3 private practice overview€¦ · thank you for choosing amy sowards ms, rd as your service...

BUSINESS BREAKDOWN: PRIVATE PRACTICE

DIETITIAN BUSINESS

STARTUP TOOLKIT

© 2015 RD Entrepreneurs Academy

1

IN THIS TRAINING VIDEO…

Private Practice Overview

Getting Paid: Insurance & Cash Based Practices

Business & Marketing Plan

Product & Service Development for a Private Practice Based Business

Smart Policy & Procedures

Business Breakdown: Private Practice

2

PRIVATE PRACTICE OVERVIEW


3

TYPE OF WORK

One-on-One

Group

Location may vary

Overview l Business Breakdown: Private Practice

4

LOCATION

Office space

Home

Off-site location

Clients home

Virtually


5

LOCATION CONSIDERATIONS

Startup funds

Product/Service dependent

Needs of clients


6

SHOULD YOU CHOOSE A BROAD OR

NICHED PRACTICE?


7

PRACTICE CONSIDERATIONS

Population

Competition

Your passion


8

BROAD

General practices (typically) quicker to get more clients in the door

Marketing will need to be geared towards a larger potential client base

Arsenal of assessments and/or instructional handouts ready to go


9

NICHE

Smaller client base; may take longer to build

Marketing is more concentrated to ideal client

Specific assessments and/or instructional handouts


10

SHOULD YOU CHOOSE A BROAD OR

NICHED PRACTICE?


11

NICHE VS BROAD

Business goals

Life goals

Most importantly-PASSIONS


12

GETTING PAID: CASH

BASED BUSINESS


13

PROS

Reduces costs/fees

Charge what you want

Personalized services

Getting Paid: Cash Based Business l Business Breakdown: Private Practice

14

CONS

Need more creative marketing

Decreased client base (possible)

Less structure


15

HOW WILL YOU GET PAID

Prior to service/credit card to hold “appointment”

Point of service

Invoice/bill

Payment plans


16

CREDIT/DEBIT PAYMENTS

Credit card terminals, “Swipe machines”

Mobile card readers

Email payment links


17

PAYMENT PROCESSING

Processor

Merchant Bank

Issuing Bank

Card payment brand


18

CREDIT/DEBIT FEES

Fees vary: Visa, Mastercard, Discover, American Express

Setup or monthly fees

Processing fees

Additional service fees


19

GUIDELINES

Read carefully

Fully understand the fees

Not all “upgrades” are valuable; consider what matters to you

Know your startup budget


20

GETTING PAID: INSURANCE

BASED BUSINESS


21

PROS

Provides more structure to you business

May increase referrals

“Do you accept insurance?”

Getting Paid: Insurance Based Business l Business Breakdown: Private Practice

22

CONS

Time-setup, billing & follow up

Delay in payment

Revenue determined by someone else

May limit creativity with services offered


23

INSURANCE VS CASH BASED CLIENTS:

YOU CAN NOT CHARGE DIFFERENT PRICES FOR THE

EXACT SAME SERVICE


24

IF YOU ACCEPT INSURANCE, YOU MUST FOLLOW HIPAA

REGULATIONS


25

ACCEPTING INSURANCE

Private Insurance (HMO’s or PPO’s)

Medicare

High Deductible Plans attached to Health Savings Account (HSA)

National Provider Identifier (NPI)


26

PRIVATE INSURANCE

Contact each insurance company you wish to accept in your private practice

Required contract; contract is negotiable

Payments, covered services vary by company


27

PRIVATE INSURANCE

Ask if you have a dedicated department or individual for Q + A

Participate in any free training sessions/webinars

Get or develop sample claim form


28

CLAIMS

Electronic vs paper

Understand ICD9 (ICD10) & CPT codes

Biggest concern: claims not filed correctly and payment delayed

File own claims vs pay a biller


29

MEDICARE B

Benefits currently limited to: Diabetes, Non-Dialysis Renal Disease

3 hours 1st year; 2 hours every subsequent year

3 options for Dietitians: Enroll as Medicare provider Do not enroll/provide MNT to Medicare patients “Opt-out” of Medicare


30

SUPERBILL

Cash based business -or- don’t accept specific insurance

NPI number required

CMS 1500 Health Insurance Claim


31

EDUCATE YOURSELF & STAY UP TO DATE!


32

BUSINESS PLAN


33

BUSINESS PLAN

Business plan = blueprint for your business

Your business will grow & evolve

Notice any questions or snags in the plan before you implement

Business Plan l Business Breakdown: Private Practice

34

THIS BUSINESS PLANNER WAS DEVELOPED SPECIFICALLY…


To help you start making money

Build momentum!

Plan for transition/growth

Avoid overwhelm

Meant to be revisited & revised

35

Print:Strategic Private Practice Business

Planner


36

YOUR BUSINESS

Business Name

Business Location—Now & Future?

Describe your business in a few sentences


37

YOUR BUSINESS

What is the purpose of your business?

Why does your business need to exist?

Why will it succeed?


38

TIME

Total hours available per week?

Startup/Planning

Product/Service Development

Product/Service Delivery

Travel

Marketing

Admin Tasks


39

MONEY

How much money do you need to get started?

What costs are ABSOLUTELY necessary to get your business up & running?

How will you fund this?


40

STARTUP COSTS

Business Formation

Business Banking

Insurance

Office Supplies

Legal or Professional Fees

Reference Materials

Assessments/Handouts

Licenses

Office Space

Resource Materials

Travel

Computer/Software


41

SHORT TERM

GOALS

NEXT 3-6 MONTHS


LONG TERM

GOALS

NEXT 6 MONTHS-

1 YEAR

BIG PICTURE

GOALS

1 YEAR+

42

SHORT TERM GOALS

1) Work 2 hours, 4 days per week on startup activities (I will need to make room in my schedule for this)

2) “Open doors” on August 1st; I will be working from home or clients home

3) Get 1-2 new clients every month


43

LONG TERM GOALS

1) Get 3-4 new clients per month

2) Transition from full-time job to part time private practice by January 1st

3) Find space sharing office that is available 2 days per week (Tuesday/Thursday)


44

BIG PICTURE GOALS

1) Transition full-time to business by August 1st (the following year)

2) Add additional day of office space sharing (Tuesday/Wednesday/Thursday)

3) 2 new clients per week


45

PRODUCT & SERVICE

DEVELOPMENT© 2015 RD Entrepreneurs Academy

46

PRODUCT/SERVICE

I will provide ___ service (s)?

I will provide ___ product (s)?

I will provide ____other?

Product & Service Development l Business Breakdown: Private Practice

47

PICK A PROPOSED START DATE!


48

LIST ALL THE THINGS THAT NEED TO BE COMPLETED TO GET

STARTED


49

PRIVATE PRACTICE STARTUP TO DO

Complete paperwork for LLC

Decide on free/private meeting space

Develop assessment form and handouts


Liability Insurance Policy

Need way to accept credit cards

Write client P & P

50


LIST ALL THE STEPS FOR THE ITEMS THAT NEED TO BE

COMPLETED AND ADD COMPLETION DATES TO

CALENDAR

51

PLANNING

What areas of startup need to the most attention?

What do you perceive will be the biggest obstacle to complete your plan on time?


52

MAKE YOUR LIST ACTIONABLE!


REVERSE ENGINEER YOUR LIST

53

NOW..WHAT IS THE PROPOSED COMPLETION DATE?


54

DELIVERY & DEVELOPMENT

How will you deliver your product or service?

Time to deliver product/service?


55

REVENUE

Do you project boosts/lulls or a steady stream of income?

Do you project a time of year that will either be slower or busier than others?


56

KNOWING YOUR DEVELOPMENT & DELIVERY TIMES WILL HELP YOU SET

YOUR PRICES APPROPRIATELY


57

CASE: ONE-ON-ONE SERVICES


APPOINTMENT: 90 MINUTES

PREP TIME: 30 MINUTES

FOLLOW UP: 30 MINS (WRITE UP NOTES, MP3 RECORDING, ANSWER FOLLOW

UP EMAIL Q’S)

TOTAL DELIVERY TIME: 2-1/2 HOURS

*INDEPENDENT OF DEVELOPMENT & MARKETING TIME

58

MARKETING PLAN


59

DOMINATE YOUR MARKET

Marketing Plan l Business Breakdown: Private Practice

60

COMPETITION

Who currently services your ideal client?

Where are they located?

What product/service do they provide? Price?


61

COMPETITION

What partnerships/relationships have they established?

How are they marketing their business? Locally? Online?


62

YOUR GOAL: DIFFERENTIATE YOURSELF

FROM THE COMPETITION


63

PHYSICIAN & PROFESSIONAL REFERRALS


64

REFERRAL BASE

Physicians

Psychologists

Sports/Coaches

PT/OT/ST

Massage Therapist

Dietitians


65

SECRET TO REFERRALS

Be mindful & respectful of the other person’s time

Build the relationship first

Network! Network! Network!


66

SECRET TO PHYSICIAN REFERRALS

Physicians have “layers of protection”

Remember: Everyone wants a piece of the physician

What can you do to help them/their patients


67

POLICY & PROCEDURES


68

HAVING SMART POLICY & PROCEDURES SAVE YOU TIME,

MONEY, HEADACHE AND HASSLE!

Policy & Procedures l Business Breakdown: Private Practice

69

POTENTIAL POLICES

Scheduling & Payment

HIPPA or Privacy Policies

Client Responsibilities

Practitioner Responsibilities

Termination of Services


70

CLIENT PAYMENT & SCHEDULING POLICY


71

Client Payment & Scheduling Policy

Thank you for choosing Amy Sowards MS, RD as your service provider. I am committed to providing you with quality services. Below I have

detailed payment policy for all clients.

1. The service you are being provided today requires a complete payment prior to services rendered in order to hold your

appointment date/time.

2. All payments are due 24 hours prior to your appointment.

3. If you are unable to keep your appointment, you are required to give at least 24 hours notice. You may

change your own appointment via the Acuity Scheduling link supplied in your appointment confirmation email

or by emailing me at [email protected]

4. No show. If you inadvertently miss your appointment or don’t reschedule within 24 hours, you have 1 no show/late

cancellation forgiveness.

72

Client Payment & Scheduling Policy (continued)

5. All services provided are thoughtful and individualized to each unique client. Because of this, we do not offer a refund for

services rendered.

6. Late appointments. If you are less than 10 minutes late, the appointment will occur (minus the late arrival time). Any late

arrival time greater than 10 minutes is considered a no show (please see #4). I am committed to providing each of my clients

with the best service, so that they may achieve the most optimal outcomes. Fees charged are a reflection of the individualized and thoughtful care

that each client will receive when working one-on-one with me.

Thank you for taking the time to read our payment policy. Please let us know if you have any questions or concerns. Please check the box that

you have read and understand the payment policy and agree to abide by these payment and scheduling policies.

73

WRAP UP


74

KEY POINTS

The type of practice you have should center around your passions!

Consider your client base & services you wish to offer when deciding the payment structure for you business

Set short and long term & big picture goals

Having a tentative start date will help keep you motivated and moving forward!

Wrap Up l Business Breakdown: Private Practice

75

NEXT UPAction & Implementation

Week


76

3 private practice overview€¦ · thank you for choosing amy sowards ms, rd as your service...

Documents