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A Growing Trend- New Practice Start-up and/or Relocation

lrg med 

A Growing Trend
New Practice Start-up and/or Relocation

 

With the growth of the REI specialty and increased pressure on practice earnings many physicians who have been with larger group or hospital based practices are starting to consider more and better opportunities to start their own fertility practice. These new opportunities are usually the result of growing frustrations with internal partnership politics and economics, lack of sufficient earnings, and/or a strong desire to own their own practice and control their own future.

These physicians usually have similar needs in terms of the following:

  • Where and how to get financing
    • Traditional bank loans
    • SBA loans
  • Development of a sound business plan
    • Necessary for bank or SBA financing
    • Marketing strategy to beat the competition
    • Size and projection of service area fertility market
    • Strategy for growth and expansion
  • Best geographic area and site location for a new practice and laboratory
    • Proximity to major highways and corridors
    • Consideration of major environmental influences (affecting IVF laboratory)
  • Design and construction of a new laboratory
    • Best efficiency for patient flow and high quality results
  • Equipment planning and procurement
    • What to buy and where to get best prices (MedTech’s Group Purchasing Organization saves 10-50%)
  • Staff planning and recruitment
    • Who to hire and how much to pay
    • Benefits, incentives, bonus plans
  • Development of managed care contracts
    • Mandated coverage
    • Diagnosis vs. full IVF coverage
    • How to price services
  • Development of patient risk share programs
    • Incentives to keep patients in treatment
  • Development of a marketing strategy and new website
    • What makes the practice unique and different from everyone else
  • On-going operational assistance, especially during the ramp-up phase
    • First year especially critical for management of cash flow while volume ramps up
  • Insuring proper liability coverage and risk management is in place
    • Proper Physician Malpractice Coverage
    • Entity Coverage for the practice, staff and more importantly your IVF laboratory
    • Proper consent forms and risk management

MedTech is a dedicated team of business and clinical professionals with over 100 years of collective fertility practice development experience. We have helped several new start-ups and already established physicians to relocate and develop their own successful practices, by providing professional resources and expertise in the above areas we are able to remove much of the anxiety and worry that goes with starting or relocating a new fertility center.

For more information, please visit www.medtech4solutions.comor email us atinfo@medtech4solutions.com.