; GUIDE TO EXPANDING YOUR MEDICAL PRACTICE
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GUIDE TO EXPANDING YOUR MEDICAL PRACTICE

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PRACTICE GROWTH • How many new patients were added to the practice last year? Two years ago? • How many patient encounters did each physician conduct last year? Two years ago? • Primary Care Physicians—How many charts do I have of patients who have been seen in the last 3 years? • When is the next open slot for a new patient appointment? For an established patient appointment?

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									                 GUIDE TO EXPANDING YOUR MEDICAL PRACTICE
1.   Conduct internal assessment of your practice:

PRACTICE GROWTH
 How many new patients were added to the practice last year? Two           ______________________   _________________
   years ago?
 How many patient encounters did each physician conduct last year?         ______________________   _________________
   Two years ago?
 Primary Care Physicians—How many charts do I have of patients             ______________________   _________________
   who have been seen in the last 3 years?
 When is the next open slot for a new patient appointment? For an          ______________________   _________________
   established patient appointment?
 What were the charges for the practice last year? Two years ago?          ______________________   _________________
 What were the collections for the practice last year? Two years ago?
                                                                            ______________________   _________________
 Will my physical facility accommodate an additional physician?
2. Conduct an external assessment of your service area:

SERVICE AREA TRENDS
 What is the population of my primary service area? (You may want          ______________________   _________________
   to request information from the hospital on the counties and/or zip
   codes for their primary service area and use that as a proxy for your    ______________________   _________________
   primary service area.)
 How many physicians of my specialty will that population support?         ______________________   _________________
 How many physicians of my same specialty are in my primary
   service area?                                                            ______________________   _________________
 What are the trends in population relative to growth for the last 10
   years? For the next 10 years?                                            ______________________   _________________

                                                                                                     _________________
3.   Evaluate Managed Care Payors:

ACCESSIBILITY
 Who are the major payors in my primary service area? In my                ______________________   _________________
   practice?
 Are those payors open to accepting new physicians?                        ______________________   _________________
4. Evaluate Financial Impact:

AFFORDABILITY
 What percentage of my collections do I spend on operating overhead        ______________________   _________________
   now? How would that change with the addition of a new physician?
 Will my bank finance the “ramp up” time generally associated with a       ______________________   _________________
   new physician? How much will I need to borrow and when do I
   anticipate sufficient cash flow to repay the debt?                       ______________________   _________________
 Will I need to take less salary in the initial one (1) to two (2) years
   and if yes, how much of an impact can I accept?                          ______________________   _________________
5.   Confer With Advisors:

EXPERIENCED ADVICE (after compilation of the above data)
 What is my CPA or accountant’s opinion relative to expanding my           ______________________   _________________
   practice?
 What is my banker’s opinion relative to expanding my practice?            ______________________   _________________
6. Spread the Word!

CONTACTS
 Consider whether to hire a physician recruiting firm.                     ______________________   _________________
 Contact residency and/or fellowship programs.
 Contact hospital(s)                                                       ______________________   _________________

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© GatesMoore                                                                                               2010

								
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