As someone who has worked with physicians for over 20 years and grew up with a father in private practice, Jamie Spann founded Business Savvy Physician to guide healthcare professionals through the complexities of starting and growing their practices. Her firm specializes in helping doctors and med spa owners with challenges like securing funding, boosting revenue, managing staff, and establishing an online presence. Jamie and her team are dedicated to empowering physicians with the tools they need to run successful businesses, so they can focus on what matters most: patient care.
1. What are the first steps when starting a private practice?
When starting a private practice, first clarify your purpose to stay focused on your goals. Hire a medical practice consultant to guide setup and management. Save money for down payments and retainers for initial costs like office space and equipment. Lastly, create a detailed business plan outlining your vision, target market, and financial projections.
2. How can a physician get funding to start their private practice?
Physicians seeking to fund a private practice should partner with a bank that specializes in healthcare financing, particularly one experienced with SBA loans. These banks offer tailored solutions, competitive loan terms, and expert advice on managing practice finances, helping physicians secure funding for equipment, real estate, and working capital while supporting long-term growth.
3. What tips do you give your medical spa clients on ways to increase their bookings?
To maximize revenue and increase bookings for my med spa clients, I suggest they focus on: Promptly responding to phone calls to create a positive impression; conduct consultations to build rapport and convert inquiries into appointments; address patient concerns to build trust; and provide patient with effective treatment plans that showcase the spa’s capabilities and get the patient’s desired results, and rebook patients before they leave.
4. How can a business owner increase revenue in a medical practice?
They should start by renegotiating insurance contracts before renewal to optimize reimbursement rates. Regularly review accounts receivable to ensure claims are submitted promptly and reduce denials. Strengthen your online presence on platforms like Google and Healthgrades, keeping details accurate and encouraging positive reviews to enhance patient trust and attract new clients.
5. How do you recruit and retain high-quality staff?
To build a thriving practice, attracting and retaining top talent is crucial for long-term success. We specialize in helping organizations recruit and retain high-quality staff by fostering a positive, inclusive culture that embraces diverse perspectives. Invest in employee growth through ongoing development, and implement a robust 60-day onboarding plan to ensure new hires are integrated, motivated, and set up for success.
To build a successful private practice, personalized support can make all the difference. Business Savvy Physician is here to help you navigate the challenges of growth and management with practical, expert advice. If you’re ready to take your practice to the next level with tailored strategies and resources, reach out to Business Savvy Physician for the guidance you need.
Contact Information:
Website: https://businesssavvyphysician.com/
Instagram: @businesssavvyphysician
405-642-0111
