Lecture 7: The Business Flashcards
Private practice in PT is providing patient care in an environment where the clinician has complete and total ___ for patient’s well being and for admin operations of the practice.
Responsibilities
PT Administration Organization:
What is included under “organization”
Image
Mission/vision
PT Administration Organization:
What is included under operations?
Policy, procedures
PT Administration Organization:
Includes ___/specialization, marketing ___ relations, business structure
Niches, public
13:39A-3.8 Violative Acts: Professional Misconduct
Includes __ , __, ___
Billing, referral, documentation
Code of Ethics for the PT:
3A- ___ and objective professional judgment in the patient’s best interest in all practice settings.
7A- Promote Practice environments that support autonomous and ___ professional judgments.
7F- Refrain from ____ arrangements or other arrangements that prevent PTs from fulfilling professional obligations to patients.
Independent
Accountable
Employment
Private practice structure:
___ time or ___ time.
Private practice organizational formats includes ___ practice, ___ or ___. Private practice can occur in ____ clinical settings.
Part, full
Solo, partnership, corporation
All
Is private practice for you?
Qualities: Dedication, ____, ____, ____
Hard work, curiosity, sacrifice
Private practice unknowns and risks:
_____, ____, ____
Personal, professional, financial
Entering Private Practice: Some factors influencing private practice: \_\_\_\_\_: what is your competition? What’s already out there? \_\_\_\_ resources personal \_\_\_\_\_ Ambitions \_\_\_\_\_ for personal risk \_\_\_\_ community
Environmental Financial Obligations Tolerance Referral
Advice from the Field: \_\_\_\_ mentality Set your \_\_ \_\_: Patient care. Meeting patient needs is \_\_\_ \_\_\_. Willingness to do non-patient care activities including learning \_\_\_ principles, \_\_\_ principles, and \_\_\_ principles.
Entrepreneur
Bottom line
Core element
Business, financial, management
Benefits of private practice include: (4)
Financial incentives
Autonomy/control of professional practice
Assuming leadership role
Community involvement
PT: A small business.
Small business employs ___ people.
Cost effective ____ ____.
Can react quickly to ____.
<20
Service delivery
Change
Threats to private practice:
Professional- ____ entities, ___ owned PT
Personal- Stressful on family life
Corporate, physician
Private practitioner characteristics: More (men/women) than (men/women). Innovative creative Independence Risk tolerance Explorer
Men > women
Getting started requires: (5)
Experience Planning Self-assessment Philosophy/values Goals
Hire a “few good people”: (3 kinds)
Attorney, accountant, billing person
Attorney should review ___, partnership ____.
Accountant should ____ on how to establish business.
Billing person should set up __ __ and help make ___ for panels.
Contracts, agreements
Advise
Billing system, contacts
Licenses/Registrations Needed: PT license in every ____, specific __ and ___ __.
Facility licensure: __ __
Practice licensure or registration
Jurisdiction, state, local laws
Health department
Know Thyself: (5) things (checklist from The Federal Government Small Business Administration Checklist)
Essential strengths Essential weaknesses Tendencies Preferences Values
Explore Your Weaknesses: Identify weaknesses Are there \_\_\_\_ to weaknesses? Relevant \_\_\_ education? Choose partner with traits you \_\_\_. Hire an employe who can \_\_\_\_ your skills, and personality characteristics you lack.
Solutions
Continuing
Lack
Compliment
Philosophy and Values:
Understand your ___ and develop comfort level with your ___ and ___.
Values
Philosophy and values
Goals and Objectives:
Are you clear on your goals and objectives?
Are they in ___ with your partners?
Are they in ___ with your family members?
Goals = ___
____ = the road maps to get there
Harmony
Harmony
Destinations
Objectives
Purpose of Goals: Define the \_\_\_\_ you’re going Balance \_\_ and \_\_ roles Few people have discernible \_\_\_range goals. Fewer people have these goals in \_\_\_.
Direction
Work, life
Long
Writing
Life goals can include: (6)
Personal well being Affiliation goals Work group goals Community goals Environmental goals Spiritual goals
Persona well being includes:
Physical health
Mental health
(Necessary to achieve any other goal)
Affiliation goals: (2)
Family, personal friends
Work group goals:
Professional associations including ___ and ____.
Community groups including ____ ____.
Work related friends including ___ and ___.
Membership, involved participation
Professional affiliations
Social, professional
Community goals are relationships with other community members including (3)
Civic
Recreational
School
Environmental goals include ____ of natural resources, ____ areas.
Preservation, recreational
Spiritual goals include involvement in a community of __ __ __.
Shared religious belief
Planning:
Formal planning results in ___ ___. Good plan is ___. Synthesize ___ and ___. Plan enhances the odds for ___.
Strategic thinking
Visionary
Intuition, creativity
Success
10 reasons why you should develop a business plan in writing:
Look at business idea and how it will ____.
Bridge the gap between idea and ___.
Identify problems and thinking about ____.
Creates a path to follow during the ____.
Comparison of performance to ___.
Facilitates discussion with associates and ____ ____.
Develop Reality Solutions Development Plan Family members
10 reasons to develop a business plan part 2:
Establishes ____ among _____, contributors, and potential _____.
Avoid errors by ___ ___ early enough.
Develop a time line for ______.
Acts as a ___-___ tool.
Credibility, investors, lenders
Identifying them
Implementation
Self-assessment
Process of Business Planning (4)
Dream
Talk and listen
Do your market research
Put it in writing
Process of Business Planning:
Dream: most of the plan is __ __ __ when you start.
In your head
Process of Business Planning:
Talk and listen: Other professionals- _____
Bankers, __ __
Network**
Family friends
Process of Business Planning:
Do your market research- ______
Demographics
The \_\_\_\_ \_\_\_\_ \_\_\_\_ by Stein (12 step process) includes: Cover page Executive summary Table of contents Business description Financial information Supporting information
The Business Plan Format
The \_\_\_\_ \_\_\_\_ explains the \_\_\_ of the business. It includes: Purpose of business Identity of person requesting funds Amount and type of financing requested Amount of equity the owners will apply to business Use of funds When fund will be needed Goals and market potential Collateral available to secure the funds
Transmittal Letter
Nature
What are 3 uses of a business plan?
Secure funding
Guide business in all of its endeavors
Education
How does the business plan affect:
Securing funding
External review of plan
How does the business plan affect:
guiding the business in all of its endeavors
Picture of where business is going
Means of tracking business
Identification of variances
How does the business plan affect:
Education
Keep people informed of purpose and goals
Use as baseline to compare goals to actual
Business basics include infrastructure, such as: Systems Surround self with \_\_\_\_ Economics Keep \_\_\_\_\_ low Planning \_\_\_\_
Great people
Overhead
Timelines
Clinical preparedness includes: \_\_\_\_ of practice Previous \_\_\_\_, including \_\_\_\_ ability and treatment \_\_\_\_ ability. \_\_\_ \_\_\_ ability. Referral system
Scope
Experience, diagnostic, planning
Decision making
Regulatory issues include these 4:
Local laws
State laws
Federal laws
Ethics
Regulatory Issues:
What is included under local laws?
Zoning
Regulatory issues:
What is included under state laws?
Licensure
Regulatory Issues:
What is included under federal laws?
Medicare, Stark, Anti-Kickback
Market Research:
- Identify desired _____ (maturity of the ____, ___ for healthcare)
- Identify the ____ for the location (age, income, ___ ___ penetration, ____- current and anticipated)
- Providerships available (____ open)
Location, community, climate
Demographics, patient care, competition
Panels
Business structure includes (2)
Tax structure
Legal structure
What are the tax structured business structures? (2)
For profit
Not for profit
What are the legal structures of business structure? (3)
Sole proprietor
Partnerships
Corporation
Other considerations: Contracting services Choosing 3rd party \_\_\_ participation Involvement in \_\_\_ health Joint ventures \_\_\_\_\_ participation
Reimbursement
Home
Network
The Challenging and Changing Environment:
Less say in the type of ____ provided.
___ ___ practice, knowledge of ____.
Interventions
Evidence-based, outcomes
The Challenging and Changing Environment:
______ and clinical work overlap. Greater knowledge of ____.
Management
Both
The Challenging and Changing Environment:
Shared interest of ____ and ___ ___ ___.
___ management, outcome expertise.
Provider, third party payer
Risk
Ongoing Program Assessment: Review objectives- must know the \_\_ \_\_. Describe the business in a single \_\_\_\_. Identify \_\_ priority goals for the year. Strengths and weaknesses in meeting the goals. \_\_\_\_ of business.
Starting point
Sentence
3
Vulnerability
Ongoing Program Assessment:
Refine your ____.
List primary competitors- ___ and vulnerabilities of each, competitive ___.
Identify what can be offered not currently available.
What gaps in service should be explored? What ___ ___ is there? What ___ do you need to position yourself?
Focus
Strengths, advantage
Competitive advantage
Resources
