Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business 2

2. A large and growing market opportunity

Investors look for startups which can address large markets, meaning those larger than a billion dollars and growing at double-digit rates. Small markets tend to change more rapidly with the economy,and may be more easily influenced by fads and competitors with recognized brand names.

4 SIGNS YOU NEED TO OUTSOURCE

     



"As reimbursement pressure 
grows and underlying costs rise,
 margin pressure will persist."

-You may be 

told by your team 

that there are

 no costs left to cut. 

"Respectfully disagree."

Understanding Healthcare Start Up Issues

Health Care

Use this guide to help understand the laws and regulations that apply to health care businesses and the health care industry.

Click on one of the following links to jump to that section of the page:

• Antitrust
• Environmental Compliance
• Eye Care
• Facilities Management
• HIPAA
• Mammography Services
• Medical Device Reporting
• Medical Practitioners
• Medicare & Medicaid
• Taxes
• Workplace Health & Safety
• 

Things to Consideration starting a Medical Home Based Office

We offer a complete billing solution:

• Create, submit, follow-up and post reimbursement.
• Bill patients and handle patient inquiries
• Advise customers on strategies or procedures that can increase collections and compliance with government mandates.
• Manage all patient and other data in compliance with government mandates.
• Provide customized management reporting designed to improve financial performance and contract negotiation outcomes.
• Flexible statistical reporting
• Productivity tracking
• Coding reviews

Please review our performance-based services and together lets meet those ends.

Accounts Receivable Management: • Coding • Billing • Claims Processing & Follow-up • Payment Processing • Lockbox Services • Secondary/Tertiary Claims Mgt. • Internal Controls • Electronic Claims Mgt. • Paper Claims Mgt. • Daily, Weekly, & Monthly Reports • Audits • Patient Statements • Software and Network Solutions NEW PRACTICE CHECK LIST Financial Considerations     1. Prepare and present pro-forma financial package & obtain financing (Mini Business Plan). 2. Decide on business format. 3. Secure tax identification number (s). 4. Contract for legal services. 5. Contract for accounting services. 6. Secure business checking account (s). 7. Formulate fee schedule. 8. Contract with selected third party payors. Facilities & Design     1. Determine space needs. 2. Locate available space. 3. Negotiate lease. 4. Attorney review lease. 5. Secure floor plan and or space plan. 6. Arrange telephone service 7. Arrange for utilities. Professional Consideration     1. Medical Society Membership. 2. Local specialty group memberships. 3. Secure hospital privileges. 4. Secure relief coverage. 5. Secure telephone directory listings. 6. Secure County Medical Society directory listing. 7. Have business card printed. 8. Visit referring physicians. 9. Design and printing of announcements. 10. Mail announcements. 11. Secure DEA registration. Insurance     1. Secure agent(s). 2. Malpractice insurance. 3. Casualty Insurance. 4. Accounts receivable. 5. Office liability. 6. Non-owned auto. 7. Fidelity bonding for employees. 8. Property. 9. Umbrella liability. 10. Workman’s Compensation. 11. Auto. 12. Personal property 13. Health. 14. Disability. 15. Life. Medical Equipment & Supplies     1. Develop list of medical equipment. 2. Submit list for bids 3. Order equipment. 4. Check plans for equipment and special requirements. 5. Develop list of medical supplies and drugs. 6. Schedule meetings with drug reps. and secure samples. 7. Order drugs and supplies. 8. Secure clinical patient education information. 9. Oversee installation of medical equipment. Office Equipment & Supplies     1. Develop list of office equipment and furnishings. 2. Submit list for bids. 3. Order equipment and furnishings. 4. Develop list of office supplies. 5. Price compare supply vendors. 6. Order supplies. 7. Secure service contracts on major equipment. 8. Necessary printed items: a) Letterhead & envelopes b) Prescription pads c) Patient registration forms d) Patient history forms e) Patient progress sheets f) Record of surgery g) Medication record h) Lab report forms i) Patient Information Brochures j) Medical records releases 9. Order medical records system: a) Filing cabinets b) Charts c) Color Coding supplies d) Purging system e) Outguides 10. Secure insurance claim forms. 11. Secure magazine subscriptions for waiting room. Personnel     1. Determine personnel needs. 2. Recruit applicants. 3. Screen applicants. 4. Interviews. 5. Check references. 6. Conduct background checks. 7. Prepare personnel policy manual. 8. Prepare job descriptions. 9. Decide pay levels. Implementation & Installation of Systems     1. Appointment scheduling 2. Billing System/Billing Service. 3. Internal controls. a) Petty cash fund b) Change fund 4. Formulate operations policies and procedures. 5. Advertising.

The Procedure: • Coding (CPT, ASA, ICD-9, HCPCS and Modifiers) • Start/Stop Time Verification • ASA Unit Assignments • Concurrency Assignments (Direction & Supervision) • Labor Epidurals • Acute, Chronic Pain Mgt. • Contract Reviews/Negotiations • Reimbursement Audits • Encounter Sheet Development/All Specialities • Billing Paperwork Exchange Management

Beginning Balance Sheets

Assets Transferred In To The Business
1	Office Equipment				$	1,000.00
2	Hours Invested to start up				$	3,200.00
	3. Total ATI						$	4,200.00
Assets Needed for Start-Up
1.  Land					$	-
2.  Building					$	-
3.  Equipment					$	2,500.00
4.  Furniture & Fixtures					$	250.00
5.  Renovations/Lease Improvements					$	1,000.00
6.  Initial Inventory					$	1,000.00
7.  Working Capital / Cash					$	1,000.00
8.  Intangible Assets*					$		1,000.00
9. Business Acquisition					$	-
	9.  Total Assets for Start-Up						$	6,750.00
10.  Total Project Cost = 3 + 9							$	10,950.00
11. Personal Funds you Plan to Invest					$	500.00
Other Sources of Equity^
12	Assets Transferred In = Line 3.				$	4,200.00
13					$
14					$
15.  Total Equity Investment = 11+12+13+14							$	4,700.00
16.  Outside Financing Needed = Line 10 - Line 15							$	6,250.00
* franchise fees, patent fees, trademark fees, etc.
^ equity must be "patient capital" meaning no repayment for 12 months or longer.
Washington Small Business Development Center  www.wsbdc.org
Supplied in cooperation with the North Dakota SBTDC