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Nuts and Bolts of Private Practice

Nuts and Bolts of Private Practice. Gyl A. Kasewurm. In 2006,. 29,000 businesses started, 26,000 of them failed. Of the failures: 67% didn’t have a written business plan 57% had no outside guidance 71% had not taken any business courses. What is the foundation of a successful practice?.

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Nuts and Bolts of Private Practice

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  1. Nuts and Bolts of Private Practice Gyl A. Kasewurm

  2. In 2006, • 29,000 businesses started, 26,000 of them failed. Of the failures: • 67% didn’t have a written business plan • 57% had no outside guidance • 71% had not taken any business courses

  3. What is the foundation of a successful practice? • Taking excellent care of your patients. • Having a diverse patient base • Retaining your current patients • Referrals from other health care professionals • New patients from advertising • Providing multiple services

  4. What Is Your Strategy…? To help people hear well again along with being profitable !

  5. Why Is a Business Plan the Key to Success? • Roadmap for the future • Establishes a firm foundation

  6. Permits analysis of business • Expenses/Cost • Marketing • Staffing Issues • Patient management • Competition

  7. Helps you stay competitive • Measures your practice • Sets Goals • Helps obtain Financing

  8. Practices don’t steer themselves • Ability to set goals in front of staff • Focus for quarterly review with all performance indicators • Drives all other plans • Goals, Objectives & Task • Organization of the team

  9. Executive Summary • Business Section • Market Analysis • Financing Section • Management Structure Components of a Business Plan

  10. Start new or buy existing? • Sole proprietor or partnership? • Incorporate? • Develop business with physician? • Become part of a network

  11. CONSULTING • BRAND IDENTITY / WEB PAGE / MARKETING $20,000 • LEGAL $3,000 • TAX $1,000 • TOTAL $24,000 • BUILDOUT • ADDITIONAL BUILDOUT FEE ($5 @ 2,000 sq ft) $10,000 • TOTAL $10,000 • TOTAL   • EQUIPMENT $46,000 • OFFICE $20,599 • CONSULTING $24,000 • BUILDOUT $10,000 • GRAND TOTAL $100,599

  12. When to hire an employee? • When can you afford to pay yourself? • What to charge for products and services?

  13. Only Three Ways to Grow Any Business Increase number of new patients Increase average sale of current patients Get current patients to purchase more frequently

  14. Is This You? • “Help rate? It’s at least 95% .” Should read…. • “65% help rate. Hmm… let’s look into some training.” • “I think I binaurally fit about 90% of patients.” Should read… • “A 60% binaural rate? We need to work on that.”

  15. Key Benchmarks to Track

  16. Referral Sources • New or previous patients • Binaural or monaural candidate • Help ratio • Product mix • Returns & exchanges • # of 3rd parties present

  17. Surround yourself with successful people • Network with community and professionals • Establish balance in your life • Never look back – only forward • Go for it!

  18. Marketing Plan • Backbone of the professional practice. • Shapes and supports business entity of the clinical practice. • Lays out strategies and tactics to capitalize on opportunities. • Helps guide through crisis. • Dynamic process – always in flux.

  19. Physician and Allied Health Networking • Primary Care • ENTs • Pediatricians • Dentists • Podiatrists • Chiropractors • PTs • OTs • Nurses

  20. Realize the Value of the Internet • Make your website a dynamic source of information for patients • Include information that will attract viewers • Keep it current • Online live chat

  21. So, what’s the secret?

  22. Neverjudge a patient’s ability to consume!

  23. Learn to delegate

  24. Deliver outrageous customer service

  25. Patient satisfaction is the goal!

  26. gyl@prohear.net • www.prohear.net

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