A rant about where my medical practice is heading in the future after I started the medical practice 5 years ago. FYI, I edited this one myself so, sorry for the poor editing quality. www.investingdoc.com
Maybe the best vlog for private practitioners, helped me tremendously. Very high value content offered to us for free. Thank you and keep going ! CH Medical, Henderson NV
I've been watching these for a while now and in the future when I'm practicing, I know this series will be invaluable as I try to start my own practice. Thank you for making these! Maybe a future video could be about the risks of growing too fast and to mitigate those risks?
Love your videos! Happy to hear you are doing so great 😀 Question, what is the best way to acquire referrals being a brand new doc, from other physicians especially in a saturated/highly competitive area?
Another great video, keep them coming…. Would love to hear how you have found is the best way to keep new patients coming in. Especially for new locations. Best/worst advertising, budget, website traffic….
Hi Brad, Thanks so much for making these videos. So inspiring! I have a question for you and I really trust your judgement because you’ve built this from scratch. How much capital do you think one would need to open a heme/onc practice and how many pts per day one would have to see to keep it afloat. Thanks!
I would be very interested in what are the most important factors for deciding to open up a new location (do you call around to see wait times? are you only looking at class A sites)? Also it would be helpful to know what advertising mediums are most effective to ramp up patient volume at a new location.
Thanks for the feedback, I'll add it to my video list. In short though, I only look at class A or very nice class B spaces. I care who my "neighbors" are if we are going to a nicer strip mall type of location. I stay away from buildings with paid parking garages since this is not at all common in my area. I do look at our competition and see how far out they are booked to get an idea of what demand may be like in that area. I also look at census demographics. We do not take Medicaid, so unfortunately if there is a high unemployment rate in a certain area or clearly a less affluent area compared to a zip maybe 2 miles away, I stay away from the less affluent area. Why? Most my family is working class. Putting food on the table comes first, sometimes following up about your HTN is a distant second when you are struggling to make ends meet. If there is a more affluent area 1-2 miles away, we go there instead. More likely to be insured, more likely to show up to follow up appointments.
Just out of curiosity, when you opened up your other locations, what’s your staff distribution like? Do you hire one MD, and multiple PAs or NPs? Can you have an office of NPs or PAs that you can just oversee/review their notes or are there laws prohibiting that? Also, congratulations again on your success!
Thanks! We hire each new location with an MD, and plan to grow to add more PAs to that location. We could have an office with just PAs but then again, we can only bill about 80% our fee schedule rates if we are not doing incident to billing.
I'll make a video about it, but in short I look at of course cashflow, gross income and expenses. I then look at number of encounters for the practice as a whole, then per individual. I then look at metrics on % of missed copays (which our EMR can track). I look at how far our everyone is booked, I review any paid ads, and finally I look at our call metrics to see how the phones are doing.
Most of the time when we get a new patient it's through word of mouth. Then behind that I would say it's actually a specialist who tells a patient to come see us. Then it's advertising
