PRIVATE PRACTICE OVERVIEW
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1 1 DIETITIAN BUSINESS STARTUP TOOLKIT BUSINESS BREAKDOWN: PRIVATE PRACTICE 2015 RD Entrepreneurs Academy IN THIS TRAINING VIDEO 2 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 PRIVATE PRACTICE OVERVIEW RD Entrepreneurs Academy
2 TYPE OF WORK 4 One-on-One Group Location may vary Overview l Business Breakdown: Private Practice LOCATION 5 Office space Home Off-site location Clients home Virtually Overview l Business Breakdown: Private Practice LOCATION CONSIDERATIONS 6 Startup funds Product/Service dependent Needs of clients Overview l Business Breakdown: Private Practice
3 7 SHOULD YOU CHOOSE A BROAD OR NICHED PRACTICE? Overview l Business Breakdown: Private Practice PRACTICE CONSIDERATIONS 8 Population Competition Your passion Overview l Business Breakdown: Private Practice BROAD 9 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 Overview l Business Breakdown: Private Practice
4 NICHE 10 Smaller client base; may take longer to build Marketing is more concentrated to ideal client Specific assessments and/or instructional handouts Overview l Business Breakdown: Private Practice 11 SHOULD YOU CHOOSE A BROAD OR NICHED PRACTICE? Overview l Business Breakdown: Private Practice NICHE VS BROAD 12 Business goals Life goals Most importantly-passions Overview l Business Breakdown: Private Practice
5 GETTING PAID: CASH BASED BUSINESS RD Entrepreneurs Academy PROS 14 Reduces costs/fees Charge what you want Personalized services Getting Paid: Cash Based Business l Business Breakdown: Private Practice CONS 15 Need more creative marketing Decreased client base (possible) Less structure Getting Paid: Cash Based Business l Business Breakdown: Private Practice
6 HOW WILL YOU GET PAID 16 Prior to service/credit card to hold appointment Point of service Invoice/bill Payment plans Getting Paid: Cash Based Business l Business Breakdown: Private Practice CREDIT/DEBIT PAYMENTS 17 Credit card terminals, Swipe machines Mobile card readers payment links Getting Paid: Cash Based Business l Business Breakdown: Private Practice PAYMENT PROCESSING 18 Processor Merchant Bank Issuing Bank Card payment brand Getting Paid: Cash Based Business l Business Breakdown: Private Practice
7 CREDIT/DEBIT FEES 19 Fees vary: Visa, Mastercard, Discover, American Express Setup or monthly fees Processing fees Additional service fees Getting Paid: Cash Based Business l Business Breakdown: Private Practice GUIDELINES 20 Read carefully Fully understand the fees Not all upgrades are valuable; consider what matters to you Know your startup budget Getting Paid: Cash Based Business l Business Breakdown: Private Practice GETTING PAID: INSURANCE BASED BUSINESS RD Entrepreneurs Academy
8 PROS 22 Provides more structure to you business May increase referrals Do you accept insurance? Getting Paid: Insurance Based Business l Business Breakdown: Private Practice CONS 23 Time-setup, billing & follow up Delay in payment Revenue determined by someone else May limit creativity with services offered Getting Paid: Insurance Based Business l Business Breakdown: Private Practice 24 INSURANCE VS CASH BASED CLIENTS: YOU CAN NOT CHARGE DIFFERENT PRICES FOR THE EXACT SAME SERVICE Getting Paid: Insurance Based Business l Business Breakdown: Private Practice
9 25 IF YOU ACCEPT INSURANCE, YOU MUST FOLLOW HIPAA REGULATIONS Getting Paid: Insurance Based Business l Business Breakdown: Private Practice ACCEPTING INSURANCE 26 Private Insurance (HMO s or PPO s) Medicare High Deductible Plans attached to Health Savings Account (HSA) National Provider Identifier (NPI) Getting Paid: Insurance Based Business l Business Breakdown: Private Practice PRIVATE INSURANCE 27 Contact each insurance company you wish to accept in your private practice Required contract; contract is negotiable Payments, covered services vary by company Getting Paid: Insurance Based Business l Business Breakdown: Private Practice
10 PRIVATE INSURANCE 28 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 Getting Paid: Insurance Based Business l Business Breakdown: Private Practice CLAIMS 29 Electronic vs paper Understand ICD9 (ICD10) & CPT codes Biggest concern: claims not filed correctly and payment delayed File own claims vs pay a biller Getting Paid: Insurance Based Business l Business Breakdown: Private Practice MEDICARE B 30 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 Getting Paid: Insurance Based Business l Business Breakdown: Private Practice
11 SUPERBILL 31 Cash based business -or- don t accept specific insurance NPI number required CMS 1500 Health Insurance Claim Getting Paid: Insurance Based Business l Business Breakdown: Private Practice 32 EDUCATE YOURSELF & STAY UP TO DATE! Getting Paid: Insurance Based Business l Business Breakdown: Private Practice 33 BUSINESS PLAN 2015 RD Entrepreneurs Academy
12 BUSINESS PLAN 34 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 THIS BUSINESS PLANNER WAS DEVELOPED SPECIFICALLY 35 To help you start making money Build momentum! Plan for transition/growth Avoid overwhelm Meant to be revisited & revised Business Plan l Business Breakdown: Private Practice 36 Print: Strategic Private Practice Business Planner Business Plan l Business Breakdown: Private Practice
13 YOUR BUSINESS 37 Business Name Business Location Now & Future? Describe your business in a few sentences Business Plan l Business Breakdown: Private Practice YOUR BUSINESS 38 What is the purpose of your business? Why does your business need to exist? Why will it succeed? Business Plan l Business Breakdown: Private Practice TIME 39 Total hours available per week? Startup/Planning Product/Service Development Product/Service Delivery Travel Marketing Admin Tasks Business Plan l Business Breakdown: Private Practice
14 MONEY 40 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? Business Plan l Business Breakdown: Private Practice STARTUP COSTS 41 Business Formation Business Banking Insurance Office Supplies Legal or Professional Fees Reference Materials Assessments/Handouts Licenses Office Space Resource Materials Travel Computer/Software Business Plan l Business Breakdown: Private Practice 42 SHORT TERM GOALS NEXT 3-6 MONTHS LONG TERM GOALS NEXT 6 MONTHS- 1 YEAR BIG PICTURE GOALS 1 YEAR + Business Plan l Business Breakdown: Private Practice
15 SHORT TERM GOALS 43 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 Business Plan l Business Breakdown: Private Practice LONG TERM GOALS 44 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) Business Plan l Business Breakdown: Private Practice BIG PICTURE GOALS 45 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 Business Plan l Business Breakdown: Private Practice
16 46 PRODUCT & SERVICE DEVELOPMENT 2015 RD Entrepreneurs Academy PRODUCT/SERVICE 47 I will provide service (s)? I will provide product (s)? I will provide other? Product & Service Development l Business Breakdown: Private Practice 48 PICK A PROPOSED START DATE! Product & Service Development l Business Breakdown: Private Practice
17 49 LIST ALL THE THINGS THAT NEED TO BE COMPLETED TO GET STARTED Product & Service Development l Business Breakdown: Private Practice PRIVATE PRACTICE STARTUP TO DO 50 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 Product & Service Development l Business Breakdown: Private Practice 51 LIST ALL THE STEPS FOR THE ITEMS THAT NEED TO BE COMPLETED AND ADD COMPLETION DATES TO CALENDAR Product & Service Development l Business Breakdown: Private Practice
18 PLANNING 52 What areas of startup need to the most attention? What do you perceive will be the biggest obstacle to complete your plan on time? Product & Service Development l Business Breakdown: Private Practice 53 REVERSE ENGINEER YOUR LIST MAKE YOUR LIST ACTIONABLE! Product & Service Development l Business Breakdown: Private Practice 54 NOW..WHAT IS THE PROPOSED COMPLETION DATE? Product & Service Development l Business Breakdown: Private Practice
19 DELIVERY & DEVELOPMENT 55 How will you deliver your product or service? Time to deliver product/service? Product & Service Development l Business Breakdown: Private Practice REVENUE 56 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? Product & Service Development l Business Breakdown: Private Practice 57 KNOWING YOUR DEVELOPMENT & DELIVERY TIMES WILL HELP YOU SET YOUR PRICES APPROPRIATELY Product & Service Development l Business Breakdown: Private Practice
20 CASE: ONE-ON-ONE SERVICES 58 APPOINTMENT: 90 MINUTES PREP TIME: 30 MINUTES FOLLOW UP: 30 MINS (WRITE UP NOTES, MP3 RECORDING, ANSWER FOLLOW UP Q S) TOTAL DELIVERY TIME: 2-1/2 HOURS *INDEPENDENT OF DEVELOPMENT & MARKETING TIME Product & Service Development l Business Breakdown: Private Practice 59 MARKETING PLAN 2015 RD Entrepreneurs Academy 60 DOMINATE YOUR MARKET Marketing Plan l Business Breakdown: Private Practice
21 COMPETITION 61 Who currently services your ideal client? Where are they located? What product/service do they provide? Price? Marketing Plan l Business Breakdown: Private Practice COMPETITION 62 What partnerships/relationships have they established? How are they marketing their business? Locally? Online? Marketing Plan l Business Breakdown: Private Practice 63 YOUR GOAL: DIFFERENTIATE YOURSELF FROM THE COMPETITION Marketing Plan l Business Breakdown: Private Practice
22 64 PHYSICIAN & PROFESSIONAL REFERRALS Marketing Plan l Business Breakdown: Private Practice REFERRAL BASE 65 Physicians Psychologists Sports/Coaches PT/OT/ST Massage Therapist Dietitians Marketing Plan l Business Breakdown: Private Practice SECRET TO REFERRALS 66 Be mindful & respectful of the other person s time Build the relationship first Network! Network! Network! Marketing Plan l Business Breakdown: Private Practice
23 SECRET TO PHYSICIAN REFERRALS 67 Physicians have layers of protection Remember: Everyone wants a piece of the physician What can you do to help them/their patients Marketing Plan l Business Breakdown: Private Practice 68 POLICY & PROCEDURES 2015 RD Entrepreneurs Academy 69 HAVING SMART POLICY & PROCEDURES SAVE YOU TIME, MONEY, HEADACHE AND HASSLE! Policy & Procedures l Business Breakdown: Private Practice
24 POTENTIAL POLICES 70 Scheduling & Payment HIPPA or Privacy Policies Client Responsibilities Practitioner Responsibilities Termination of Services Policy & Procedures l Business Breakdown: Private Practice 71 CLIENT PAYMENT & SCHEDULING POLICY Policy & Procedures l Business Breakdown: Private Practice 72 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 or by ing me at appointments@amysowards.com 4. No show. If you inadvertently miss your appointment or don t reschedule within 24 hours, you have 1 no show/late cancellation forgiveness.
25 73 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. 74 WRAP UP 2015 RD Entrepreneurs Academy KEY POINTS 75 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
26 NEXT UP Action & Implementation Week RD Entrepreneurs Academy
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