Episode 14: Couch to Opening Your Doors--How long will it take?

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December 14,  2020

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One of the questions that everyone asks is "How long is it going to take?" And the question is the same regardless of whether you are looking to start your practice, add a provider or satellite or totally new revenue stream. 

You can't decide run a marathon if your idea of exercise is pushing the buttons on the remote control.  The answer to how long it takes is similar to a "Couch to 5K" except in this case it's Couch to Opening Your Doors.

Realistically, from idea to implementation, on average, takes six months. But I want you to recognize that there are a few key steps that affect this timeline and that really require your attention at the very beginning.

  • Your decision on whether to take only cash or accept insurance
    • If you are planning a cash only business--no worries
    • If you are planning to take insurance--regardless of whether you will be in-network or out-of-network--this step takes at least 3 months. Start now!
  • Figure out your new space
    • How much space do you need?
    • Are you renting or buying a space?
    • How much renovation is needed?
    • Obviously, some renovations may take longer. You may need permitting and the renovations themselves take time.
    • If you are buying a space this will also take longer especially if you need financing.
  • Money (that dirty word)
    • If you don't need financing for your start-up and initial operating costs and you don't need a mortgage (if you are buying)--great--this won't affect your time to open.
    • If you are need financing from a bank to cover your start-up, initial operating costs or mortgage--this step can take a significant amount of time. You will need to have:
      • Your financial projections for your revenue ramp-up
      • Projected start-up expenses and operating expenses
    • In order to have your projected start-up expenses and operating expenses you will have to estimate your personnel needs, furniture and equipment and other expenses.
  • Furniture and equipment
    • Determine whether you need some special piece of furniture (like a built-in) or a specific piece of equipment in order to open your doors as early as possible.  This is the last thing that you want to stand in the way of getting your doors open.

You can mitigate the issues that are most likely to cause a slow down by being proactive.

For a complete list of the steps to starting your own practice, download my free cheat sheet here.

Join my FB group, The Private Medical Practice Academy to be part of a community interested in starting, running and growing their private medical practices and leveraging them into multiple revenue streams.

If you would like to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com .

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