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PT Admin > Lecture 7: The Business > Flashcards

Lecture 7: The Business Flashcards

1
Q

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.

A

Responsibilities

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2
Q

PT Administration Organization:

What is included under “organization”

A

Image

Mission/vision

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3
Q

PT Administration Organization:

What is included under operations?

A

Policy, procedures

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4
Q

PT Administration Organization:

Includes ___/specialization, marketing ___ relations, business structure

A

Niches, public

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5
Q

13:39A-3.8 Violative Acts: Professional Misconduct

Includes __ , __, ___

A

Billing, referral, documentation

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6
Q

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.

A

Independent
Accountable
Employment

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7
Q

Private practice structure:
___ time or ___ time.
Private practice organizational formats includes ___ practice, ___ or ___. Private practice can occur in ____ clinical settings.

A

Part, full
Solo, partnership, corporation
All

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8
Q

Is private practice for you?

Qualities: Dedication, ____, ____, ____

A

Hard work, curiosity, sacrifice

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9
Q

Private practice unknowns and risks:

_____, ____, ____

A

Personal, professional, financial

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10
Q 
Entering Private Practice:
Some factors influencing private practice:
\_\_\_\_\_: what is your competition? What’s already out there?
\_\_\_\_ resources
personal \_\_\_\_\_
Ambitions
\_\_\_\_\_ for personal risk
\_\_\_\_ community
A 
Environmental
Financial
Obligations
Tolerance
Referral
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11
Q 
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.
A

Entrepreneur
Bottom line
Core element
Business, financial, management

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12
Q

Benefits of private practice include: (4)

A

Financial incentives
Autonomy/control of professional practice
Assuming leadership role
Community involvement

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13
Q

PT: A small business.
Small business employs ___ people.
Cost effective ____ ____.
Can react quickly to ____.

A

<20
Service delivery
Change

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14
Q

Threats to private practice:
Professional- ____ entities, ___ owned PT
Personal- Stressful on family life

A

Corporate, physician

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15
Q 
Private practitioner characteristics:
More (men/women) than (men/women).
Innovative creative
Independence
Risk tolerance
Explorer
A

Men > women

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16
Q

Getting started requires: (5)

A 
Experience
Planning
Self-assessment
Philosophy/values
Goals
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17
Q

Hire a “few good people”: (3 kinds)

A

Attorney, accountant, billing person

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18
Q

Attorney should review ___, partnership ____.
Accountant should ____ on how to establish business.
Billing person should set up __ __ and help make ___ for panels.

A

Contracts, agreements
Advise
Billing system, contacts

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19
Q

Licenses/Registrations Needed: PT license in every ____, specific __ and ___ __.
Facility licensure: __ __
Practice licensure or registration

A

Jurisdiction, state, local laws

Health department

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20
Q

Know Thyself: (5) things (checklist from The Federal Government Small Business Administration Checklist)

A 
Essential strengths
Essential weaknesses
Tendencies
Preferences
Values
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21
Q 
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.
A

Solutions
Continuing
Lack
Compliment

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22
Q

Philosophy and Values:

Understand your ___ and develop comfort level with your ___ and ___.

A

Values

Philosophy and values

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23
Q

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

A

Harmony
Harmony
Destinations
Objectives

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24
Q 
Purpose of Goals:
Define the \_\_\_\_ you’re going
Balance \_\_ and \_\_ roles
Few people have discernible \_\_\_range goals.
Fewer people have these goals in \_\_\_.
A

Direction
Work, life
Long
Writing

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25
Q

Life goals can include: (6)

A 
Personal well being
Affiliation goals
Work group goals
Community goals
Environmental goals
Spiritual goals
26
Q

Persona well being includes:

A

Physical health
Mental health
(Necessary to achieve any other goal)

27
Q

Affiliation goals: (2)

A

Family, personal friends

28
Q

Work group goals:
Professional associations including ___ and ____.
Community groups including ____ ____.
Work related friends including ___ and ___.

A

Membership, involved participation
Professional affiliations
Social, professional

29
Q

Community goals are relationships with other community members including (3)

A

Civic
Recreational
School

30
Q

Environmental goals include ____ of natural resources, ____ areas.

A

Preservation, recreational

31
Q

Spiritual goals include involvement in a community of __ __ __.

A

Shared religious belief

32
Q

Planning:

Formal planning results in ___ ___. Good plan is ___. Synthesize ___ and ___. Plan enhances the odds for ___.

A

Strategic thinking
Visionary
Intuition, creativity
Success

33
Q

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 ____ ____.

A 
Develop
Reality
Solutions
Development
Plan
Family members
34
Q

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.

A

Credibility, investors, lenders
Identifying them
Implementation
Self-assessment

35
Q

Process of Business Planning (4)

A

Dream
Talk and listen
Do your market research
Put it in writing

36
Q

Process of Business Planning:

Dream: most of the plan is __ __ __ when you start.

A

In your head

37
Q

Process of Business Planning:
Talk and listen: Other professionals- _____
Bankers, __ __

A

Network**

Family friends

38
Q

Process of Business Planning:

Do your market research- ______

A

Demographics

39
Q 
The \_\_\_\_ \_\_\_\_ \_\_\_\_ by Stein (12 step process) includes:
Cover page
Executive summary
Table of contents
Business description
Financial information
Supporting information
A

The Business Plan Format

40
Q 
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
A

Transmittal Letter

Nature

41
Q

What are 3 uses of a business plan?

A

Secure funding
Guide business in all of its endeavors
Education

42
Q

How does the business plan affect:

Securing funding

A

External review of plan

43
Q

How does the business plan affect:

guiding the business in all of its endeavors

A

Picture of where business is going
Means of tracking business
Identification of variances

44
Q

How does the business plan affect:

Education

A

Keep people informed of purpose and goals

Use as baseline to compare goals to actual

45
Q 
Business basics include infrastructure, such as:
Systems
Surround self with \_\_\_\_
Economics
Keep \_\_\_\_\_ low
Planning \_\_\_\_
A

Great people
Overhead
Timelines

46
Q 
Clinical preparedness includes:
\_\_\_\_ of practice
Previous \_\_\_\_, including \_\_\_\_ ability and treatment \_\_\_\_ ability.
\_\_\_ \_\_\_ ability.
Referral system
A

Scope
Experience, diagnostic, planning
Decision making

47
Q

Regulatory issues include these 4:

A

Local laws
State laws
Federal laws
Ethics

48
Q

Regulatory Issues:

What is included under local laws?

A

Zoning

49
Q

Regulatory issues:

What is included under state laws?

A

Licensure

50
Q

Regulatory Issues:

What is included under federal laws?

A

Medicare, Stark, Anti-Kickback

51
Q

Market Research:

  1. Identify desired _____ (maturity of the ____, ___ for healthcare)
  2. Identify the ____ for the location (age, income, ___ ___ penetration, ____- current and anticipated)
  3. Providerships available (____ open)
A

Location, community, climate
Demographics, patient care, competition
Panels

52
Q

Business structure includes (2)

A

Tax structure

Legal structure

53
Q

What are the tax structured business structures? (2)

A

For profit

Not for profit

54
Q

What are the legal structures of business structure? (3)

A

Sole proprietor
Partnerships
Corporation

55
Q 
Other considerations:
Contracting services
Choosing 3rd party \_\_\_ participation
Involvement in \_\_\_ health
Joint ventures
\_\_\_\_\_ participation
A

Reimbursement
Home
Network

56
Q

The Challenging and Changing Environment:
Less say in the type of ____ provided.
___ ___ practice, knowledge of ____.

A

Interventions

Evidence-based, outcomes

57
Q

The Challenging and Changing Environment:

______ and clinical work overlap. Greater knowledge of ____.

A

Management

Both

58
Q

The Challenging and Changing Environment:
Shared interest of ____ and ___ ___ ___.
___ management, outcome expertise.

A

Provider, third party payer

Risk

59
Q 
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.
A

Starting point
Sentence
3
Vulnerability

60
Q

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?

A

Focus
Strengths, advantage
Competitive advantage
Resources

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