready to fully launch the business. I first had all of the above in place.
INTERNS ARE A VALUABLE RESOURCE
If we are considering the seasons of one’s practice, a new season may mean taking on interns, creating opportunities, and extending one’s license.
And so, if we look at instant billing and bringing on people who are in the process of licensure – meaning lending out your license to another clinician – and what that looks like, know that we have extensive billing experience where we can help you. This includes incident billing, which is, billing another clinician under your license.
The above helps clinicians in our community that we believe in. We trust their work and we know what kind of work they do.
This offers an opportunity to help build up a practice and bring in new clients.
It also gives you the freedom to expand into passion projects that you might not be doing right now because you are too busy running the finance and legislative admin of your practice.
Practice Support can help you set up your brand, new practice – click here to contact Dr. Swann or one of our team for a free consultation.
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