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The Hassles and Risks of Starting a Practice
Thinking about these issues? Don't waste your time. Leave that part to us. Do what you do best and take care of your patients and growing your practice.
- Is this the right market?
- What are the demographics of this market?
- Can I attract new patients?
- Are the demographics right for my practice? Or am I offering the right services?
- Should I hire an architect and buy land? Or lease and renovate and existing space?
- Who will maintain the building and grounds?
- How much will it cost to build out the space, buy equipment and stock up on supplies? Should I lease equipment? What should I be paying?
- How do I start a budget?
- Do I need to advertise? Through what channels? With what message? And for how much?
- When do I hire staff?
- How much should I pay each position? How much do I pay myself?
- What is a P&L? And how do I read it?
- What is ROI and how do I know if it is good?
- Can I offer healthcare and retirement benefits to my staff? How much will that cost?
- Should I accept insurance? Who will submit the claims?
- How will I know if my office is OSHA compliant?
- How will I ever get to take a vacation? Who will cover for me?
- When will my office be profitable? And when can I pay off my debt?
- How do I get financial reporting? Can I do it myself?
- Should I hire a payroll company? Or do it myself?
- If someone calls in sick or quits?
- What if this doesn’t work out for me?