Class 111
We are down to around 85 days until graduation...the time is flying. Some challenges this term are the routine interuptions of part IV boards and the holidays. Time management is more important than ever.
This week in class, we talked about the operating plan for your business, goal setting, and how you can use a SWOT analysis to help clarify goal setting. This section is a major narrative you should be writing for the plan. Cumulatively your reader should now have a good understanding of who you are and what your are about...they should know where you plan to be in 5 years, understand the layout and scope of your office, who will be your support team - internal and external, how you plan to attract and retain your patients. You should have completed the template sheets that support these sections.
SWOT analysis is a good tool in helping in goal setting. I will link the utube vignette that relates to SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. S & W are internal, O & T are external. When you are setting your goals for your first year of business remember to make them quantatative, measureable, with the end result in mind.
"Even" Teams comment by December 6th.
This week's topics to comment on are:
· specifically what resources will you use to research your start up costs
· what four goals will you establish as benchmarks during your first year ; one for each of the following areas - marketing, finance, human resource and production or number of pts/visits (new and est)
· comment on the time management you/your team is using for this project.
Have a great week. Alexis
Team 26 (Jacob, Dana, Scott, Brett)
ReplyDelete- What resources will you use to research your start up costs?
Our group studied other business plans that were similar in structure and target market. Since we will be providing a service, we analyzed other business plans that did the same. Our group found that it would take roughly $20,000 in expenses to start a chiropractic office. This includes rent, office supplies, and other equipment. Another $25,000 would be needed for start-up assets. Making task lists was the most efficient time management strategy used by our group.
-Four goals:
Marketing- Ultimately, we want our marketing goals to increase our profit margin. To start, we would like to see more visitors to our chiropractic website. We would like to see over 1,000 people visit our website within the first year. This will hopefully increase awareness in the community about our business and increase repeat patients.
Finance- Because we are a new office, we have not established comparable profit numbers. Therefore, turning any sort of profit in the first year is a plus. After year 1, we would expect to increase our income by 30% each year following.
HR- Human resources allows our business to meet financial and marketing goals by attracting and maintaining quality employees. An owner must be able to manage employees effectively. Satisified and friendly workers mean satisfied patients. Keeping business morale high is important in attaining other business goals.
Production- Our group would like to see a minimum of 15 new patients per month in our office while maintaining the flow of established patients.
team 18 (Heather, Ashlee D, Ashlee R, Stephanie, and Kevin)
ReplyDeleteWe mostly used Google to research our start up costs. Some websites didn't have prices but gave phone numbers to inquire about prices. There were some used equipment sites, the palmer bookstore, and the business link on palmer's website. We also used state chiropractic association websites.
marketing goal: ultimately we want to make sure our marketing is matching what we are actually doing in our offices. We want to have made a presence at four community events within a year. We hope to see this reflect in our patient visits and ultimately in revenue.
finance goal: We want to be breaking even in four to six months and within a year have enough money to hire necessary office staff.
Human Resources: To keep overhead low during the first year we did not hire any staff. So we will make sure we have benefits, insurance, supplies, office procedures and training programs developed in the first year so we will be a good office to work for when we do hire staff.
production goal: we plan to have 8-10 new patients a month for the entire first year and retain 75% of our new patients. Averaging 100 visits a week by the end of the year.
time management as a team: we set goals to have completed each week and we email each other to let everyone in the group know where we are at. This way we can all work at our own pace.
Group 20
ReplyDeleteWhat resources will you use to research your start up costs.?
We initially started by talking to other Chiropractors already in business. We talked to recent graduates who opened their own clinic upon graduation. We also tried to contact Doctors that had been in practice for 5 years and 10+ to see what each “generation” did and the cost. We were also able to get lists of resources that they currently use in their clinic for supplies. Also, we will able to find out what companies are good to work with and which others ones are not.
Goals:
Marketing: We would like to initially start marketing by going to community events. If that is giving a health talk to a local large company, or putting up a booth at the local high school/college career day. We would like to make it to a minimum of 6 community events throughout our first year. We are well aware we will need to do some external marketing and put forth some money. We would like to keep that as minimal as possible. Once we start seeing a few patients internal marketing will be were the majority of our efforts are put forth.
Finance: Our initial first year goals are going to be to “stay afloat” for the first year. We are well aware that the initial start up costs on top of student loans we are looking at large expenses before we even open doors. We would like to start seeing profit in our clinic within 6 months. We would like to have a front desk hired within 4 months.
Human Resource: We want to treat our patients with nothing but the best. We will strive to give the patient nothing but the best care with a smile on our face every moment if that means we are having to make some personal sacrifices. We do not wan any reason what so ever for our patient to even consider going to another clinic for care because we will be able to supply all the chiropractic and physical rehabilitation they can need. We want to feel like we go above and beyond their needs, which will also help with internal marketing. We want to have a office manager hired within 1 year to help deal with the training of the staff and day to day operations of the clinic. We will do biannual patient satisfactory surveys to see where improvements are needed.
Production: We would like to start out with a minimum of 4 new patients per week for the first 3 months. From there we would like to have a consistent 10 new patients per month while keeping established patient flow. For retention rates we would like to be around 60+ % and office visit average cost of $75 this includes daily visits, exams, x-ray and physical therapy.
Time management as a team, we are attempting to do everything through e-mail for convenience. As long as everyone completes what needs to be done by the deadline we are all happy.
Group 12
ReplyDeleteAs a group we have used numerous sources to research our start up costs. We have used common search engines to compare regional averages for small business start up costs and compared them to the start up cost of certain chiropractic businesses. We also spoke to our respective field chiropractors about the numerous expenses that are required to begin a chiropractic practice. We also polled recent graduates who have recently started their own practices. Not to mention other small business owners in related health fields.
During our first year of practice we would like to see significant growth of our practice due to exceptional work ethic, marketin (both internal and external) as afforded by our budget, and education of our patients in order to maintain a good patient base and work towards referrals to build our practice.
Marketing- in our first year we would like to use a grand opening, spinal screenings, practice newsletters, health talks, and e letters to gain popularity and patients. With revenue earned from patient visits over the first year we would like to expand our marketing efforst with possible exhibits at local public events or possible radio adds.
Financially we would like to begin with humble salaries which will allow us to pay off as much as we can on our initial business loan not to mention allow us more money to use in marketing to allow us to build the practice.
Human resources it is our goal to meet weekly as a practice to discuss changes and other office house keeping to keep our doctors and support staff in the loop with what is currently going on in our practice. It also gives the anyone involved with the practice to voice the concerns or questions to allow the practice to run efficiently. By the end of our first year we would like to average close to 200 patient visits per week. It is also our goal to get a minimum of 10 new patints per week primarily through local health talks and spinal health screenings.
Our group is managing our time quite well, we get together about once a week to discuss what new topics we need to cover for our assigment. We share the work load and seem to be developing an exceptional group dynamic.
Group 14
ReplyDeleteInformation regarding start up costs was gathered through discussions with field doctors as well as internet resources found using Google. The most valuable information came from practicing doctors because they have actually been through the process of starting a business and know what is truly required to make that business work financially. Rent or mortgage will be between two and three thousand dollars per month depending on the exact location of the business. The office space may also have to be remodeled for twenty to fifty thousand dollars. A used x-ray machine can be obtained from the local imaging group for around ten thousand dollars. Adjusting tables will also cost around ten thousand dollars used and refurbished. A computer system for patient documentation, scheduling, and billing will be around four thousand dollars. Additional office supplies will cost about five thousand dollars.
Our first year marketing goals include producing a user-friendly website with educational links, general chiropractic background, and new patient paperwork. We also expect to have a quarter page advertisement in the phone book. The office will be present at local bike races, running events, beach volleyball tournaments, and summer festivals. Educational seminars will also be set up once per month for current patients and the general community members.
Within six months the practice will break even and start making money. At the six month mark the practice will expand from one front desk staff member to having two front desk staff members capable of performing multiple tasks within the office. New patients are expected to be seen at a rate of 5-10 per week with a retention rate of 80%. By the fourth or fifth month of practice one hundred patients will be seen per week. By the end of the first year the practice will be busy enough to hire an associate.
Our group is using email and texting to communicate more efficiently since we are in several different states participating in preceptorships and clinic.
Team #10 (Bridget Johnson, Samantha Luther, Brandon Maki, Melody Mosenfelder and Ashley Nelson)
ReplyDeleteThe resources that will be needed to determine start up costs will vary for each of us depending upon each of our locations. For equipment we will need to contact a leasing company if we want to lease or search for the best pricing if purchasing equipment outright. For space/building a real estate agent in the area would be needed in looking to purchase or lease space. Utilities can be approximated based on the number of square feet being used and amounts on existing space can be quoted by your local utility company. Phone bills will be determined by the number of lines and features and can be determined by the local phone company. Office supplies and rental costs can be researched thru an office store and thru a local office company you choose to rent a copier/fax machine from. Internet and web design costs can be given by your internet/webpage developer or if yourself the only cost is your time provided :). Continuing education can be approximated based on the number of hours required by your state and average cost of seminars for example using Palmer Homecoming as a guide for cost could work well for those staying close to the area. If you belong to any professional organizations for example Iowa Chiropractic Society you should include your monthly/yearly dues. Also for any literature online or in writing that you may utilize daily, weekly, monthly, etc... For professional services such as accounting and book-keeping you can google the average cost for these services. Malpractice insurance quotes can be given by any company such as NCMIC. Marketing and patient education costs will vary by month and most likely be higher when the practice is first opening. I would utilize the advice of practicing D.C.'s and/or mentors as to the appropriate amount(s) that a new Doc should spend.
Marketing Goal: To participate in one community event each month outside the office and to hold classes at the office every week on a new topic such as Spinal Care, Nutrition, Back Pain, etc...
Finance: To bring in 30 new patients every week.
Human Resource: To provided an atmosphere that is inviting and friendly to work in and be welcoming to our patients by employing positive staff members.
Number of visits: New 30 per week and established 100 per week.
The time management strategy we are planning is to accomplish a portion at a time each week.
Thank you and have a wonderful week!
Group 8
ReplyDeleteWhat resources will you use to research your start up costs?
For start-up cost we consulted with field docs as well as some coaching manuals that we had access to. For the first office we would open up we would need right around 50 thousand dollars for everything. After we got a list of thing that we for sure needed the first day we opened we looked them up on the internet to get some rough ideas on prices. For that 50 thousand that includes tables, xrays, build-out, some decorations, waiting room chairs, and a computer for front desk.
Marketing Plan:
We would try to expose ourselves as much as possible when we first open. This includes health talks, health screenings at anywhere there are people, once a week radio shows, and wellness programs through companies. Ideally we would have at least 2 community events a month to help generate new patients and then smaller events to help expose ourselves. Then when we get new patients we will be doing both internal and external marketing. Internally we will be doing things like patient appreciation days, community appreciation days and things to help create energy in the office. This will excite people and they will be given the opportunity to bring their friends with them.
Finance:
We would like to be able to create a profit within the first 3 months. If we keep up on all our events and then get internal referrals we should be able to make this happen. This will also require us to maintain patients we get and keep them in the office. We would then like to hire staff after 3 months and get them trained so when we get real busy they aren’t overwhelmed when they first come in.
Human Resource:
We would hire our first staff at the 3 month mark. That way we won’t overwhelm them if we hire them and it is crazy busy in there. Then ideally at 6 months we would hire another staff then keep them until the one year mark when we could get a 3 staff and promote one of the other ones to office manager where it would help take some of the load of the doctors and take care of the staff and some of the tasks around the office.
Production Goal:
We would like to see 30 new patients a month for the first 6 months we are open and then maintain those then after 6 months we would like to see 50 new a month. We should be able to get more new patients in the later months because we will then have a source of referrals. Our retention goal at the 1 year mark is to have it at 75%. Our first and foremost attention is on our current patients then we will deal with the new patients after they are satisfied.
Time Management has not been much of a struggle. It has been easiest because we are all in different areas and time zones just to send emails to everyone and keep an open conversation over emails. We divide up what people are responsible for and get it done as planned. There has not been any miscommunications thus far.
Group 16
ReplyDeleteOur most valuable research tool this week was speaking to doctors in the field who have been in practice for at least 5 years. We also used Yahoo search engine for various internet sources. We also used the business link on the Palmer website and various state chiropractic associations for limited resources. As a team we concluded that it would cost approximately $20,000 to $25,000 for an office setup including rent, chiropractic equipment, and various office supplies. An additional $20,000 would be required for various other expenses included in starting a practice.
Marketing: One of the first marketing tools we would use is the start up of our web site in a very easy and accessible format with various educational services for the patient and first visit forms. Getting out and into the community to develop relationships and our reputation is also a priority. We would volunteer and work at various running, bicycle, and other similar racing events. We would volunteer and work with various charities in the community. We would also sign up with group-on internet services to bring in new patients.
Finance: Being a new practice we plan to break even within the first two quarters of the year. After the first year of practice we hope to make enough of a profit to hire a second front desk staff and possibly bring on an associate.
Human Resources: To begin our practice we will try to maintain as little overhead as possible. We do feel it is necessary to have front desk staff to start with who is working at least 30 hours a week. In office training of the front desk staff is vital to create efficiency and on-brand behavior when interacting with the patients.
Production: With the marketing outline we have designed we plan to have at least 10 new patients coming in per month with 80% retainment. We plan to have 100 patient visits per week within the first year with an average of $75 per visit.
Since some members of our group are precepting and others with various schedules we found email and phone calls the best way to work together as a team.
Team 30 (Thad, Sampson, Andrew, Brett)
ReplyDeleteWe talked to other doctors currently in practice to get an idea about startup costs. We also looked at the NCMIC website that has tips on beginning a practice. Looked at things like average building prices, marketing, equipment, utilities, etc.
Marketing goals: Ultimately marketing goals would be raising awareness about chiropractic and what we do. Letting people know that we are more than just back pain and headaches, but the nervous system, health care and prevention. With more patient education it is better for patients to understand why they are coming into the office and want to come into the office.
Finance goals: Our ultimate goal is to break even within the first two months, which is difficult but not unheard of. We would like to be making money within the first 6 months, and have enough for staff and benefits within the first year.
Human Resource: We want our patients to be welcome in our office, and want to come in our office. It will be an exciting, upbeat, positive office that people want to be around. To keep costs down we will employ one person on staff other than the doctor, keeping the patient books in order and insurance stuff that doctors don't want to think about in order. This will be an employee that attracts people, that people are comfortable being around.
Production: Our ultimate goal, maybe fantasy goal, would be 20 new patients the first week. This will be done with a lot of hard work in the beginning. Other than that we are hoping for 15-25 new patients a month in the first year while keeping established patients coming in.
Time management is done by communicating as to who is working on what and keeping things in line while not concentrating too much on school stuff and learning as much as we can on our preceptorships/time in the clinic. Important stuff first...
Group 24 (Nate, Joe, Justin, Dustin and Craig)
ReplyDeleteOur group will use several methods to determine our startup costs. First, we will use the Chiropractic Supplier Manual to determine the prices of any table or product that we will supply in our office. We will talk to field doctors to get their opinion on what tables are most effective and economical before we make our ultimate decision. Also, we will use the internet to research the best price for any office products and office furniture. We will shop online for office furniture at IKEA, Office Max, and Staples before actually going in store to check the quality. For rent, we will have to determine the exact location that we are interested in leasing so we will have to contact a realtor for an exact number.
Marketing Goal: We will have one external marketing event each month which will bring us 3 new patients per week in the first year of being open. Also, we will have 20 new subscribers per month to our clinic's free e-newsletter within the first year.
Finance Goal: We will have a 20% increase in revenue after the second quarter compared to the first quarter and a 10% increase with each subsequent quarter. Our goal is to have our business loan paid off within the first year or second year of having the doors open.
Human Resources Goal: We will have 80% positive responses on patient surveys within the first 6 months and maintain this in the first year. The anonymous patient surveys will be about our staff and about unique aspects of their visit and will be given after each visit. We will inform patients of their importance and how we want to give them the best care and service to our ability so that they understand our commitment to their health and success.
Production Goal: We will have 7 new patient visits per week for the first 6 months with 75% retention. We will have an average of 40 adjusting visits per day for the first 6 months and 50 visits for months 6-12.
Time Management: Our group has been effectively able to meet Monday mornings to complete the blog together. We have set deadlines for Saturday evening if there is anything due on Monday so that everyone is accountable when it is time to blog. We have all had success using email or text to correspond about meeting times and places.
Group 32 (Khai Lam, Nathan Hinkeldey, and Erich Krahenbuhl)
ReplyDelete- what resources will you use to research your start up costs?
Other chiropractors, contractors for build out costs, real estate agents, bankers, lawyer, CPA, internet for cost of items so you can project your expenditures, EHR companies, practice management group, office supply store, and billing agency.
-What four goals will you establish as benchmarks during your first year?
marketing- To deliver 2 presentations a week and have 20+ people at each in the first 6 months. Find captive audiences rather than trying to create your own following.
finance- Net $10,000 the first year after paying mortgage and student loans. Pay student loans off in 7 years.
human resource- Hire first staff month 2, and hire first associate year 1.5, hire second associate year 3.
production or number of pts/visits- at the end of year one see 30 N.P. a month and 150 P.V. a week.
-comment on the time management you/your team is using for this project:
Our group communicates early and often using email, text, and phone. Once an assignment is given we segment the time until it is due. For instance in a one week time period everyone is informed of the project on day one and are instructed to formulate an opinion and present it to the other members by day 4. A collaboration of these ideas if formed and is presented as the groups final opinion by the end of the week.
Team 30 (Thad, Sampson, Andrew, Brett)
ReplyDeleteWe talked to other doctors currently in practice to get an idea about startup costs. We also looked at the NCMIC website that has tips on beginning a practice. Looked at things like average building prices, marketing, equipment, utilities, etc.
Marketing goals: Ultimately marketing goals would be raising awareness about chiropractic and what we do. Letting people know that we are more than just back pain and headaches, but the nervous system, health care and prevention. With more patient education it is better for patients to understand why they are coming into the office and want to come into the office.
Finance goals: Our ultimate goal is to break even within the first two months, which is difficult but not unheard of. We would like to be making money within the first 6 months, and have enough for staff and benefits within the first year.
Human Resource: We want our patients to be welcome in our office, and want to come in our office. It will be an exciting, upbeat, positive office that people want to be around. To keep costs down we will employ one person on staff other than the doctor, keeping the patient books in order and insurance stuff that doctors don't want to think about in order. This will be an employee that attracts people, that people are comfortable being around.
Production: Our ultimate goal, maybe fantasy goal, would be 20 new patients the first week. This will be done with a lot of hard work in the beginning. Other than that we are hoping for 15-25 new patients a month in the first year while keeping established patients coming in.
Time management is done by communicating as to who is working on what and keeping things in line while not concentrating too much on school stuff and learning as much as we can on our preceptorships/time in the clinic. Important stuff first...
Team #4: Beau Banton, Megan Hall, Tara Keie, Mary Klimek, Sarah Zindt
ReplyDeleteWhat resources would we use to research start-up costs?
The first resource we would use would be local realtors to get an idea of the type of space we could rent, lease or buy that would allow us to stay within our budget. We would also do online research to gauge the average cost of hiring construction workers in the area of the new practice. Another good resource would obvoiusly be other chiropractors, and any individual that has opened a new business in the same city within the last year or so. It would also be helpful to talk to a bank, a lawyer, an accountant, and the local Chamber of Commerce. Practice management websites and the NCMIC website could also offer helpful information pertaining to average start-up costs.
Marketing Goals:
We would begin marketing by having a large sign up before the clinic opened with information abotu the clinic hours, doctors and services provided. Before the practice opened, we would set up at local events such as farmer's markets, town festivals, etc. to let people know that the office will be opening. We would continue to do a presentation or booth set-up at least one time per week for the first year, if not longer. We would also stress to our patients that if they are satisfied with their care, the best compliment they can pay us is to tell others about chiropractic! We would have a condition of the month, a patient of the month, and support local athletic teams. We would also do a ribbon cutting with the Chamber of Commerce at our grand opening, as well as hosting food drives, toy drives, etc. to donate to local charities. We would also be open 6 days per week to accomodate our patient's schedules.
Finance Goals:
Student loan payments added to the start-up costs required to open an office will not allow us to see a profit for the first few months of being open. We would hope to see our numbers "in the black" 6-8 months after opening our doors. Around months 9-12 we would be hoping to interview and hire office staff. We would probably start out with one front desk person and if we were able, add a PT/massage person by the 12 month mark.
Human Resource Goals:
We would like to hire an office manager by month 12 to oversee hiring, firing, insurance adjustments, inter-office issues, training of staff, etc. As mentioned earlier, we also hope to hire our front desk person by month 9 and a PT/massage person by month 12. We would like to hire an associate 2 years after opening the doors, and build the staff even more if needed at that time.
Production Goals:
Our first week we would like to see at least 15 new patients. We would hope to get these new patients on a care plan, including 'maintenance' care, so they maintain their health and also help us maintain our practice. After the first month, we would expect to see a slight drop in new patient numbers, maybe down to 5 new patients per week, but by month 3-4 we would hope to see our numbers increasing again. With new patients coming in each week and returning patients regaining a state a health and getting into the maintenance care phase, I think we could expect to see about 50 patients per week in the first 3 months and up to 100 patients per week by the 12th month. We would hope to retain about 80% of our new patients.
As a group, our time management starategy has involved dividing tasks equally, including the blog entries and different areas of research for the business plan. Our group of 5 people is scattered across the U.S. at this point, so communicating online has made this assignment much more efficient for us than trying to meet in person or on the phone.
Group 6
ReplyDeleteBrandon, Trent, Brena, Ian, Andrew
Google was used to search for pricing on everything from chiropractic equipment to office supplies. While the prices may not be exactly what will actually be spent when the time comes to actually purchase these items, it will get us in the ballpark for planning purposes and determining what amount of money will be necessary for startup.
Marketing will be accomplished mainly through public workshops. We don’t plan on spending any money directly on marketing. The workshops in the community will generate enough exposure and interest to get a few patients through the door. Then it will be a matter of word of mouth to generate more patients as well as continued public workshops. While this method may not generate huge volumes of patients initially or as quickly as other methods, as the practice grows it does not require a continued patient generator or expenses related to marketing. It is difficult to set a benchmark in regards to this method, but tracking which patients spread the word the most can be accomplished.
The finance benchmark would be to reach a point where the clinic will be running in the black.
We don’t plan on having employees starting out as the patient flow will likely be slow to start with. The added expense of an employee would not make financial sense initially. As the patient volume increases staff may be hired to help particularly with front desk duties.
We believe that focusing on pt visits or production numbers is the wrong approach particularly when running a word of mouth clinic. As Simon Sinek says “people don’t buy what you do they buy why you do it”. If you take care of patients for the right reasons the rest will take care of itself.
With regards to time management. We just work on this project in between patients and on weekends. As hectic as everyones schedules are right now it is not really possible to schedule a specific time to work on this project.
Team 22: Patrick Lin, Danielle Strama, Matt Phinney, Emily Picha, Bailey Schultz
ReplyDeleteResources to use for start up cost:
One of the resources our team used for research for our start up cost was our preceptor doctor. Who else to better ask than the doctor you are precepting with? We have been taking notes as we ask our doctors the details of opening our own office. I believe field doctors are the best resources for gathering start up cost information since they have been through it already. Also, we have been in contact with our management group for guidance about the cost of starting a practice. We also have a local realtor in the Cedar Park area that is also a certified negotiator to research local office space and gather information of office space as well as population and patient attractions.
Marketing goals for 1st year:
Our primary goal is to do screening in the Cedar Park area two months before we open. In order to do this, we would have to call local business ahead of time to schedule and ask for permission to have a screening in those places. Another marketing idea would be to send out door hangers to local neighborhoods with our business information. Join the Cedar Park chamber of commerce. Get on the local radio to do 30 minute radio show for health and wellness. We would also like to contact local companies and factories to do lectures and health talkes. Internal marketing would include food drive before Thanksgiving and toy drive for Christmas. Things like patient appreciation day and new patient orientation classes would also be implemented.
Finance goals:
Our first goal is to have a low over-head when we open our office. This is the main goal and our strategy is to stick to that goal as best as we can. Our goal is to net over $60,000 that first year from all the marketing that we will be doing in the office. We would also like to pay off our business loan. Since we have the x-ray machine also and tables, our main cost would be the office lease, utilities, and marketing. We would like a SBA loan of 30,000 and I believe we can pay that off by the end of the first year of our practice.
Human resource:
We would like to hire a CA before we open our office, so she can be along with us on the journey through the growth of the office. She would appreciate the office more if she is there from the beginning and watches it grow. I would have her come along with us to screenings and she would have to be able to do all the front desk tasks.
Production:
By the opening of the office, I would like to have 100 patients within the first 3 months. I would like to have 150 patients in 6 months and by the end of the year, I would like to see about 100 patients visits a week and 15-29 new patients a month.
Management our team is using for this project:
Our group communicates through email mainly. Danielle and I communicate through cell phones. Once an assignment is assigned, an email is sent out and the duties are assigned. Communication is key to this assignment since every member of this team is in different areas and every member is busy. Our goal is to have everyone on the same page and to make sure assignments are getting assigned and done. After that, it is all trust that the group member follows through with the assignment.
Group 28
ReplyDeleteResearch:
Our team's main source of reasearch for start up costs were recent graduates who have started their own practices right out of school. However, NCMIC has alot of great resources on its website that proved to be quite helpful. Internet search engines are also a good source for pricing out eqipment and supplies.
Marketing:
Our primary marketing tool for our first year would be attending between 4-6 community events. This will put a "face" on our practice and get us involved in the community. We would expand from community events to corporate health/education talks and add a clinic webpage. As the practice takes off, we would increase external marketing, which we intially limited to a phonebook ad.
Finance:
We will be trying to keep our expenses to a minimum by keeping overhead as low as possible. Once the clinic finances break even we will look to add services like X-ray machine which we "contracted out" in order minimized borrowed capital.
HR:
We would like to hire a part-time office manager who would initially help with all aspects of day to day operations. This will allow them to grow with the practice from the beginning and more effectively manage future employees. At the end of our first year we would like to be in the position to hire a CA.
Production:
We would like to see about 2-4 new patients a week. After their initial visit all new patients would be considered established patients and we would expect a patient retention rate of 75%. By the end of our first year we are projecting 100-150 patient visits a week.
Management:
Our team primarily communicates via email or phone as time allows. Scheduling group time has proven to be difficult due to everyones conflicting schedules.
Team 4: Megan, Mary, Sarah, Tara, and Beau
ReplyDeleteWhat resources will you use to research start up costs:
We would talk to other chiropractors in the area as well as the local business bureau or chamber of commerce. We would also talk to bankers, real estate agents, accountants and construction contractors. Before choosing a location we would do research online so we would have an idea before selecting the locale. Recent graduates who started a new practice would also be helpful, as well as a practice management group if you chose to join one.
Marketing:
The best way to market seems to be getting involved in the community that you are starting a practice in. We would do this by attending local high school events such as concerts, sports, fundraisers, etc. We would also attend any town festivals, get involved in the chamber of commerce, and begin attending city council meetings. We would join a church or civic organization of some sort and a local gym. We would also give monthly health talks at the local public library and offer free spinal screenings and backpack checks for kids during the last week of summer break.
Finance:
We obviously need to keep our overhead as low as possible in the beginning. This means that we would start out with just one adjusting table and finding a building that we could rent on a lease for a year. After a year if the practice is growing at a steady rate we would look to purchase and possibly renovate a space if needed. If not, we could sign another one year lease and look again after year two. We hope to break even at around 6 months so we can look at purchasing a second table and hiring more office staff.
Human Resources:
At the time that the practice opens, there will be one doctor and one front desk staff to answer phones, schedule patients, etc. By the end of the first year, we would like to have an office manager and a front desk person hired. After the one year mark, if the office is growing and running smoothly, we would like to add of a CT who can help the doctor with rehab, x-ray, exams, etc.
Production:
We would like to see an average of 5 new patients per week, or 20 new patients per month for the first year. By the end of the first year we would like to average about 100 patient visits a week.
Time Management:
To manage our time and responsibilities, our group is dividing things up fairly and working on things ahead of time. We have been communicating mainly through e-mail since half of our group is now on the west coast and the other half is still in the midwest.
Team #10 (Bridget Johnson, Samantha Luther, Brandon Maki, Melody Mosenfelder and Ashley Nelson) The resources that will be needed to determine start up costs will vary for each of us depending upon each of our locations. For equipment we will need to contact a leasing company if we want to lease or search for the best pricing if purchasing equipment outright. For space/building a real estate agent in the area would be needed in looking to purchase or lease space. Utilities can be approximated based on the number of square feet being used and amounts on existing space can be quoted by your local utility company. Phone bills will be determined by the number of lines and features and can be determined by the local phone company. Office supplies and rental costs can be researched thru an office store and thru a local office company you choose to rent a copier/fax machine from. Internet and web design costs can be given by your internet/webpage developer or if yourself the only cost is your time provided :). Continuing education can be approximated based on the number of hours required by your state and average cost of seminars for example using Palmer Homecoming as a guide for cost could work well for those staying close to the area. If you belong to any professional organizations for example Iowa Chiropractic Society you should include your monthly/yearly dues. Also for any literature online or in writing that you may utilize daily, weekly, monthly, etc... For professional services such as accounting and book-keeping you can google the average cost for these services. Malpractice insurance quotes can be given by any company such as NCMIC. Marketing and patient education costs will vary by month and most likely be higher when the practice is first opening. I would utilize the advice of practicing D.C.'s and/or mentors as to the appropriate amount(s) that a new Doc should spend. Marketing Goal: To participate in one community event each month outside the office and to hold classes at the office every week on a new topic such as Spinal Care, Nutrition, Back Pain, etc... Finance: To bring in 30 new patients every week. Human Resource: To provided an atmosphere that is inviting and friendly to work in and be welcoming to our patients by employing positive staff members. Number of visits: New 30 per week and established 100 per week. The time management strategy we are planning is to accomplish a portion at a time each week. Thank you and have a wonderful week!
ReplyDelete5 December 2010 16:06