1 / 19

Dr. Jane Storrie Dr. Diana Velikonja

OPA Pre-Conference Workshop The Essentials of Private Practice Starting a Practice and Choosing a Business Model. Dr. Jane Storrie Dr. Diana Velikonja. OUTLINE. Advantages and Disadvantages of Private Practice Choosing a Business Model Are You Ready for Private Practice?

sahkyo
Download Presentation

Dr. Jane Storrie Dr. Diana Velikonja

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. OPA Pre-Conference WorkshopThe Essentials of Private PracticeStarting a Practice and Choosing a Business Model Dr. Jane Storrie Dr. Diana Velikonja

  2. OUTLINE • Advantages and Disadvantages of Private Practice • Choosing a Business Model • Are You Ready for Private Practice? • Developing a Business Plan

  3. ADVANTAGES & DISADVANTAGES OF PRIVATE PRACTICE AUTONOMY Pros: Independence Freedom to determine business and professional direction Ability to aspire to work/life balance Cons: You are the boss – no one to turn to for assistance Totally responsible for all areas of the practice Risk of isolation

  4. ADVANTAGES & DISADVANTAGES OF PRIVATE PRACTICE FLEXIBILITY Pros: Set own work hours and caseload Make quick decisions and respond to changes Choose which services will be provided Develop policies and procedures Cons: Pressure to bring in money to sustain business & lifestyle Can be difficult to schedule vacations Billable vs. non-billable hours (billing, filing, record keeping)

  5. ADVANTAGES & DISADVANTAGES OF PRIVATE PRACTICE ENVIRONMENT Pro: Control over office and working environment Con: Ongoing overhead expenses FINANCES Pro: Set fees Con: Exposure to fluctuating market, bad debts and cash flow problems PROFESSIONAL SKILLS Pro: Total control over professional development Con: Cost of continuing professional development

  6. ADVANTAGES & DISADVANTAGES OF PRIVATE PRACTICE ACCOUNTABILITY Pros: Ability to provide best possible service Total control over success of practice Cons: Total responsibility for errors Issues of time management and self-motivation

  7. CHOOSING A BUSINESS MODEL TYPE OF PRACTICE • Sole Practitioner • General Partnership • Group • Multidisciplinary • Corporation

  8. GETTING PREPARED PROFESSIONALLY • Professional experience, competence and skills • Knowledge of and experience in treatment modalities and presenting issues • External referral networks • Access to individual or peer consultation • Familiarity with relevant legislation, standards, ethical guidelines • Caseload management

  9. GETTING PREPARED PERSONALLY • Running a business • Time and commitment • Confidence • Physically and mentally able to meet the demands • Undertaking risk

  10. BUSINESS-READY? • Business model • Business plan • Vision/Mission statement • Professional identity (who you are, services you offer) • Assists strategic planning and decision-making • Keeps staff and partners on the same page • Sense of direction • Master Business Licence • Registering business name

  11. BASIC REQUIREMENTS • Insurance (professional liability/office and contents/public liability/income protection) • Accounting • Salary • Taxation/GST • Cash flow • Bookkeeping • Legislation • Occupational health and safety • Location (privacy, welcoming)

  12. BASIC REQUIREMENTS • Fees and expenses • Time management skills • Practice management tools • Hiring clinicians and administrative staff • Contracts/Third-party payers • Marketing/Advertising/Referral sources • Processes (ie., referrals) • Policies and procedures

  13. DEVELOPING A BUSINESS PLAN • Hire a professional or do the research (books, software or small-business development seminars at your local chamber of commerce) • Develop a Vision

  14. CONDUCT MARKET RESEARCH • Market analysis • Hire a professional • Informal surveys • Focus groups (potential patients and referral sources) • Look for unfilled market needs • What the market will bear in terms of fees and services

  15. ANALYZE COMPETITION • Availability and affordability of services • Reputation

  16. SET FINANCIAL GOALS • Create a Marketing Plan • Advertising • Promotional materials and opportunities • Networking

  17. GET FEEDBACK • Accountant • Professional colleagues • Potential referral sources

  18. REVISE! Business plans should be living documents

  19. SUMMARY • Private practice can be rewarding and lucrative • Planning and preparation is key • Seek good advice and professional services • Choose partners carefully • Get it in writing • Hire excellent clinicians and staff • Reputation is everything

More Related