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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?

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Dr. Jane Storrie Dr. Diana Velikonja

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  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

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