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How to Open a Medical Practice

April 17, 2024 by Missy

Starting your own medical practice can be an exciting and rewarding endeavor, but it also requires careful planning and execution. Here are a few things to consider in order to successfully open a medical practice:

1. Setup Legal Entity

Each state has their own laws on what is required with respect to the type of legal entity required for a medical practice. Additionally, these laws also specify who can legally own a practice.

2. Choose a Location

Select a convenient and accessible location for your practice. Consider factors like demographics, competition, zoning laws, and the availability of necessary infrastructure and resources, as well as whether you intend to own or lease the space.

3. Complete Payor Credentialing

Research what the insurance companies require for credentialing. Complete and submit required applications well in advance of opening. Approval can take up to 6 months!

4. Set Up Your Finances

Determine your startup costs, secure funding through investors or loans, and establish business banking and accounting systems. Ensure you have adequate insurance coverage as well.

5. Hire and Train Your Team

Recruit qualified medical and administrative staff to support the day-to-day operations of your practice. Provide comprehensive training to ensure a smooth patient experience.

6. Invest in the Right Equipment and Technology

Equip your practice with the necessary medical equipment, supplies, and technology to deliver high-quality care and streamline your operations.

7. Develop Policies and Procedures

Establish clear policies and procedures for patient intake, appointment scheduling, billing, record-keeping, and other essential functions.

8. Market Your Practice

Develop a comprehensive marketing plan to attract new patients and build your brand. This may include a website, social media presence, local advertising, and community outreach.

  1. Choose an EMR and Billing System. Implement a billing system to ensure that you can accurately bill patients and insurance companies for your services. This may involve hiring a billing specialist or using a third-party billing service. Choose an EMR that is right for you.

10. Continuously Improve and Adapt

Monitor your practice’s performance, gather patient feedback, and make adjustments as needed to optimize your operations and better serve your patients.

Opening a medical practice requires a significant investment of time, effort, and resources, but with careful planning and execution, you can build a thriving and successful healthcare business.

Does it feel a bit overwhelming? Looking for a startup medical practice consultant? We provide a turnkey solution for all your startup needs. Having experience opening multiple practices across various states and specialties, let us help you! We have established relationships with each of the vendors needed above.

Need help after opening? We can assist with that, too! Whether you need us to manage the entire back-office or just provide medical billing, we can help!

Interested in learning more? On our website, you can schedule a FREE consultation. We look forward to hearing from you!

How to Open a Medical Practice

Filed Under: Blog Tagged With: #healthcareconsulting, #medicalpractice, #medicalpracticemanagement, #medicalpracticestartup

What is Direct Primary Care?

December 18, 2023 by Missy

In recent years, there has been a growing interest in alternative healthcare models that prioritize patient-centered care and direct access to healthcare providers. One such model gaining popularity is Direct Primary Care (DPC). In this blog post, we will explore what DPC is, how it differs from traditional healthcare, and the benefits it offers to patients.

Understanding Direct Primary Care

Direct Primary Care is a healthcare model that focuses on the relationship between the patient and their primary care physician. With DPC, patients pay a monthly membership fee directly to their physician, bypassing the traditional fee-for-service model that involves insurance companies.

DPC physicians typically limit their patient panels to a few hundred, allowing for more personalized care and longer appointment times. Patients are encouraged to have a continuous and ongoing relationship with their DPC physician, who becomes their primary source of medical care. This model is especially beneficial for individuals with chronic conditions or complex healthcare needs.

How Direct Primary Care Differs from Traditional Healthcare?

Membership-based: Unlike traditional healthcare, where patients rely on insurance to cover their medical expenses, DPC operates on a membership-based system. Patients pay a set monthly fee directly to their DPC physician, who provides unlimited primary care services without additional charges.

Enhanced Access: DPC promotes easy and direct access to healthcare providers. Patients can schedule longer appointments, consult with their DPC physician via phone or email, and even receive same-day or next-day appointments. This accessibility eliminates the need for unnecessary emergency room visits and improves overall patient satisfaction.

Transparent Pricing: DPC offers transparent pricing, with no surprise bills or hidden fees. Patients are aware of the monthly fee upfront, giving them the freedom to budget for their medical care without worrying about deductibles, copays, or coinsurance typically associated with insurance-based healthcare.

Comprehensive Care: DPC physicians focus on providing comprehensive primary care services. They emphasize preventive care, screenings, and patient education to promote overall wellness. Additionally, DPC physicians have more time to spend with patients, enabling them to address concerns comprehensively and create personalized treatment plans.

Benefits of Direct Primary Care

Cost-Effective: DPC can be a cost-effective alternative to traditional healthcare, especially for individuals without comprehensive insurance coverage. The fixed monthly fee often covers routine check-ups, preventive care, and basic lab tests, reducing out-of-pocket expenses for patients.

Patient-Centered Care: DPC allows for a more personalized and patient-centered approach to healthcare. Longer appointment times and direct access to healthcare providers foster stronger relationships and enable physicians to truly know and understand their patients’ individual healthcare needs.

Reduced Administrative Burden: DPC physicians can focus more on patient care rather than administrative tasks. Without the complexities of insurance billing and extensive paperwork, DPC physicians can spend more time with patients, resulting in higher-quality care and improved patient outcomes.

Enhanced Preventive Care: With the increased availability of appointments and longer consultations, DPC physicians have more opportunities to focus on preventive care and early intervention. This approach promotes better health outcomes and reduces the likelihood of costly, avoidable medical complications.

Is Direct Primary Care Right for You?

Direct Primary Care offers a refreshing alternative to the traditional insurance-based healthcare model. It prioritizes patient-provider relationships, accessibility, and affordability. However, it may not be suitable for everyone.

At Cornerstone, we have clients who have chosen the DPC model and love it! Our blog page a couple interviews with DPC clients, detailing their experiences. Click here to check them out!

Interested in exploring a practice model that works for you? Contact us to schedule a consultation today!

What is Direct Primary Care?

Filed Under: Blog Tagged With: #directprimarycare, #doctor, #healthcareconsulting, #medicalpractice

Private Practice Finds New Hope with Cornerstone Healthcare Consulting

December 12, 2023 by Missy

LEROY, NY —Cornerstone Healthcare Consulting and Management is bringing private practice back for doctors across the country. The consulting firm provides a comprehensive solution to help physicians open and operate successful private practices.

After years of declining private practice numbers, Cornerstone aims to revive this model of care. The company currently has a presence in 17 states, managing all aspects of private practice operations. This allows doctors to focus on patient care rather than administrative burdens.

“We believe private practice provides the best care experience for both doctors and patients,” said Melissa (Missy) Starowitz, Owner of Cornerstone Healthcare Consulting. “Our goal is to make private practice a viable and rewarding choice once again.”

In 2023 alone, Cornerstone supported numerous new practice openings. The company has an ambitious expansion plan for 2024, with many more private practices in the pipeline across several new states.

“The response from doctors has been tremendous,” Starowitz said. “We provide everything needed to run an independent practice, from finding office space to hiring staff to managing billing. Doctors can finally practice medicine on their terms.”

Cornerstone’s unique model offers hope for the future of private practice in America. As the company empowers more physicians to open their own clinics, it’s bringing personalized care back to communities nationwide.

About Cornerstone Healthcare Consulting and Management

Cornerstone Healthcare Consulting is a physician-centric company with the experience, expertise, and resources to assist physicians in many aspects of their professional lives. They offer an array of services for individual physicians or entire practices including marketing and branding needs, sustainable organizational change, and opening new practices. For more information visit their website at cornerstonehealthcareconsulting.com

Contact

Cornerstone: Melissa (Missy) Starowitz, mstarowitz@cm-hi.com, 585.409.7624

Private Practice Finds New Hope With Cornerstone Healthcare Consulting

Filed Under: News Tagged With: #directprimarycare, #doctor, #healthcareconsulting, #medicalpractice, #medicalpracticemanagement, #medicalpracticestartup

First Direct Primary Care Practice in Rochester, NY!

March 21, 2022 by Missy

Missy Starowitz, owner of Cornerstone Healthcare Consulting, interviews Dr. Laura Petrescu of Athena Direct Primary Care & Lifestyle Medicine, the first Direct Primary Care (DPC) practice in Rochester, NY! Click on the video below to watch!

Whether you’re a small business owner, a physician in Residency training or someone seeking a new primary care physician, this video is for you. Tune in as Dr. Petrescu answers the following questions:

1.) Tell us about Athena DPC & Lifestyle Medicine

 2.) What is DPC? How is it different from concierge medicine?

3.) What is lifestyle medicine?

4.) What made you decide to open your own practice, using the DPC model?

5.) Are there ways for Athena DPC to work with small businesses?  

Interested to be patient of Dr. Petrescu? Check out her website at athenadirectcare.com where you can also schedule an appointment. Or give the practice a call at 585-662-5510

About Cornerstone Healthcare Consulting & Management: Cornerstone Healthcare Consulting provides multiple consulting services to physicians and medical practices. To learn more or schedule your free consultation, please visit their website at http://www.cornerstonehealthcareconsulting.com

Follow Cornerstone on social media: Instagram: @healthcarecornerstone

Linkedin: https://www. www.linkedin.com/company/cornerstonehealthcareconsulting

Facebook: https://www.facebook.com/cornerstonehealthcareconsulting

First Direct Primary Care Practice in Rochester, NY

Filed Under: Blog Tagged With: #directprimarycare, #doctor, #healthcareconsulting, #lifestylemedicine, #medicalpractice, #primarycare, #rochesterny

Buyout Should Be a Future Plan, Not an Emergency!

February 28, 2022 by Missy

It’s no secret that the healthcare industry is in a state of flux. Many things have led to changes in the way doctors and hospitals do business, and those changes are only going to become more widespread in the coming years. For many physicians, this means that now is the time to start thinking about buyout as a future plan, rather than an emergency measure. In the video embedded below, we’ll explore why buyout should be a key part of your long-term career strategy, and we’ll offer some tips on how to make it happen. So read on – your future may

depend on it!

Succession planning should not become a contentious debate among physician partners; however, at Cornerstone, we have frequently witnessed this happen with multiple medical practices. Sadly, the topic typically goes years of never being discussed, to suddenly coming up because of situations that require emergency planning, and/or junior partners possessing a feeling of being treated unfairly. With respect to the latter, don’t even think about joining a medical practice as a partner unless you’ve had the tough questions answered first. For example, ask about call schedule requirements, how money is dispersed, what happens when a partner begins to plan to retire, such as an OBGYN who discontinues doing OB, etc. Once your questions are answered to your satisfaction, then make sure they are in writing before you sign.

A part of the succession planning discussion should be physician partner buyouts, and how to plan for that. A buyout is not always the result of retirement. The discussion should also be focused on a partner becoming disabled, as well as if the need arose to terminate a partner prior to retirement. When it comes to buyout, there’s no one-size-fits-all answer. The first step is to sit down with your partners and hash out the details. In the video embedded below, we sat with Jim Ginnane and Alex Heringer from Planned Futures Financial to ask them a few questions for how to prepare for buyout. Here are the questions we asked them:

  1. At what point should the owners start exit planning?
  2. What are the different types of buy/sell agreements?
  3. What do you do when the potential successor (s) don’t have sufficient money to buy you out?
  4. What are the usual funding vehicles for buy/sell agreements?

As you can see, succession planning is important for any medical practice. By taking the time to develop a plan and put measures in place to ensure a smooth transition, your practice can survive – even thrive – after you retire or move on. If you are preparing for a buyout, make sure you work with an experienced team of advisors who can help guide you through the process and minimize disruptions to patient care. Want more tips like this? Check out our blog page! Need some guidance? Schedule a consultation today!

Buyout Should Be a Future Plan, Not an Emergency

Filed Under: Blog Tagged With: #doctor, #healthcareconsulting, #medicalpractice, #medicalpracticemanagement, #successionplanning

Reduce Medical Practice Expenses

January 11, 2022 by Missy

Reduce Medical Practice Expenses

Are you struggling to keep your medical practice financially stable? Searching for effective ways to cut costs and boost your bottom line? You’re not alone. In this post, we’ll share our proven strategies to reduce medical practice expenses—including how we helped one practice save an impressive $260,000!

A frequent concern among physicians is the frustrating reality of working harder while earning less. On one hand, declining reimbursements and relentless claim denials from insurance companies are well-known challenges. But what about the other side of the equation? Have you taken a closer look at your practice’s spending—where the money is going and how it’s being used?

When Cornerstone Healthcare Consulting and Management evaluates your practice, one of the first items we request is a detailed expense report from the past 12 months. This report provides valuable insights into areas where you may be overspending, allowing us to identify quick wins for cost savings.

For instance, we prioritize analyzing your medical supply and medical waste expenses. In the case of medical waste, one vendor in particular has a reputation for overcharging medical practices. By addressing this issue, we have helped clients save thousands of dollars on waste management alone.

To illustrate, here’s an example from a former client with two locations. Their original vendor was significantly overcharging for waste services, but after switching to a new vendor, they achieved substantial savings. The comparison below highlights the costs under the previous vendor versus the current one, along with the total savings realized.

This case represented significant cost savings for the client, and while it might seem like an isolated incident, it was far from unique. Time and again, when we encounter this particular vendor, it’s clear the client is overpaying. Many medical practices are simply unaware that alternatives exist. Even when they suspect other vendors might be available, they often have no idea where to begin their search.

Compounding the issue, clients frequently find themselves locked into restrictive contracts, believing there’s no way out. This vendor has even faced a lawsuit in New York for breaching contractual law by failing to notify clients within the required 60 days that their contracts were set to renew. As a result, many practices were unknowingly locked into extended agreements at inflated rates. Thankfully, the lawsuit was resolved in favor of the clients, setting a precedent we’ve successfully used to help other clients break free from these contracts.

We always take a close look at the vendors practices use for their medical supplies, as some are notorious for overcharging. We recommend a preferred medical supply vendor that many physicians aren’t even aware of. In every instance we’ve worked with them, they’ve saved our clients over 20% on supply costs. In some cases, simply switching to this vendor has prompted the previous supplier to suddenly match those lower prices—proof that they were charging more than necessary all along. The problem is, if no one is monitoring year-over-year price increases or exploring alternative vendors, these overcharges go unnoticed, allowing suppliers to continue inflating costs.

Employee benefits present another significant opportunity for cost savings. As highlighted in our previous blog, The One-Stop Shop for Doctors, both retirement and health plans often require careful review and updates. Within the Cornerstone Network, we collaborate with trusted professionals who consistently deliver exceptional results for our clients.

For retirement planning, as well as life and disability insurance, we rely on Planned Futures Financial. Specializing in the medical industry, they’ve proven to be a valuable partner. In one notable case, they saved a client over $40,000 by reducing retirement plan expenses, lowering group disability insurance costs, and eliminating TPA fees.

For health insurance, Azeros Health Plans is our go-to solution. Co-owners Ron Zoeller and Kevin Gannon bring years of experience from running their own companies before founding Azeros together. Beyond optimizing health plans, we also work closely with Azeros on Direct Primary Care initiatives, further streamlining healthcare costs for our clients.

By leveraging these strategic partnerships, we help ensure our clients maximize savings while maintaining top-tier benefits for their teams.

Our primary goal is to help you save money, but we also believe in ensuring you have the right resources to run your practice effectively. If that means recommending a new vendor that might cost a bit more but provides the coverage you truly need, we won’t hesitate to do so. One example of this is your business insurance.

We work closely with Steinmiller Insurance, specialists in medical practice coverage. They have a deep understanding of HIPAA regulations and the critical importance of data protection. When reviewing your current insurance, they may be able to match your coverage and save you money. However, they might also identify gaps in your coverage and recommend adding essential protections. While this could increase costs slightly, it could save you from much larger risks down the road.

When analyzing your expenses, we go beyond just targeting the obvious or the biggest costs. Our approach is comprehensive—we meticulously review every detail, big or small. Beyond providing recommendations, we actively assist in implementing them. From expense analysis and vendor negotiations to executing changes, we’re with you every step of the way. Our experience spans everything from inventory audits and installing new phone systems to transitioning from server-based EMR to cloud-based solutions.

As insurance reimbursements continue to decline, reducing expenses has become a top priority for medical practices. Let us help you streamline your operations and cut costs. Schedule a consultation today, and let’s get started!

Filed Under: Blog Tagged With: #doctor, #employeebenefits, #expenseconsulting, #healthcareconsulting, #healthinsurance, #medicalpractice, #medicalpracticemanagement

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