Medical Practice Start Up Workshop

1
Medical PracticeStart UpWorkshop

• Your presenter
• L.J. Sandy Wetstein
• Partner
• Neal, Pallett Townsend
• [phone]
• swetstein_at_nptca.com

2
Practice Start UpPrimary Issues

• Professional Lifestyle / Personal Lifestyle
• Desired Income versus Required Income
• Solo Practice / Group Practice / Shared Practice
• Location
• Comprehensive Care Model / FHG / FYN
• Financing Required / Sources of Financing

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Personal / Professional Lifestyle

• Balancing Time Physician / Wife / Mother
• Full Time versus Part Time Practice
• Schedule How flexible does it need to be?
• Schedule How flexible can it be?
• Who will actually control your schedule?
• Maternity Leave Considerations

4
Desired Income / Required Income

• Consider - Income needs vs. Income wants
• Must match Practice Schedule to Income Needs
• Lifestyle needs / Debt repayment / Savings
• Consider all sources of family income
• Be honest with yourself Have a financial plan

5
Solo / Group / Shared Practice

• Professional Lifestyle / Personal Lifestyle
• How well do you work with others?
• How flexible does your schedule need to be?
• Operating costs usually lower in group practice
• Less management time required in group practice
• Less long term commitments in group practice
• Coverage for vacations / illness / maternity leave

6
Location of Practice

• Proximity to home / schools / day care
• Proximity to hospital considerations
• Lease commitment differs by location
• Community owned or private facility
• Ease of access and parking considerations
• Lab, radiology, physiotherapy, pharmacy on site?

7
Comprehensive Care ModelFHG / FYN / Ptnsp

• Family / Specialty / Combination of both
• Professional Lifestyle / Personal Lifestyle
• Time commitment vs. Income required
• Full time vs. Part time practice
• Number of patients you want to see each day

8
Financing The PracticeRequirements Sources

• Start up costs equipment, furnishings,
  computers
• Leasehold improvement and related lease costs
• Existing debts student personal loans,
  mortgages
• Banks vs. Equipment Leasing Companies
• Term, rates, other financial services
• Life and disability insurance Know your
  products
• Professional Corporation When is it right for
  you?

9
Practice Start UpSummary Issues

• Prepare a Practice Plan Budget
• Be realistic about Income Needs vs. Income Wants
• Be realistic about time commitments and lifestyle
• Set priorities Physician / Wife / Mother
• Solo / Group / Shared practice Which is best
  for you
• Banking Financial Services alternatives
• Professional Corporation When is it right for
  you?
• Get qualified professional assistance

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Questions ???